Providers
Bank of America CorporationƗ
DC ASSETS | |
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DC assets ($MM) | $242,630 |
In plans with ≤ 50 participants | 1% |
In plans with >50–500 participants | 6% |
In plans with >500 participants | 93% |
PLANS | |
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Total DC plans | 1,129 |
% serviced by Third Party Administrator | 0% |
FEE STRUCTURES | |
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Upfront commission (front-end load) | NR |
Finder's fee | NR |
Ongoing trail/commission | NR |
RIA fees/Hard-dollar fees | NR |
ERISA account/budget | NR |
SUPPORT SERVICES FOR ADVISERS | |
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DC plan benchmarking | |
Access to ERISA counsel | |
Offers CE-eligible DC-specific training | |
Supports Advisor Managed Accounts |
RELATIONSHIP MANAGEMENT (RM) TEAMS | |
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Average case/client load (# plans/person) | Varies1 |
Average tenure with recordkeeper | Varies2 |
Average years of experience in retirement | Varies3 |
Dedicated RMs for NQDC plans only? | |
Dedicated RMs for 403(b) plans only? | |
Dedicated RMs for 457 plans only? | |
Advisers given choice of RMs to support clients |
NR = Not Reported. NA = Not Applicable. |
Ɨ Plan sponsors may direct Bank of America to debit participant accounts for the payment of qualified ERISA expenses, including adviser fees. |
1 Relationship Manager and Communications Consultant have an average of 5 – 8 clients. Client Service Managers have on average 10 – 12 clients. |
2 Client Relationship Manager: 16 years, Client Service Manager: 14 years: Communications Consultant: 11 years. |
3Client Relationship Manager: 25 years, Client Service Manager: 18 years: Communications Consultant: 10 years. |