With plan sponsors juggling numerous priorities, meaningful engagement with prospects and even clients can be a challenge.
Rocaton, a mid and large market consultant, put together 15 suggested topics that plan sponsors should be considering in 2015. Here's a sampling:
- Revisiting the IPS — Are TDFs part of the mix? Have there been significant changes to the lineup, plan or company that would warrant adjustments?
- TDF/QDIA Review — Plan sponsors are often guilty of the same “set it and forget” mentality that plagues participants. Is it time to reconsider, especially in light of the 2013 DOL guidance on TDFs?
- Money Market Fund Review — Especially in light of significant changes by the SEC set to go into effect in 2016.
- Fee Benchmarking — Always relevant in light of litigation and regulation over the past three years, but also as revenue sharing arrangements among providers are shifting.
- Auto Plan Features — The question seems to be not why plans should be incorporating auto-plan features, but why they are not. What are the potential concerns and the obstacles?
- Demographic Analysis — Review how different groups of participants are doing and what steps should be taken to help them.
- Targeted Communications — To those with single investments or those who have not rebalanced in a while, especially in light of market surges, for example.
In order to differentiate themselves through thoughtful and constant engagement, plan advisors must continue to evolve from an emphasis on being effective sales and service professionals to becoming thought leaders.
