NEPC’s Mike Contorno is quoted in this Pensions & Investments article exploring how record keepers are enhancing technology, service models, and personalization as sponsors ramp up reviews and RFPs. Read the full article on the Pensions & Investments website.
Record keepers are expanding their services to retain existing clients and attract new ones, responding to ongoing pressure from plan sponsors, many of which are conducting searches and reviews this year.
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DC consultant Michael Contorno said sponsors are focusing more on a “value for service lens — what services are they getting for what they’re paying” — than on new investments when issuing RFPs.
Their goal is: “Let’s pick a record keeper who is best for us, and the cost will work itself out,” said Contorno, principal and head of DC vendor management at NEPC.
Record keepers need improved technology to increase plan efficiency, reduce costs and provide better communication to participants. However, helping participants save more “is not solved only by technology,” Contorno said. “This is a people business. You need a strong service team.”
Click here to continue reading the full Pensions & Investments article.