A TPA can be a plan advisor’s best friend. But it’s important to understand the various types of TPAs and how to best leverage them depending on the plan profile and size.
The “third-party” harkens back to a realization that these firms, as with recordkeepers generally, provide services to a plan sponsor that plan sponsors once did for themselves. Yes, that was mostly in a time before there were 401(k)s (not to mention daily valuation).
Things have grown significantly more complicated over the years, and today TPAs not only keep up with participant accounts, they can also be an invaluable resource to plan sponsors – and advisors – on issues like regulatory compliance and plan design.
This week, we’d like to know if you have certain TPAs that you partner with selectively, how many of those firms you work with, and what criteria you use in choosing those partners.
REPLY to this week’s NAPA-Net Reader Poll at https://www.surveymonkey.com/r/YLPKP9J.
And we’ll have it all sorted out for you on Friday!
