friedliver

We just finished a brutal plan conversion. The plan was on Guideline and went to accrue during our blackout. All of the conversion assets were sitting in cash for 31 days, which is absolutely unacceptable to me. For those who are more familiar with the recordkeeping side, could you help me understand how this could happen? The RK said they didn't have all the conversion files, blah blah blah. 1) How many plans are converted in kind vs sold ->Wire->Reinvest? -And why aren't all plans in kind? 2) What can I do in the future to prevent this from happening? Just send the RK daily emails asking for updates when money is in motion? What is your guys process?

I will say, while most advisors will just use the plan documents provided by a custodian (Altruist/Charles Schwab) without even reading them, there is a growing group, especially in XYPN, that will typically bring in providers like mysolo401k. But I mostly see advisors using the custodian's plan docs, and the advisor takes on a pseudo admin role without having the knowledge to step into those shoes.

Following this for Project Labor Agreement 401(k)s