Most plan sponsors carefully review investment managers and recordkeepers, yet rarely apply the same scrutiny to their retirement plan advisors (RPAs). It’s an odd gap—especially since RPAs themselves often recommend independent reviews for other vendors. Skipping this step leaves a critical role largely unchecked, despite ERISA’s requirement for documented oversight of all providers paid from plan assets.
An independent review or RFP—particularly for plans over $10 million—can validate your advisor’s value, reveal new service opportunities, and strengthen fiduciary compliance. In a landscape of new products, evolving markets, and mounting regulations, a third-party checkup helps ensure your advisor remains the best fit for your plan.
Read more in “The Biggest 401(k) Paradox“ on WealthManagement.com.
