SunGard enhances WealthStation platform for 401(k) advisers

SunGard Data Systems Inc. on Monday announced that it has upgraded its platform for investment advisers and other retirement plan fiduciaries, as advising 401(k) plans becomes more complex and time-consuming, and fiduciaries seek to reduce litigation risk due to increased regulatory scrutiny. The new WealthStation PlanAdvisor platform, which is an enhanced version of the former WealthStation FundSource, consolidates fund, plan and platform data onto a single platform. It is designed to help advisers build their client base as the demand grows for Employee Retirement Income Security Act 3(21) or 3(38) fiduciaries. Without technological improvements, the increasing complexity of being a plan fiduciary limits how many plans advisers can effectively manage, according to a statement by Scott Parry, executive vice president and general manager of advisory services in SunGard's wealth and retirement administration business. “SunGard's WealthStation PlanAdvisor automates and documents the entire fiduciary investment process, helping advisers grow their business while better managing their risk,” Mr. Parry said in a statement. He was not available for an interview. WealthStation PlanAdvisor facilitates fiduciary reviews, helps advisers stay compliant with Labor Department regulations on fee disclosure, flags investment policy statement exceptions and recommends replacement funds automatically, according to the news release. SunGard is a large privately held software and services company with annual revenue of approximately $4 billion and 17,000 employees in about 70 countries.