Who does it best? Which recordkeepers—and the services, support, products, and processes they provide—truly stand out? There are few in a better position to evaluate the multitude of offerings now available than advisors, who typically work with various firms across different market segments involving plans of all sizes.
For the second year, we called on advisors to rate different service categories and five distinct market segments.
Advisors are “in the trenches,” dealing day in and day out with recordkeeper partners and are therefore most qualified to evaluate the strengths and weaknesses of the companies that occupy this critical industry space. They see and experience first-hand the features, flexibility, and support these organizations provide across a wide variety of circumstances.
We asked advisors to vote only on the services in their target markets—and to evaluate the services on a five-point scale, ranging from “world-class” to “functional” to “needs work.”
We highlighted the top five in five distinct target markets based on size:
- Micro: under $1 million in plan assets
- Small: between $1 million and $10 million in plan assets
- Mid-Market: between $10 million and $100 million in plan assets
- Large Market: between $100 million and $250 million in plan assets
- Mega Market: over $250 million in plan assets
The following links reveal the results of that assessment—the top five in each service category (sorted alphabetically). Advisors chose the firms—literally, the Advisors’ Choice.
So, without further ado, here are the 2023 winners (again, broken out by market size):
- Advisors' Choice: Micro Plans
- Advisors' Choice: Small Plans
- Advisors' Choice: Mid-Market Plans
- Advisors' Choice: Large Market Plans
- Advisors' Choice: Mega Market Plans
