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Friday, October 18, 2019

Case Study: Searching By Service Providers

Targeting a plan’s record keeper or current advisor is one of the most commonly asked about features for our Larkspur Executive. Do we know who their current advisor is? Their plan administrator? The answer to these questions is: yes, we do know for many plans (specifically those that file a full 5500 filing with their Schedule C included). Locating plans with specific service providers like this has become easier than ever in Larkspur Executive.

You simply can go to the “Providers” section of our advanced search and then you will find a detailed area to narrow your search. From here, it’s as easy as simply entering in the name of your specific service provider, in my example Wells Fargo, and then we’ll pull up all the plans in your given area with Wells Fargo listed on the plan.

You can even additionally narrow your search to specific services that this party provides to the plan. In my example above I’ve checked the service code for “Recordkeeping and information management” which will indicate that this provider acts as a recordkeeper to the plan.

After creating a list of plans that have this service provider, we also provide plenty of information on the current service provider including their compensation from the plan.

In this example, we can see exact amounts that Wells Fargo is being compensated by the plan, as well as whether this is direct or indirect compensation. In this case Wells Fargo is being paid $72,736 in direct compensation which is 0.68% of the plan assets. Additionally, we can see all of the services that they are providing to this plan which includes recordkeeping, participant loan processing, acting as a trustee, and more.

Using this information in our Larkspur Executive makes it quick and easy to pull up information on a plan’s current service provider, whether they’re the recordkeeper, advisor, or something else. As an advisor looking for new business, it’s important to make sure that you have a full and complete understanding of the plan’s current providers so that you can offer a competitive package. Larkspur Executive makes sure that you have every piece of info available at your disposal for getting the edge on your competition .

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