Guest jrhodes Posted June 9, 1999 Posted June 9, 1999 TPA firm in Upstate New York. Been using Datair (DC only) for ten years. The bad thing is the lack of downloading capability. Stops us cold in downloading investment data from a variety of investment houses. The good thing is it's all paid for. Quantech seems to be the standard in the industry, but I had a heart attack when I saw the costs. My question in a nutshell --- is QT worth it? We've GOT to get away from manual data input and start downloading FBO accounts. But the thought of writing the kind of checks Corbel wants is scary. I would appreciate any comments, in general, about Quantech. Any former Datair users who changed to QT, your help would be especially appreciated. Thanks very much.
Tom Poje Posted June 9, 1999 Posted June 9, 1999 there is no easy answer. (by the way, no, I am not or ever was a Datair user) anyway, as I said, there is no easy answer. if you are in the daily environment, Quantech is probably the way to go regardless of cost. It has 4 or 5 years in windows under its belt. In other words, it is probably the most stable system out there. It is impossible to say what other systems will charge when they fully convert to windows/daily environment. however, if you are a small operation, then the costs may not make it worthwhile. there is also the learning curve of a new software - and I know plenty of people (being honest) who have had a hard time with this. and the costs of equipment - but you probably know that already. too many factors to consider. if you are not doing daily, but simply plan processing (like me) Quantech is more than enough. the biggest advantage is the ability to customize reports. My boss can't stand me so she 'rents' me out from time to time to other users. (it helps when you really know the system fairly well. If you want further info, please feel free to email me. tpoje@lda-fcpa.com
Guest Daily401k Posted June 15, 1999 Posted June 15, 1999 I too have never been a Datair user and I am sad to say that I would have to disagree with Mr. Tom. He is correct in saying there is not an easy answer, but there are plenty of systems out there. My opionion of QTECH is that it does not do daily well at all. The system was built with traditional recordkeeping in mind, and is now trying to move into the daily world. TrustMark handles daily processing, activity tracking and reconciliation much better than QTECH currently. TrustMarks problem is that it "dos" based and fairly difficult to learn. It too is expensive. Who knows where either system will be in a few years. If you are running a traditional shop, then QTECH should work fine, but if you are in the daily world I would have some concerns. Depending on the size of your shop and the customization offered should drive your decision. Another system out their is QTECH's big brother "Omni Plan or Plus", but if QTECH's cost scare you then don't even ask. InvestLink is another, but I also hear that it does not work all that great yet. The cost there may be more attractive for a smaller shop. Hope some of this helps, if not email me and we can talk more. No disrespect Tom. ------------------ daily401k@mailcity.com [This message has been edited by Daily401k (edited 06-15-99).]
Guest Mike Kimball Posted June 16, 1999 Posted June 16, 1999 Daily: what do you know about Investlink???? we are looking seriously at it to replace some proprietary "daily" software. I realize that demo products never give the complete picture and systems are always in development and/or testing. Anything specific about Investlink?
Guest Daily401k Posted June 16, 1999 Posted June 16, 1999 Mike, I have never personally worked on the system but have some friends in the business who currently use the product(honest feedback). We are about to take over some plans on the TSM system and I have gained further knowledge from that shop as to how well the system worked also. I would be more than happy to talk with you, but would rather not do it in writing (simply because of the time involved). Please email me at Daily401k@mailcity.com and provide me with an 800 number to call you back at if you are interested in my comments. Good luck. Daily ------------------ daily401k@mailcity.com Now You Know! [This message has been edited by Daily401k (edited 06-16-99).]
david rigby Posted June 18, 1999 Posted June 18, 1999 I have never used Datair or Quantech, but I know users of each. I hear more good comments about the former and more negative comments about the latter. I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
Ervin Barham Posted June 18, 1999 Posted June 18, 1999 I have used both and feel at least somewhat qualified to respond. I am very frustrated right now with allocation systems in general, so I won't stay too long on my soapbox. Datair's big advantage is that it handles the eligibility very well and it will do cross-tested plan calculations and have found very few mistakes with it. 401(k) testing is also good. It is a DOS based system and as such does not work at all for participant directed plans. It also has some annoying quirks with forfeitures that are traded for other ones in Quantech. Quantech can handle participant directed and is a transaction based system, which is good. It has the potential to work better with either daily or balance forward than Datair, which would need major revisions to work with daily. Eligibility calculation is fair, but has a few quirky features that can cause problems. It is very easy to code participants incorrectly and have them miss out on earnings (it's been done). Insurance provisions also needs work. Testing for ADP/ACP and cross testing on Quantech is not very good in my opinion. IMHO, if someone (are you listening Corbel/Datair/Trustmark?) could take the eligibility and contribution calculations of Datair and combine them with the transaction based system on Quantech, you could come up with an excellent allocation system. I will now retreat back into the woodwork, and while that may not have answered your original question, at least allowed me to get rid of the steam.
Guest JohnB10 Posted June 18, 1999 Posted June 18, 1999 Thanks, all, for the information. JRhodes: with regards to importing capabilities, both Trustmark and Quantech have decent abilities for data imports. The latest version of Quantech (V 5.0) has added some additional functionality in this area. Cost: Niche software doesn't come cheap nowadays, and the adage "you get what you pay for" definitely applies. It would be nice if Corbel had a "competitive upgrade" special. My company is both a Quantech shop and a Trustmark shop. The software cost/fees for the products are generally in the same neighborhood. Also, you'll need to factor in ongoing service costs. For the record, I've been, overall, happy with Corbel's servicing of the Quantech product. Another thing I like to factor into the software purchase equation is the strength of the vendor, both technically and in the market place. Both Quantech (parent company = Sungard) and Trustmark (p.c. = Shwab, I think) get high marks on vendor strength.
Guest DW Posted June 18, 1999 Posted June 18, 1999 I am a current Datair user. Like you I have investigated the possible change from Datair to Quantech. The price tag is high, but may have to be absorbed dowen the road. You may find that the Datair import program has better ability than you are are utilizing at the current time. We are downloading a number of different formats from payroll systems to funds from various fund houses. These are done using the DIMPORT facility of Datair. You will have to write some code, but the effort may solve your problem. If you are unable or unwilling to write the DIMPORT code, Datair, (for a fee) will be willing to work with you. Again, this may be a small price to pay for not keypunching data. Good luck.
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