VENDOR EVALUATION
Managing service providers under federal and the states’ cyber laws is a challenge for enterprises that sponsor employee benefit plans (“EBP”).
AI and Vendors is a
Risky Mix
Artificial intelligence (“AI”) has become a transformative force in various industries, offering significant benefits in efficiency, data analysis, and decision-making. While AI-powered solutions can bring advantages such as improved investment strategies and personalized recommendations, they also come with inherent risks that need careful consideration.
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The Unpleasant Reality of Managing Vendors
Hiring and managing investment and administration vendors for retirement plans is complex and risky. Complex due to confusing jargon and interlocking vendors. Risky because buyers are at a major information disadvantage. Two prerequisites ensure the job is done well.
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RFP Insights for Recordkeeping Services
The defined contribution plan recordkeeping industry has evolved significantly, driven by technological advancements, regulatory changes, and a growing emphasis on participant outcomes. Insights from scores of RFPs form a good starting point when planning a vendor search or comparison effort.
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Peering Into the Underbelly of Vendors’ Data Systems
Working with an employee benefit plan service provider has always included some risk. Every new computer network that joins your environment gives malicious actors wanting to access plan data new entry points. New capabilities make control over an employee benefit plan’s vendor environment a transforming possibility.
Practical Tip
Paying too much?
Excessive fees for investment and recordkeeping services plague many employees’ retirement accounts. Our Vendor Value Index™is increasingly recognized by chief financial officers as the premier indicator of proper pricing for investment and administration services. It is an integral part of our Request for Proposal (“RFP”) management program. The Index simplifies the vendor selection process, helps confirm proper pricing of vendors’ services, and helps our clients monitor their service providers ongoing. Read this tip, The Brewing Crisis Over Retirement Plan Fees and learn how to avoid it.
Vendor Value Index is a trademark of Roland|Criss Fiduciary Services
