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Record Keepers & TPAs / Record Keepers & TPAs

401k Record Keepers and TPAs

Our Service Provider Disclosure Review assessment can give your plan sponsor and fiduciaries peace of mind while also making your business stickier with your clients. The reason: the fee disclosures only need to be done once, and if the plan receives the registered opinion letter from CEFEX, your client will know the fees are reasonable for the value of the services provided. With an Affirmation by your client, they agree with the CEFEX opinion letter, the law firm issues the legal opinion to the plan.

Regardless of your distribution channel for servicing 401(k) plans, which may include bundled direct to businesses, without an intermediary, such as a financial advisor (FINRA licensed registered representative); or a bundled (or semi-bundled) plan through a financial adviser or investment adviser representative (SEC IAR licensed Series 65/66) through a corporate B/D affiliated RIA or stand alone RIA, your client, the Responsible Plan Fiduciary, needs independence to determine fee reasonableness for the value of services provided.

When your client makes a material change in the arrangement with any covered service provider, then that specific portion of the registered opinion letter will need updating. Discounted pricing will be available, and will be quoted specific to each situation.

As a best practice, you may encourage your clients to update the fee disclosures every three years or so and once again, without any material changes, we will quote a discounted fee because we simply are updating our records with current reports, disclosures and benchmarking.

Our services are available on a “block of clients” basis at a discount because the work processes and agreements should have a similar construction and organization. In cases where a third party intermediary is involved, as noted above, we are happy to sign a non-solicitation agreement to assure everyone our involvement is narrowly limited to the CEFEX engagement.

Increase your client retention rate by helping them know their fees (and yours) are reasonable. Volume discounts available.

Please contact us for more information.

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