The alliances are forming an alliance. On Wednesday, high-profile 401(k) industry network GRP Advisor Alliance announced it has formed a strategic partnership with Alliance Benefit Group, a national network of independently owned advisory and consulting firms which claims to be one of the largest 401(k) retirement plan administrators in the country.
According to the parties, the partnership “is focused on driving participant outcomes through scale.” To further promote their initiatives, GRPAA and ABG are also in the process of creating a “bespoke model” on their record keeping platforms that will provide large plan benefits to plans of all sizes.
“ABG has led the way in its retirement offerings to member firms across the US,” Bill Chetney, CEO of GRP Advisor Alliance, said in a statement. “What GRPAA is to advisors, ABG is to the recordkeeping world. There is tremendous synergy between our organizations. We are excited to build innovative products that align with our advisor centric business model.”
“From the benefits of their scale, their innovative collective investment trusts, and their commitment to financial wellness, we are proud to partner with GRPAA,” Don (Mac) Mackanos, President of Alliance Benefit Group, added. “We look forward to combining our resources for the benefits of our members.”
GRP Advisor Alliance describes itself as “elite group of over 250 retirement plan advisors—representing over 5,000 retirement plans and $120 billion in assets—who have achieved a rare level of professional accomplishment.” It’s focused on providing a “clear, forward-looking vision, seasoned expertise, educational and best practice sharing opportunities for advisors, technology enablement systems, and a turnkey financial wellness program for retirement plan advisors across the country.”
Alliance Benefit Group is a national network of independently owned retirement plan consulting; investment advisory; health and welfare consulting; and benefits administration firms that operate as “Licensees” of Alliance Benefit Group, LLC.
Collectively, Alliance Benefit Group is one of the largest retirement plan administrators in the country; providing administration services to over 20,000 plans representing more than $64 billion in assets and over 1.1 million participants.