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AEFA Courts Retirement Plan Brokers

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NU Online News Service, May 18, 2004, 5:44 p.m. EDT – American Express Financial Advisors, Minneapolis, has developed a 401(k) plan services package aimed at brokers who sell to midsize employers.[@@]

The new NEXTPlan package will provide asset-management and plan administration services for plans with $5 million to $50 million in plan assets, AEFA says.

AEFA, a unit of American Express Company, New York, already uses its own BlueStar system to run a retirement services package that it sells through its direct salesforce.

AEFA has brought in Great-West Life & Annuity Insurance Company, Englewood, Colo., a unit of the Power Corporation of America, Montreal, to handle the recordkeeping for the new NEXTPlan package.

The package will include telephone service, Web service and participant education and advice services as well as basic recordkeeping and asset-management services, AEFA says.

Investment options will include access to more than 300 funds from outside companies as well as funds in the American Express Funds fund family.