DC Industry Leaders: Record Keepers

The following outlines the 2017 DC Broker Dealer survey:

• 39 Broker Dealers were nominated to the ballot.
• Institutional Plan Advisors (+$100m DC assets, multiple plans) selected the Broker Dealer they are affiliated with.
• On the Broker Dealer, an Institutional Plan Advisor responded to 22 qualitative questions on the Broker Dealer using a scale of 1 through 5 with 5 being the best.
• Each question had detailed guidance on the attributes that a voter should consider for the question.
• The average voter response was calculated on each question and then summed up where scores were ranked from highest to lowest.

Here are the 22 questions that were asked:

1. Rate your Broker Deal on ERISA compatible compliance.
2. How are the tools that your Broker Dealer provides? Please rate your Broker Dealer’s tools considering the following attributes.
   1. Investment reporting and monitoring
   2. Financial wellness/employee education
   3. Record keeper RFP services
   4. Investment analysis
   5. Flexibility and breadth of investments
   6. Approved or preferred investment lists
3. Please rate the quality of the technology provided to you by your Broker Dealer.
4. How is the training and education that your Broker Dealer provides? Please rate it considering the following attributes:
   1. For you
   2. For your team
   3. Online
   4. In person
5. How would you rate your Broker Dealer in being helpful with sales? Please consider the following attributes.
   1. Client acquisition
   2. Point of sale support
   3. Finals presentations
6. Rate the quality and breadth of Record Keepers offered by your Broker Dealer.
7. Rate the quality and breadth of DCIO providers offered by your Broker Dealer.
8. My Broker Dealer keeps me up-to-date on new laws and regulations and helps me understand how to leverage/comply with them. This statement is:
   1. Very accurate
   2. Accurate
   3. Somewhat accurate
   4. Slightly accurate
   5. Not accurate at all
9. My Broker Dealer explains the DOL conflict of interest rule and accommodates my DC plan business. This statement is:
   1. Very accurate
   2. Accurate
   3. Somewhat accurate
   4. Slightly accurate
   5. Not accurate at all
10. My Broker Dealer helps position me as thought leader - provides content for me to distribute. This statement is:
    1. Very accurate
    2. Accurate
    3. Somewhat accurate
    4. Slightly accurate
    5. Not accurate at all
11. My Broker Dealer helps me to help clients improve outcomes. This statement is:
    1. Very accurate
    2. Accurate
    3. Somewhat accurate
    4. Slightly accurate
    5. Not accurate at all
12. My Broker Dealer helps me source DC business from other advisors. This statement is:
    1. Very accurate
    2. Accurate
    3. Somewhat accurate
    4. Slightly accurate
    5. Not accurate at all
13. How easy is it to do business with your Broker Dealer?
    1. Very easy
    2. Easy
    3. Somewhat easy
    4. Slightly difficult
    5. Difficult
14. Rate your Broker Dealer on the quality of consulting on practice management.
15. How would you rate the branding and marketing of your Broker Dealer?
16. How would you rate your Broker Dealer on onboarding new plan sponsor clients?
17. How would you rate your Broker Dealer on ERISA help/support?
18. How would you rate your Broker Dealer on phone support?
19. How would you rate your Broker Dealer on the quality of home office support staff?
20. How would you rate the support your Broker Dealer provides on IRA rollover business?
21. How would you rate the support your Broker Dealer provides on your wealth management business?
22. How would you rate your Broker Dealer on data aggregation support/reporting?