Benchmarking your Plan with "Live Bids."
The value of a "Second Opinion."
Rarely are we satisfied with one opinion in our personal and professional lives; shopping for a car, remodeling our homes, or seeking medical attention. Yet (perhaps because of the complexity) we often settle for one when it comes to our retirement plan(s).
ERISA specifically mandates that Retirement Plan fees be "reasonable" and that they are commensurate with services provided.
The open market is the only reliable place to guage "reasonableness."
Why "Live Bids?"
Simply put, there is no such thing as an "average" plan. By requesting live bids from the market, you can be certain that the...
- Plan demographics used for pricing are accurate,
- Bids received are competitive, and
- Recordkeeper(s) are willing to perform at the prices provided.
Benchmarking data can be used to evaluate the 401(k) market and find a more appropriate recordkeeper or simply to renegotiate your current fees and/or services with your existing provider.
Under "Unilateral Non-Disclosure."
The number one concern plan sponsors have around getting a second opinion is the potential impact to their current advisory relationship.
Our process mitigates this risk with a unilateral NDA and our blind bids contain no names, no personally identifiable information, only the plan information required to secure pricing commitments.
There is no obligation to use either the services of Strategic Retirement Partners or the bidding recordkeepers.