Fight over DC participants tests advisers’ partnerships with providers
Providers cannot hope to create a sales force that competes with the 25,000 RPA specialists and hundreds of thousands of RIAs that dabble. But once the plan is sold, who has the right and ability to monetize the participants?
The defined-contribution industry is complex because partners that aren't affiliated must come together for each plan to provide a seamless service. It’s simpler if the record keeper sells direct and provides all services and investments — but that arrangement has become rare indeed.
When the
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