Are 401(k) Providers Putting the Wrong Fix on Education?

A NEW BOSTON Research Group study concludes that the problem with education is not the quality of the materials, but rather the providers’ general approach to education.  In the most recent DCP 2006 study, over 1,500 401(k) plan sponsors of all sizes who are less than completely satisfied with the employee education they receive from their record keeper were asked to tell Boston Research Group in open-ended questioning why they were finding the education deficient.

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Focusing on What Matters in 401(k) – Plan Performance
 

DOES YOUR BUSINESS plan include goals specifically focused on improving the value you bring to your customers?  Do you have a strategy to help advance plan participants’ retirement readiness?   If not, it may be time to take a fresh approach with your customers and simply ask, “What do you need from me?”  Granted you may not receive an exact answer, but you can be prepared to uncover needs and, more importantly, offer strategies to help resolve them. 

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Distinguished by Disclosing

NEXT YEAR COULD bring interesting changes to the defined contribution and retirement plan industry. Fee disclosure may be taken to a whole new level with the new, proposed Form 5500 reporting requirements, as it relates to disclosing compensation and revenue sharing arrangements. Proposed changes even call for sponsors to identify any vendor who did not disclose either compensation or revenue received from a third party. The spirit of these changes is to monitor service provider arrangements for “reasonableness”.

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AMONG THE OVER 3,346 401(k) plan sponsors surveyed in 2006 by 401kExchange that indicated that they were thinking of changing or actively searching for a new provider, costs or fees were cited as the top reason for dissatisfaction followed by employee education.  All 45,000 sponsors surveyed were asked what their provider could do to improve service and were given seven reasons from which to choose...

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Prospect Pipeline APPOINTMENTS
Over $82 Million in 401(k) Set Appointments Available!

Appointments currently available for sale with Plan Sponsors that want to meet face-to-face on a specific date and time!  For lead details, contact your Account Executive or call 877-777-401k ext. 3573 to speak with Mary Christopher (mchristopher@401kExchange.com).