You’ve finished your review and aren’t sure if it’s working out with your current provider. Every professional relationship has its hiccups, so do you continue?
That depends. Some issues are more manageable than others.
If you feel that you can continue working with your current provider once certain adjustments are made, contact them to explain your issues what changes you want implemented. They will let you know if they can accommodate your request or offer alternate solutions.
If one of your issues relates to fees, we recommend asking your plan advisor to help you negotiate. Retirement plan advisors are aware of competitive vendor rates and can help you re-structure plan fees to ensure they are reasonable for the services provided. In addition, an advisor may be able to leverage his or her scale/influence with a particular vendor to help your plan obtain reduced pricing.
Here are some situations where your provider should be able to make adjustments and continue working with you:
- You need to change the investments in the plan (assuming replacement options are available).
- You need to negotiate new pricing to stay competitive with market rates.
- You need to add a dedicated point of contact or change the service team.
- You want to update certain plan document provisions to encourage employee engagement.
Sometimes making it work just isn’t possible. If your provider can’t make the necessary changes, it’s time to find a vendor that can.
The following items are examples of when it’s probably time to part ways with your provider:
- They will not adjust plan pricing.
- The desired plan design features are not available.
- The desired investment options are not available.
- The provider’s website is not intuitive.
- Mistakes are being made and not remedied.
- The primary point of contact/service team is unresponsive.
- You are generally unhappy/dissatisfied with the provider.
If this is the case, it’s time for a change.
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