Under Review: How to Evaluate a Recordkeeping Relationship

Under Review: How to Evaluate a Recordkeeping Relationship

In this episode of the Fiduciary Advice @ Work podcast, experts from Francis Investment Counsel discuss the role of a recordkeeper to a retirement plan benefit, trends in recordkeeping across the industry, and key elements for plan sponsors to focus on when evaluating their recordkeeping relationship.

In this episode, we focus on important elements of a plan sponsor’s recordkeeping relationship, including:

  • The role a recordkeeper fulfills in comparison to other plan service providers
  • Challenges recordkeepers face in a consolidating marketplace and how plan sponsors should respond
  • Key factors to consider in the event a plan sponsor conducts a recordkeeper evaluation

“Where selection [of a recordkeeper] matters most is when it comes to the consultative nature of the relationship … Is the team experienced? Are they proactive? … Those less tangible features are what separate really good relationships from great relationships.”

– Kevin Skow, Vice President