NAPA Net - Polling Places 073021

Winning the Race to the Bottom

One of the highly anticipated panels at the 2021 NAPA 401(k) Summit is focused on strategies on how to avoid that “race to the bottom” – and our expert panel would like some input from NAPA-Net readers.

Conventional wisdom says that our industry is in a race to the bottom on fees. Too often, “priced to win” equates to a somewhat arbitrary best-guess on advisory pricing, with a bias toward “low.” The workshop – titled “Low” Blows: Developing Fees, Defining Services – features ) would love to get your readers input on a handful of questions.

It’s one of the first workshops at the 2021 NAPA 401(k) Summit – Sunday, September 12 at 2:30 p.m, immediately following the much-anticipated “Hill to the Summit” briefing from NAPA Executive Director and American Retirement Association CEO Brian Graff.

The panel has a few questions they’d like you to answer – whether you’ll be with us in Las Vegas or not.

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* 1. Do you conduct satisfaction surveys with your clients?

Yes, on an ongoing basis

Yes, but only once

Any comments on that?

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* 2. Do you know your approximate acquisition cost of a new client?

Yes.

No.

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* 3. Do you know the approximate cost for servicing each of your clients?

Yes.

No.

Any comments on that?

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* 4. Do you determine your fees based on your costs for servicing the client?

Yes.

No.

If not, why not?

Question Title

* 5. What services do you think are most valuable to your clients (check all that apply)?

Investment advice/due diligence

Plan design

Fee benchmarking/negotiations

Employee education/engagement

Other

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* 6. Generally speaking, which one service do you think is MOST valued by your clients?

Investment advice/due diligence

Plan design

Fee benchmarking/negotiations

Employee education/engagement

Other

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* 7. Do you offer the same services to all clients regardless of asset size?

Yes.

No.

Any comments/explanation?

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* 8. Other comments on the race to the bottom, avoiding the race to the bottom, providing value, proving value, the focus on fees, the impact of the race to the bottom, the impact of litigation on the race to the bottom, or life in general?

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* 9. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 10. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 11. Do you plan to be at the 2021 NAPA 401(k) Summit?

Yes, already registered!

Yes, but haven't registered yet.

Not sure.

Thinking about the virtual option.

Not this year.

Not this year, but looking forward to April 2022!

Other (please specify)

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* 12. Suggestions for future survey questions? Seriously - what would you like to know about/from your fellow NAPA-Net readers? Or what would you like to be asked?

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* 13. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so (don't forget your email)!