Ubiquity Retirement + Savings announced record-breaking numbers in 2022, exceeding its number of financial advisor relationships, plan sponsors, and third-party administrators (TPAs) joining the platform.
The 401(k) provider for small businesses credited the passing of several legislative updates, including the new SECURE Act 2.0, for the uptick in activity. One key provision in SECURE 2.0 updates tax credits offered for small businesses implementing a new 401(k) retirement plan, in an effort to heighten accessibility for plans who could not afford the costs and fees in adding a 401(k), compared to their larger counterparts.
“There’s a high degree of trust and communication that takes place on a daily basis to ensure our strategic partners and their advisors receive the best support in the industry that is specifically geared toward small businesses,” said Bill Minogue, VP of Major Accounts, Relationship Management at Ubiquity. “We are continuing to keep an eye on the latest legislative developments, how it will impact our valued customers, and ways in which they can capitalize on new savings and benefits opportunities as proposals progress.”
Ubiquity’s number of TPA relationships grew in 2022, following offerings that allowed the company to assign roles, add users, and apply various fees and disclosures on participant accounts more clearly.
In addition to financial advisor and TPA growth, Ubiquity says it saw significant growth in their plan sponsor clients in 2022, due to a new extensive training and support program for existing and new hires.
“This record-breaking year is a testament to our team and their unwavering dedication to providing small businesses with qualified retirement plans that meet their unique needs,” said Chad Parks, Founder and CEO of Ubiquity, in a statement. “As we look to 2023, we remain committed to expanding our leadership position in the small/medium-size 401(k) space and to continuing to provide outstanding service and support to our clients.”
SEE ALSO:
- Ubiquity CEO Comments on SECURE 2.0 Impact for Small Businesses
- Despite Remaining Optimistic, Advisors Report Fears Over Inflation and Investment Returns
- ‘State of the Industry’ Report: Most Participants Know They Aren’t Saving Enough