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The decline in plan sponsor appetite to change recordkeepers has dropped at a steady rate, not in spikes, which makes it likely that we will not see a dramatic increase any time soon. Meanwhile, many of the larger, more established recordkeepers are having record years; that means the rich keep getting richer while the rest are suffering.
The notion that you can do well by doing good is alive and well in the 401(k) and qualified plan marketplace. Advisers, however, are walking a tightrope. With a big push by the government for more disclosure and stricter fiduciary standards, broker-dealers are struggling to allow their advisers to act as fiduciaries without opening themselves to unwanted liability. Meanwhile, plan sponsors are looking for advisers who can help their participants be more successful in retirement yet limit their costs, liability and work.
To say that the industry's segmentation and understanding of defined contribution plan advisers is crude would be quite an understatement. At the grossest level, the industry looks at whether advisers are commissioned or fee-based and whether they serve the small-plan market or the large-plan market.
Though January is just another month on the calendar, it is filled with hope – and sometimes, with trepidation. So in keeping with that spirit, here are some thoughts on what is likely to happen this year.
If there was any doubt, the October 2010 401kExchange Opportunity Indices (reporting the percentage of plans that indicate they are currently searching for or thinking of changing recordkeepers, funds or advisers) definitively show that DC plan sponsors are much more concerned about finding the right adviser than changing their funds or recordkeepers.