Press Release
ADP Selects Scarborough for Investment Advice to Participants
ANNAPOLIS, MD, September 3, 2002 – The Retirement Services Division of ADP, Inc., a division of Automatic Data Processing (NYSE: ADP), a leading provider of integrated outsourced payroll and human resource services, and Scarborough Retirement Services, LLC, today announced an agreement which will offer Scarborough’s live advisory service to ADP’s 401k record keeping clients.
"At a time when 401k consumers are looking for advice to help them manage their retirement accounts and plan for a more secure future, ADP is pleased to offer our clients the opportunity to help their employees make informed investment decisions using Scarborough’s services and advisors," said Ian Sheridan, vice president of marketing and business development, ADP Retirement Services.
ADP selected Scarborough’s Savings Plan Advice SM service to give 401k plan participants access to professional investment advisors. Scarborough Retirement Services uses processes developed throughout a decade of delivering investment advice and management services to defined contribution participants.
"Scarborough’s disciplined approach and easy-to-use service is what Plan Sponsors are looking for. It also offers the financial guidance that participants need," added Sheridan. Scarborough charges participants a flat fee for a 12-month subscription to the service. During that time, participants may call a Scarborough Advice Representative with questions regarding their allocation and may receive up to two allocation reports. Each report gives participants specific recommendations about where to invest their savings and how much savings are required to reach their retirement goals.
"We are delighted to join forces with ADP Retirement Services to round out the available benefits to 401k plan participants," said Chris Covill, president of Scarborough Retirement Services, LLC. "With increased market volatility comes decreased investor confidence. Participants want to talk with a professional about their decisions. "
For more information on how ADP is using Scarborough’s services to help serve their clients, log on to http://www.adp401k.com/scarborough.
About ADP
Automatic Data Processing, Inc. is one of the largest independent computing services firms in the world, with $7 billion in revenue and 500,000 clients. ADP’s Employer Services (ES) Division is a leading provider of integrated business administrative solutions that help its approximately 455,000 clients efficiently manage their internal processes, allowing them to focus on core competencies. ADP’s Employer Services offerings include both traditional and Internet-based outsourcing products and services, giving clients the ability to select from ADP’s comprehensive range of World Class Service solutions.
About Scarborough Retirement Services, LLC
Scarborough Retirement Services, LLC, offers participants live investment advice, savings plan management and educational services as a value-added enhancement to Plan Sponsors’ benefits packages. Scarborough Retirement Services is a registered investment adviser with the Securities and Exchange Commission (SEC). Advice Representatives are Investment Adviser Representatives with Scarborough Retirement Services.
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