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NFP unveils turnkey nonqualified deferred compensation platform

NFP, a provider of benefits, insurance and wealth management services, has launched of EXEC360, a cost-effective, turnkey nonqualified deferred compensation (NQDC) platform specifically designed for the small to midsize NQDC market.

Developed to provide financial services professionals in the traditional retirement plan market with the ability to bring a high-quality, cost-effective NQDC program to their clients, EXEC360 is a flexible, tax-advantaged employer-sponsored plan that can assist participants with wealth accumulation and offer employers a competitive edge in recruiting and retention.

NFP brings expertise in executive and deferred compensation in its launch of EXEC360. EXEC360 will be initially focused on executive deferral plans.

The first solution delivered to market will be a corporate owned life insurance (COLI)-financed solution carefully tailored to fit the needs of the defined market.

Joe Carpenter, president of NFP Executive Benefits, said, "We have spent considerable time and resources analyzing the market in conjunction with our partners in the advisory space, and we have identified the need for an independent, cost-effective, small-to-mid-market NQDC solution."

"Unlike other turnkey solutions in the industry tied to specific companies and product suites, our unique EXEC360 platform provides a valuable solution with optionality in the vibrant NQDC market."

EXEC360 offers more than just one product, insurance carrier or solution. In addition to basic product flexibility, EXEC360 will provide advisors with a high level of support in their efforts to expand and enhance their relationships with their qualified plan clients. Specifically, NFP and EXEC360 will provide:

Consulting and sales support
Access to NFP NQDC systems and technology
Industry-leading administration process and client service
Case design services
Plan documentation
Implementation services
Systems and technology, including a dedicated participant site and dedicated sponsor site
Administrative services, including record keeping, client services and annual enrollment