RESEARCH |
2020
PLANADVISER Recordkeeper Services Survey
Reported by PLANADVISER
| Art by Eric Hanson
Providers
Bank of America CorporationƗ
| DC ASSETS | |
|---|---|
| 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 | |
|---|---|
| Total DC plans | 1,129 |
| % serviced by Third Party Administrator | 0% |
| FEE STRUCTURES | |
|---|---|
| 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 | |
|---|---|
| DC plan benchmarking | |
| Access to ERISA counsel | |
| Offers CE-eligible DC-specific training | |
| Supports Advisor Managed Accounts | |
| RELATIONSHIP MANAGEMENT (RM) TEAMS | |
|---|---|
| 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. |