Video: Five Tips for Working with a New Recordkeeper


Mike Patch [00:00:08.730 --> 00:00:21.360] With the continued consolidation among companies that provide recordkeeping services, plan sponsors are more and more likely to find themselves working with a new provider who they didn't originally research or select.

Mike Patch [00:00:21.360 --> 00:00:32.070] While your new team is undoubtedly working hard to make the transition as smooth as possible, the change does require some diligence from the sponsor to create a smooth transition for both the sponsor and the participants.

Mike Patch [00:00:32.070 --> 00:00:37.620] Most providers will have a communication plan in place to minimize any service disruptions.

Mike Patch [00:00:37.620 --> 00:00:42.180] You'll likely have many questions around the transition to the new recordkeeper.

Mike Patch [00:00:42.180 --> 00:00:47.490] What actions need to be taken and when? How will the details be communicated to you? And by whom?

Mike Patch [00:00:47.490 --> 00:00:50.550] Will there be a webinar or other reference materials?

Mike Patch [00:00:50.550 --> 00:01:03.930] What kind of information can my participants expect? It's really important that you pay attention to the new recordkeeper communications and make sure that they're shared with every member of your team who works with the plan, even if they don't typically communicate directly with the recordkeeper.

Mike Patch [00:01:03.930 --> 00:01:06.960] Knowing what to expect and when to expect it is critical.

Mike Patch [00:01:06.960 --> 00:01:14.190] You should get invited to a webinar, introducing your new team and be provided with a document that makes you aware of what's coming and when.

Mike Patch [00:01:14.190 --> 00:01:17.790] Who to call on what and most importantly how to reach them.

Mike Patch [00:01:17.790 --> 00:01:24.510] If you don't get this make sure that you asked for it. Request a plan sponsor website demonstration.

Mike Patch [00:01:24.510 --> 00:01:28.410] Make sure to include everyone on your team who will be working with the new recordkeeper.

Mike Patch [00:01:28.410 --> 00:01:33.090] It's critical for you to know what tools and resources are available to you online versus in person.

Mike Patch [00:01:33.090 --> 00:01:37.890] Ask for a plan participant website demonstration for your employees

Mike Patch [00:01:37.890 --> 00:01:43.650] This will help to make sure that they know what employee resources are available. How much customization is available, et cetera.

Mike Patch [00:01:43.650 --> 00:01:47.280] Your recordkeeper communications team should be the one that drives this process.

Mike Patch [00:01:47.280 --> 00:01:51.600] And then finally keep in mind, even the best laid plans can go awry.

Mike Patch [00:01:51.600 --> 00:01:56.460] What can you do? Create a plan of action, including a timeline for a solution.

Mike Patch [00:01:56.460 --> 00:02:01.680] Keep a contact list handy so that you can reach out quickly to those that are able to assist.

Mike Patch [00:02:01.680 --> 00:02:09.420] And then finally keep your advisor close by, they can definitely lean in here as they likely have multiple lines of communication with the recordkeeper.

Mike Patch [00:02:09.420 --> 00:02:14.130] In conclusion, take detailed notes documenting this process.

Mike Patch [00:02:14.130 --> 00:02:17.910] That way you can analyze how it matches your expectations throughout

Mike Patch [00:02:17.910 --> 00:02:25.800] and share this information with your recordkeeper to improve the ongoing relationship and hopefully you're in creating a long lasting and successful one.