BAM buys 401(k) plan provider

BAM Advisor Services LLC, a turnkey asset management program, announced today that it is buying Advisors Access, a provider of 401(k) plans, from Capital Directions LLC, an advisory firm. Terms were not disclosed. In a statement, BAM said the Advisors Access program, with $800 million in assets, would be offered to the 125 independent RIAs who use BAM's asset management program, as well as to other advisory firms operating in the 401(k) market. The Advisors Access platform will keep its name and will continue to be managed by Capital Directions, BAM said. Both BAM and Advisors Access [emphasize the use of index funds,] use funds from Dimensional Fund Advisors. DFA follows a low-cost passive approach, said Mont Levy, chief executive of BAM Advisor Services. As new regulations kick in this year that will require more cost transparency by 401(k) plans, "I think lot of people will be surprised at what they see," Mr. Levy said.