PLANSPONSOR - June/July 2021 - 22
RESEARCH | 2021 RECORDKEEPING SURVEY
With the
growing array
of services
being offered,
sponsors
should stay
fixed on plan
priorities when
conducting
an RFP
F
ifty-eight percent of sponsors surveyed for the 2021 PLANSPONSOR Defined
Contribution (DC) Plan Benchmarking Report said their organization has been
using its DC plan recordkeeper for more than seven years, and another 12.3%
said it has been more than five years but less than seven. So the timing may be right for
these sponsors to take a fresh look at the dynamic recordkeeping marketplace and how
it has changed since they last did a request for proposals (RFP).
" The recordkeepers are all moving so fast, " says Brian Hanna, a partner and executive
vice president - retirement plans at Everhart Advisors in Dublin, Ohio. " The top
recordkeepers are very responsive to the market, and they're introducing new features
and tools almost daily. "
Four plan advisers give their insights, and recommendations, as to five key preliminary
steps when preparing to conduct an RFP, below.
Understand Today's Recordkeeping Dynamics
Fee compression, the need for recordkeepers to invest heavily in technology and
ongoing consolidation have all changed the business in the past few years. Some recordkeepers
have acquired other recordkeepers, or been acquired, while some financial
service companies have outsourced their recordkeeping operations, to focus on their
asset management business, says Mark Ray, a retirement plan consultant with Praxis
Consulting in Sacramento, California.
" I think we'll continue to see consolidation at a dramatic rate, " he says. " So you
need to understand who is committed to the recordkeeping marketplace and who is
outsourcing or leaving that business-and what does that do to service? " It is important
to understand the possible impact, such as a reduction in relationship management
staffing, he says.
SEEK
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and
22
PLANSPONSOR.COM June - July 2021 Art by Tilda Rose
S
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PLANSPONSOR - June/July 2021
Table of Contents for the Digital Edition of PLANSPONSOR - June/July 2021
2021 Plan Sponsor of the Year Winners
2021 Recordkeeping Survey
The Right Provider Team
For the Best Collaboration
2021 PLANSPONSOR Service Stars
PLANSPONSOR - June/July 2021 - Cover1
PLANSPONSOR - June/July 2021 - Cover2
PLANSPONSOR - June/July 2021 - 1
PLANSPONSOR - June/July 2021 - 2
PLANSPONSOR - June/July 2021 - 3
PLANSPONSOR - June/July 2021 - 4
PLANSPONSOR - June/July 2021 - 5
PLANSPONSOR - June/July 2021 - 6
PLANSPONSOR - June/July 2021 - 7
PLANSPONSOR - June/July 2021 - 8
PLANSPONSOR - June/July 2021 - 9
PLANSPONSOR - June/July 2021 - 2021 Plan Sponsor of the Year Winners
PLANSPONSOR - June/July 2021 - 11
PLANSPONSOR - June/July 2021 - 12
PLANSPONSOR - June/July 2021 - 13
PLANSPONSOR - June/July 2021 - 14
PLANSPONSOR - June/July 2021 - 15
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PLANSPONSOR - June/July 2021 - 18
PLANSPONSOR - June/July 2021 - 19
PLANSPONSOR - June/July 2021 - 20
PLANSPONSOR - June/July 2021 - 21
PLANSPONSOR - June/July 2021 - 2021 Recordkeeping Survey
PLANSPONSOR - June/July 2021 - 23
PLANSPONSOR - June/July 2021 - 24
PLANSPONSOR - June/July 2021 - 25
PLANSPONSOR - June/July 2021 - 26
PLANSPONSOR - June/July 2021 - 27
PLANSPONSOR - June/July 2021 - 28
PLANSPONSOR - June/July 2021 - 29
PLANSPONSOR - June/July 2021 - 30
PLANSPONSOR - June/July 2021 - 31
PLANSPONSOR - June/July 2021 - The Right Provider Team
PLANSPONSOR - June/July 2021 - 33
PLANSPONSOR - June/July 2021 - 34
PLANSPONSOR - June/July 2021 - 35
PLANSPONSOR - June/July 2021 - For the Best Collaboration
PLANSPONSOR - June/July 2021 - 37
PLANSPONSOR - June/July 2021 - 38
PLANSPONSOR - June/July 2021 - 2021 PLANSPONSOR Service Stars
PLANSPONSOR - June/July 2021 - 40
PLANSPONSOR - June/July 2021 - Cover3
PLANSPONSOR - June/July 2021 - Cover4
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