There are tons of big name record keepers and DCIO firms – more than 40 national firms in each category. But what do they mean to a plan advisor? In reality, they mean almost nothing without the local wholesaler. More than their brand, technology, service, products or even Morningstar ratings, a plan advisor usually decides to work with a provider, especially a DCIO, based primarily on the quality of their local wholesaler — assuming, of course, that the provider’s service and products meet a minimal standard of excellence. Doubt that? Then why is there such disparity in sales within the same provider for the top and bottom 20% of their sales force?
So NAPA Net set out to not only find out what separates the truly elite DC wholesalers but also back it up with the first-ever industry list of Top 75 DC Wholesalers. Though certainly not underpaid, DC wholesalers are under-recognized as the group charged with helping plan advisors build, manage and grow their DC business. And rather than just write about them in the abstract, we thought it was more powerful to name the top 75 based on voting from NAPA members on what we expect to be an annual list.
The cover story of the Spring issue of NAPA Net the Magazine highlights the Top 75 DC Wholesalers and what to expect in the future in our ever-changing, dynamic industry that, for better or worse, is getting tons of attention. We’re all going to be judged on participant outcomes — and wholesalers will play an integral part.
