Maybe your firm's retirement plan has happily been using the same recordkeeper for years, but the plan has changed significantly since, in size or demographics. Maybe it is still relatively the same but it’s been a long time since your original selection. How do you know the plan fees and services are still competitive?
For plans that are content with their current provider, but are seeking to ensure competitive pricing, North Pier's search services can be used as a tool for provider negotiation/validation. And it’s an easy and effective way to uphold your fiduciary responsibilities, save money, and boost performance. If this is the case, we can limit the search scope to a less invasive RFI to establish a benchmarking that is tailored to your plan’s key pricing criteria. These results are then used my North Pier to negotiate on our client’s behalf. We would then only proceed to a more involved search (formal RFP) if the client decides that the potential improvements to the plan are worthwhile.
Of course, for those plan sponsors that are dissatisfied with their current vendor, or want to test the market to “see what’s out there,” we recommend engaging in a full RFP. If it's been several years since your last full search, it's highly likely that North Pier can help substantively improve your existing relationship, or source an even better one.