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Posted

For the TPAs out there, I'm curious as to what people's thoughts are on the recordkeeper landscape these days. Nationwide which used to be very good I find has gone off track since their migration to the new platform. From an admin standpoint it has been rough.  I'm trying to get a sense of which recordkeeper partners we should lean towards without changing too much. Typically have 3-4 that we use.   As TPA, we only do annual 401k accounting and mostly utilize Nationwide, John Hancock, Voya and July Services at the moment.  I've been doing work looking into Empower recently so it would be nice if anyone has any experience using them recently (I believe over the last few years their platform was enhanced as well). Appreciate any feedback!

Posted

Agree about NW!  American Funds Record Keeper DIrect and Plan Premier are good, as are Empower, TRowe Price, and Principal.  No issues with any of them. 

4 out of 3 people struggle with math

Posted

Look into who will pay you tpa overrides.  I always struggled with Hancock, selling 5 new plans or maintaining $100M in total assets in order to maintain my tpa payments (I was a small non-producing tpa).  Some of the other recordkeeper tpa requirements were not as strict.  Empower and Capital Group / American Funds were always very friendly to me as a tpa and their annual data was easily imported into ASC. 

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