Broker Check

Provider Selection

The decisions around the service providers to your company’s retirement plan are the most important decisions a company makes.  The service providers to the plan will shape the experience of the employer and employees in ongoing interactions and benefits from the plan.  There are several potential service providers to an employer’s retirement plan:

  • Recordkeeper (custodies funds and investments, provides the website, quarterly statements, participant transactions, etc.)
  • Core investment menu (funds in core assets classes to build a portfolio)
  • Qualified Investment Default Alternative (QDIA- typically Target Date Funds or managed accounts)
  • Advisory services to the plan (link?) (Agent only or Fiduciary Services (link))
  • Advisory services to employees (link)(Financial wellness program: including enrollment, education, financial planning, and distribution advice- provided as an agent or fiduciary advisor)
  • Plan Administration (link to Plan administration page) (TPA or bundled with recordkeeper)

How do we assist an employer in making service provider decisions?  First, we provide curated data from industry surveys and reporting.  We are able to benchmark (link) the services, design features, and costs of plans across the country of similar size and industry.  Every few years it is important to complete a deeper dive through a recordkeeping Request For Proposal (RFP) process.

At Chase Dominion Advisors, we are able to provide advice with respect to each of the service providers to the plan.  We also act as the liaison for various service providers, considering our office as your first and main point of contact for all retirement plan concerns.

As appropriate for our clients, we can provide three of the six service provider options listed above, in-house.