Financial Advisors

I have a 401(k) plan that I am being requested pricing on for a local medical group. It's about $2M with 57 participants. What would you guys take as far as compensation goes for a plan of this size?

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Post-DOL you don’t have much choice. Most are around 25 bps.

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What are they paying? At 2mm, you can go higher than 25 bps. Get the account as there is a lot of opportunity with the docs.

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25-35 bps

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Any higher than 25 bps, and you’ll have a target on your back for the next advisor that comes sniffing around who says they’ll do it for 25 or less

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Way too many participants for that much money!

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If they’re paying much more..they’re getting ripped off IMHO

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What does the benchmark data that you pulled show for that plan size, and how do your services compare to the benchmarks to justify a higher or lower fee?

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