Christopher Taylor: Record Keeper Search Best Practices

Be More Than A Fiduciary

Christopher (Chris) Taylor is the Director of Client Support for USI Consulting Group. He is located in Madison, WI. Chris leads USICG’s national provider search, fee benchmarking, and fee negotiation team in addition to providing investment analysis on equity strategies and supporting our sales team across the country. As a result, Chris has an in-depth understanding of the retirement services marketplace and significant experience across all plan types – including non-qualified solutions.

In this episode, Eric and Chris discuss:

• Customizing scorecards to reflect objectives
• Creating a great experience through high-quality service
• Providing the best value by evaluating pricing models
• Managing differences in the midst of transition

Key Takeaways:

• Scorecards can be helpful but shouldn't be too rigid - they should be customized to reflect the plan's objectives and allow for flexibility and intangible factors.
• When evaluating record keepers, focus on service quality and employee experience, not just cost. Higher fees can be justified by better service and support. Cost is in fact an important consideration, but start with service considerations.
• Look at both per-head and asset-based pricing models when getting bids, as there may be anomalies or differences that provide better value.
• When changing record keepers, be prepared to manage differences among committee members and document the deliberative process to focus on participants' best interests.
• Experienced consultants add value to the recordkeeper search process based on their wealth of experience with many different clients across numerous recordkeeping platforms.

“Strive to get past cost and really look at service.” - Christopher Taylor

Connect with Christopher Taylor:

LinkedIn: https://www.linkedin.com/in/chris-taylor-7091541b9/

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.