Compliance TPAs working with larger record keepers can be a valuable resource for advisors looking to improve their business in quantifiable ways. As the most popular service model for plans under $5 million, working with TPAs makes sense in a number of ways:
• Improved close ratios
• Referrals
• Improved retention rates
• Third-party endorsements
• Expanded team capabilities
• Reduced workloads for advisors
• Local support
• Flexible plan design
• Independent endorsement
• Education and training
Bottom line: With an estimated $800 billion of 401(k) and 403(b) assets under management, TPAs continue to offer advisors a way to manage more plans without expanding staff.
