Press Release
Advest, Inc. Selects BISYS to Support Individual(k) Plans
NEW YORK, NY, October 3, 2002 -- BISYS, a leading global provider of business process outsourcing solutions for the financial services sector, today announced that it has been selected to support Connecticut-based Advest, Inc. and the launch of its new, private-labeled Individual(k) retirement plan product. BISYS will support the retirement plan alternative, which was introduced as a component of the Economic Growth and Tax Reconciliation Act of 2001 (EGTRRA), with its comprehensive administration and recordkeeping solution.
BISYS provides a true turnkey solution for Individual(k) plans, which incorporates professional product training, plan installation services, customized marketing materials, recordkeeping, Web site support and content, and the generation of participant statements and year-end reporting.
According to Steven Haertel, vice president of Retirement Plan Marketing for Advest, "BISYS' retirement industry experts fundamentally understand the diverse needs of its clients and their customers, and provide the high-quality services demanded by both. In addition to the inherent benefits of BISYS' comprehensive administration and recordkeeping solution, its value-added consulting services helped us create a unique and extremely flexible, tailor-made Individual(k) product that accommodates the specific investment options required in today's retirement savings marketplace."
Christopher Guarino, president of BISYS' Retirement Services, reported, "We are pleased that Advest selected BISYS to support its entry into this growing segment of the financial services industry. We are confident our comprehensive Individual(k) solution, which is supported by our leading-edge technology and a strategic commitment to premier service, will generate substantial benefits for Advest and ultimately for its Individual(k) plan participants."
George Evans, executive vice president of business development for BISYS' Investment Services group, concluded, "BISYS developed the first full-service Individual(k) solution and we believe the depth and breadth of our offering remains unrivaled in today's marketplace."
Advest's Individual(k) offering will be distributed through its various broker-dealer relationships.
About Advest, Inc.
Advest, Inc., one of the country's leading regional financial services firms, with headquarters in Hartford, Conn., provides financial, securities brokerage, trading, investment banking, trust, and other advisory services to its clients from more than 100 offices in 18 states and the District of Columbia. Advest, a member of the New York, American, and other principal exchanges, is a member of The MONY Group Inc. MONY, an insurance and financial services firm based in New York City, was founded in 1842; its focus is to help consumers meet their financial protection and asset accumulation needs. Advest also is the parent company of Boston Advisory, Inc. For more information about Advest and The MONY Group, please visit their Web sites, http://www.Advest.com or http://www.MONY.com .
About BISYS' Retirement Services
BISYS is one of the largest independent retirement plan recordkeepers, offering every component of a sophisticated retirement plan infrastructure including prototype plan design and maintenance, plan administration, forms and documents, customizable marketing and sales support materials, reference resources, a toll-free help line for ongoing access to industry expertise and assistance, Web-based planning tools and content, staff training and development, and a turnkey administration and recordkeeping solution for Individual(k) plans. Through its relationships with 38 institutional clients, BISYS supports approximately 15,000 company-sponsored 401k plans, representing approximately 1.3 million eligible employees, with its technology-driven retirement services. BISYS also supports approximately 400,000 employers and approximately four million IRA holders with ERISA document management and related support services, and approximately 12,000 retirement industry professionals with training programs annually.
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