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Signs It's Time to Change Your Company's 401(k) Provider

With the volatility of the market and all of the 401(k) options available, it can be difficult to discern whether you have chosen the right retirement plan provider. Some employers are considering whether they should switch providers to retain and attract the best employees. 1


In case you have found yourself in the same boat, here are a few telltale signs it’s time to consider a different retirement plan provider:


  • Too many fees. Even seemingly small fees can eat into employee returns down the line. In fact, just a 1% difference in fees could reduce the amount your employees have saved for retirement by more than 20% 2 in some scenarios. Switching to one with more passive index options can help employees save more for retirement.

  • Spending too much time on plan admin. If your current plan doesn’t offer services to help you with the fiduciary duty for your plan,3 integrate easily with your payroll, or provide top-notch data security,4 changing providers could save your business time--and serious headaches down the road.

  • Lack of flexibility. Is your retirement plan giving employees the flexibility to choose multiple investment options that fit their individual needs? That’s increasingly important 5 to young workers in particular.

  • Poor investment performance. Market fluctuations happen, but when you’re consistently seeing lower returns than average--or than competitors--consider switching plan providers, or at least seeing what else is out there.

  • Employee participation is low. Maybe you like your plan just fine, but employees still are not enrolling at high rates. Is it a problem with the provider? Some 401(k) providers offer better retirement education and communications than others-- considering 63% of Americans 6 report confusion about 401(k) plans.


In fact, did you know that we provide 401(k) services? We are a one-stop-shop in the 401(k) arena, making us unique! We do recordkeeping, Third Party Administration and Investment Advising for plans!


If you are thinking about switching your company’s retirement plan provider or just want to review your current plan, feel free to reach out to us. We are here to help!



1. 4 employee benefits that can make employers stand out in the talent recruiting game | BenefitsPRO

2. A Look at 401(k) Plan Fees (dol.gov)

3. A Simple Guide for Meeting 401(k) Fiduciary Responsibilities (employeefiduciary.com)

4. Labor Department falls short on 401(k) cyber protections, GAO says (cnbc.com)

5. Young Workers Need Flexible Retirement Solutions - 401K Specialist (401kspecialistmag.com)

6. 63 percent of Americans are confused about 401k retirement plans (cnbc.com)




This presentation is not an offer or a solicitation to buy or sell securities. The information contained in this presentation has been compiled from third party sources and is believed to be reliable; however, its accuracy is not guaranteed and should not be relied upon in any way, whatsoever. This presentation may not be construed as investment advice and does not give investment recommendations. Any opinion included in this report constitutes our judgment as of the date of this report and are subject to change without notice. The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax or legal advice. Keep in mind that current and historical facts may not be indicative of future results. Certain risks exist with any type of investment and should be considered carefully before making any investment decisions. Keep in mind that current and historical facts may not be indicative of future results. The information provided is for educational purposes only and not intended to provide any investment, tax or legal advice. Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website.

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