Looking for a New 401(k) Service Provider?
Companies reach out to us all the time to inquire about changing their service provider. Their reasons typically fall into one or more of three categories;
Fees – they want to lower their fees and/or make sure their fees are reasonable by DOL (Department of Labor) standards. Also, it is important not to burden the participants with too much or any administrative fees.
Asset Lineup – Many companies want a more streamlined and simple-to-understand Asset Lineup. Atlas offers an ETF lineup that reduces fees as much as 50% – 75%+ because any and all the TPA (Third-Party Administrator), Record Keeper and Investment Advisor fees are “NOT” included in the Expense Ratio (or GER – Gross Expense Ratio). This helps “reduce” the possibility of a DOL audit. Also, Atlas does not include any Target-Date Funds(TDFs) and offers customized Model Portfolio’s based upon Risk Profile and Life Stage (request more information).
Service – No matter the size of your company, you deserve great service! Not good or ok service, but great service. If you are not getting great service then that’s another reason why you are visiting our site. Ask yourself the following questions;
1 – Do you have at least one(1) Investment Committee Meeting per year to review the plan for performance, fees, and Adoption Agreement for flexibility to grow and adapt to your company?
2 – Does an Investment Advisor offer and schedule at least one(1) on-site visit per year to offer group and one-on-one investment and financial guidance? Mid-Size and larger companies sometimes have semi-annual and quarterly sessions.
3 – Do you have a Fiduciary Plan that your Investment Advisor or Service Provider helps you with Fiduciary Compliance at the 3(38) (Plan Sponsor-level fiduciary) and 3(21) (Participant-level fiduciary)? Without this level of service, you are exposing your company to DOL audit risks and possible fines.