Keyword: rfp process

Orphan Plans Under the DOL Rule

File this under the category of unintended consequences: On the one hand, the DOL conflict-of-interest regulation could create more orphaned plans without an advisor, while at the same time probably making it more difficult for record keepers to assign these plans to an appropriate advisor.   Read More

Advisor RFPs Gaining Momentum

More than 10 years ago, the practice of conducting RFPs, which was firmly established for larger and mid-sized plans, started moving down to the small market, enabled by tools that made even the blindest of blind squirrel advisors appear farsighted. Is that evolution beginning for advisor RFPs?
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Online Plan Advisor RFP Tool Launches

It’s almost unheard of for a plan sponsor of any significant size not to go through an RFP process to search for a record keeper — so it only makes sense that the RFP process would migrate to plan advisor searches. InHub, a new service that launched this week, allows plan fiduciaries to scan a network of advisors, create a customized RFP and then manage and document the process.   Read More

Caveat Emptor — Fiduciaries Beware New Fee Disclosure Rules

The U.S. Department of Labor is on a mission to provide better information to both plan sponsors and participants about plan expenses. At the heart of the DOL’s new rules is the need for plan sponsors and other fiduciaries to discover and clearly understand whether plan fees are reasonable in light of the services provided. The watchword? Caveat emptor — let the buyer beware; or in this case, as the buyer of plan services, fiduciaries and plan sponsors beware!   Read More