FAQs for Financial Professionals
Creating a partnership between financial professionals and TPAs (third-party administrators), like Randall & Hurley, is truly advantageous to your clients in many ways. This open-architecture design provides your client with access to thousands of portfolio choices with some of the lowest fund expenses and a transparent fee structure. This unbundled approach also allows you to select a quality TPA that can meet the specific needs of your client.
We've answered a few common questions about this relationship below.
- What exactly is your role as a TPA? How will Randall & Hurley assist my clients?
- Do my clients need a separate TPA? Won't that be confusing?
- How will Randall & Hurley help us generate new clients?
- What will your presentation materials look like?
- Why should we switch from our current TPA partnership?
- How much work will be involved if we switch to Randall & Hurley's TPA services?
- What about fees? How will we be paid?
- Aren't we competitors? How can we work together?
What exactly is your role as a TPA? How will Randall & Hurley assist my clients?
We value your role as a financial professional as essential and integral to the successful operation of any retirement plan. In addition to the great services you already provide, Randall & Hurley allows you to offer your retirement plan clients unprecedented plan expertise, cutting edge technology and unparalleled customer service. Randall & Hurley specializes in plan design and documentation, recordkeeping, compliance testing, signature-ready government forms, like Form 5500, and experienced plan consulting. Our participant website is fully customizable, and we are able to include your logo, links and any other text you desire. We work with all plan designs, including defined benefit, cash balance, deferred compensation and even the new DB(k) plans, and we are able to work with any investment platform. Please review our Services section for more information.
Do my clients need a separate TPA? Won't that be confusing?
Retirement plan administration isn't as simple as it used to be. There are more plan types now than ever before, with the invention of ideas like safe harbor, Roth and the new DB(k) plan. And with all these new features, plan regulations continue to increase in length and complexity, and it has become more and more important for plan administration specialists to properly analyze, administer and consult with plan sponsors.
Fortunately, you can strategically align your business with Randall & Hurley, creating a partnership that benefits your clients and minimizes your costs. Proper plan administration includes recordkeeping, compliance testing, reporting, government forms submission and maintenance of participant-related services such as enrollment, loans and distributions. All of these tasks can become cumbersome and expensive, leaving you little time and resources to focus on your core business strategies. When you allow Randall & Hurley to provide these functions for your clients’ retirement plans, your clients receive exceptional financial services and superior plan administration services…giving you the competitive edge.
How will Randall & Hurley help us generate new clients?
At Randall & Hurley, we know first impressions count. That’s why we have employees dedicated to assisting financial service professionals with RFPs and other marketing efforts. We will provide you with consulting, materials and support, at your discretion. We also provide marketing professionals to accompany you during presentations and meetings with prospective clients. We even offer a free customized plan analysis for any employer, analyzing the plan’s strengths and weaknesses, as well as its ability to effectively meet the needs and goals of the employer. Our first-rate customer service extends to all of our business partners and all aspects of retirement administration. We want you to experience the Randall & Hurley difference.
What will your presentation materials look like?
At Randall & Hurley, we firmly believe that each client is unique. Our presentation materials are always customized to reinforce this belief. We do have professional, modern templates we use for prospective client meetings and communication, but we are also able to adapt these materials to suit your needs or fit your company’s image.
Why should we switch from our current TPA partnership?
Competition is healthy… for the economy and for your clients. We monitor our own competition to be sure that the level and breadth of service we provide meets our high standards of quality and expertise. We encourage you to carefully review and compare our services and fees. You may find that some of your clients’ needs would be better met by switching to Randall & Hurley.
How much work will be involved if we switch to Randall & Hurley's TPA services?
Making a plan transition involves work, no doubt. However, Randall & Hurley will put together a transition team to ensure that the process is simple and timely. Each step in the transition process, from participant notices to application preparation, is delineated and assigned to an appropriate party. This conversion timeline provides helps ensure that every step is completed on time. We typically are involved in data collection, balance reconciliation, participant notices, and other important conversion steps. Of course, all decisions related to the financial aspects of the plan’s operations will be delegated to you, as the plan’s financial professional.
We firmly believe in our level and breadth of services and typically do not charge for plan transitions. We are confident that once you have experienced the Randall & Hurley difference, you won’t want to leave.
What about fees? How will we be paid?
Randall & Hurley uses a flat-fee schedule based on plan features. Our fees are not related to investment returns or asset size. Technology and specialized employees have allowed us to streamline our business practices and still provide high quality service, keeping our fees consistent year after year.
All management advisory fees will continue to be paid to you through your related Registered Investment Advisor.
Aren't we competitors? How can we work together?
Randall & Hurley is firmly committed to remaining independent of products or other services that may provide a conflict of interest for our clients, including investments, insurance and internal audits. Instead, we specialize in third-party administration and plan consulting. When you align your business with Randall & Hurley, you create a competitive partnership that benefits your clients and minimizes your costs. We work together to give our clients the highest quality service in the industry.
FREE PLAN ANALYSIS
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Local: 1-509-838-5500
Toll-free: 1-888-682-4406
Email: info@randall-hurley.com