NAPA Net - Polling Places 121517

Have Provider Practices Hindered Your Fiduciary Duties?

In recent weeks, a couple of advisors have written to share experiences with provider charges that could create something of a fiduciary quandry.

One of those issues involved charging to replace or remove funds from a 401k, which of course, adds an additional cost consideration to the fiduciary’s decision to make fund menu changes, certainly if – as in this case – the charge was relatively significant.

This week, we’d like to know – and give you a chance to share your experience.

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* 1. Have you been confronted with restrictions – timing or pricing or something else – that hindered (or threatened to hinder) your acts as a plan advisor and/or plan fiduciary?

Yes.

Yes, but not very often.

Yes, but only with particular providers.

Not really.

No.

Something else (please specify)

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* 2. If so, what did you do in response?

Changed providers as soon as practical.

Fought the charges/practices - but lost.

Fought the charges/practices - and won.

Won some, lost some.

Worked around it/them.

Something else (please specify)

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* 3. One of those issues involved charging to replace or remove funds from a 401k. Have you experienced this with any of the providers you work with?

Yes

Not sure

Something else (please specify)

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* 4. What, if any, other issues have you encountered in provider pricing/practice that hindered the exercise of your fiduciary duties?

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* 5. Any other comments about provider pricing, provider practices, or the impact of provider pricing and/or practices on fiduciary duties, or life in general?

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* 6. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 7. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 8. Suggestions for future survey questions?

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* 9. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...