Address Service Issues with Recordkeepers



Che-Che S. McCrimmon [00:00:05.515 --> 00:00:19.915] Thank you for joining. Recently, we've been hearing from clients that they are experiencing service issues with their recordkeepers. There is no doubt the continued consolidation amongst companies that provide recordkeeping services, have caused some angst on the part of plan sponsors.

Che-Che S. McCrimmon [00:00:20.245 --> 00:00:25.315] And whether you have recently been switched to a new provider, who you didn't research and select, or your

Che-Che S. McCrimmon [00:00:25.490 --> 00:00:35.025] experiencing issues with the provider that you did, there are some things you can do to improve the situation. First, take some time to assess the situation and gather your information.

Che-Che S. McCrimmon [00:00:35.325 --> 00:00:43.905] You probably aren't the only person at your organization that works with the recordkeeper. Gather the team together to make a list of issues you're experiencing and where there is a need for improvement.

Che-Che S. McCrimmon [00:00:44.160 --> 00:00:47.850] This would be a good time to check with your retirement plan advisor as well.

Che-Che S. McCrimmon [00:00:47.850 --> 00:00:56.130] They are likely to have experience helping to resolve the issues you are concerned about as well as having additional contracts at the recordkeeper who may be able to help.

Che-Che S. McCrimmon [00:00:56.130 --> 00:01:07.200] Next schedule some time to speak with your main contact, better yet ask your adviser to facilitate the call for you. Either way, let your contact know in advance the type of issues you're experiencing.

Che-Che S. McCrimmon [00:01:07.200 --> 00:01:11.310] And ask them if it makes sense to have others from their organization, join the call.

Che-Che S. McCrimmon [00:01:11.310 --> 00:01:15.570] Your main contact is not likely to resolve all of your issues immediately.

Che-Che S. McCrimmon [00:01:15.570 --> 00:01:19.470] This call is a good time to communicate your expectations for next steps. 

Che-Che S. McCrimmon [00:01:19.470 --> 00:01:30.300] Request that your contact create an issues log, detailing the steps that need to be taken and by who. Request that the log includes specific dates for when each step is expected to be completed.

Che-Che S. McCrimmon [00:01:30.300 --> 00:01:39.450] Finally, ask that your contact schedule regular meetings with you to check in on the progress. It may make sense that these meetings be fairly frequent at the beginning of the process,

Che-Che S. McCrimmon [00:01:39.450 --> 00:01:42.810] but they can be less frequent as the items are resolved.

Che-Che S. McCrimmon [00:01:42.810 --> 00:01:57.090] You and your advisor should be watching closely, how the record keeper handles this process. While mistakes will always be made, you should expect your service team to be responsive to your concerns, take ownership of the issues and to follow through until they're resolved.

Che-Che S. McCrimmon [00:01:57.235 --> 00:02:09.955] Hopefully, these steps will help address your most pressing concerns. From there, it's important to periodically monitor their services. As a best practice, you may do this at least annually while you're reviewing the fees that you're paying. Check with your advisor,

Che-Che S. McCrimmon [00:02:10.135 --> 00:02:13.705] see how they can help facilitate this process. After all,

Che-Che S. McCrimmon [00:02:13.950 --> 00:02:19.290] it takes partnership to effectively administer a retirement program.

Che-Che S. McCrimmon [00:02:19.290 --> 00:02:24.324] Thank you for joining me.