CPI Introduces AdviserSelect -- The Answer to Full Fee Disclosure
GREAT BEND, KS, September 21, 2005 -- CPI Qualified Plan Consultants, Inc. a third party recordkeeping and administration company headquartered in Great Bend, Kansas, introduced today its response to the market demand for full disclosure of fees and revenue sharing available from mutual fund companies on the CPI platform. The CPI program, AdviserSelect, is a pricing option that offsets the revenue sharing CPI receives as a service provider against the quarterly invoice presented to the plan sponsor for recordkeeping and administration services. To the extent revenue sharing exceeds the quarterly invoice, CPI will deposit the balance to the plan to be allocated across participant accounts. Robert J. Dema, President, noted advances in software technology have allowed CPI's IT Department to build the systems required to accurately manage the procedure.
In a joint statement, Jon Prescott, Vice President - Sales & Marketing, and Kendall Chance, National Sales Director, stated, "CPI is pleased to be at the forefront with this pricing option to help financial consultants as they continue to assist clients with their fiduciary responsibilities. Fees charged by service providers become a fiduciary issue when those fees are paid from plan assets. The Department of Labor specifies that plan fiduciaries should determine that fees are reasonable in the aggregate and that the fiduciaries understand that additional revenue is available to service providers through the plan's investment vehicles. Plan sponsors are usually aware this revenue sharing is available to service providers to reduce recordkeeping costs; the plan sponsors who are not, should be. However, very few products exist in the marketplace to disclose actual revenue sharing dollars to plan sponsors. AdviserSelect was designed to define the full disclosure standard for the industry. AdviserSelect permits the plan sponsor to make an informed decision when choosing a service provider, basing that decision on quantifiable facts."
CPI Qualified Plan Consultants
Since 1972 CPI Qualified Plan Consultants, Inc. has provided recordkeeping and administration services to qualified and non-qualified defined contribution retirement plans. With corporate headquarters in Great Bend, Kansas, CPI has 12 regional offices located throughout the United States. CPI currently partners with the nation's most prominent mutual fund companies to provide services to more than 3,000 retirement plan clients and their financial advisers. For more information about CPI, visit www.cpiqpc.com or call 800-279-9916, extension "Ext".
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