Perhaps no function is as integral to the successful operation of a plan as that of the recordkeeper – both good, and bad.
Advisors participating in the nation’s retirement plan advisor convention brought a lot to the sessions, networking, and – once again, shared valuable insights via an exciting new medium: the NAPA 401(k) SUMMIT Insider.
Of course, nothing can so completely or rapidly sour a relationship as bad recordkeeping, and therefore it’s no real surprise as to what our 2018 respondents said was their primary consideration in selecting a recordkeeper; service, and that was cited more than twice as frequently as the distant number two; fees.
Change Aegis
This year we asked advisors to look at the flip side of that question – and asked them to identify the top 3 reasons for proposing a change in that recordkeeping relationship.
Not surprisingly, two items dominated the list; plan outgrew service model or poor service (30%) and fees too high (26%).
Limited technology or web-based tools was ranked third (17%), while investment restrictions was a distant fourth, cited by 11%.
See also TPAs Making Inroads with Advisors.
