Provider Search / Fee Benchmarking

Benchmarking plan provider services, investment opportunities and total plan fees can overwhelm even the most diligent plan sponsor. At Anthem Financial Services, we shoulder the responsibility of a thorough market analysis, offering guidance and support throughout the process.

Plan fiduciary responsibility goes well beyond the selection of the most appropriate provider partner. The fiduciary “duty to know” and ERISA both place a burden on plan fiduciaries to formally assess plan providers periodically in order to ensure that services and fees are appropriate both relative to your specific plan as well as the retirement marketplace in general.

Anthem Financial Services is the Plan Sponsor's outsource partner and advocate in the plan provider review process.  We empower Plan Sponsors eliminating the confusion and frustration of selecting and monitoring a provider, and dramatically reduce the amount of time plan sponsors must allocate to the evaluation of new plan providers.

Factors such as service expectations, retirement plan objectives and the demographics of the employees are examined in detail. We typically provide a review of the current plan provider’s services and fees and a detailed analysis of the plan’s investment portfolio, identifying opportunities for improvement. We are then able to negotiate with the provider on our client’s behalf, not only for more competitive fees but, for improvements in plan service, technology, reporting, and fiduciary compliance.

Plan fiduciaries have the duty to know what they are paying for their plan and whether the fees are appropriate and reasonable. Plan fees are being scrutinized now more than ever. It is critical that plan sponsors understand, evaluate, and compare all fees related to the plan.  It is also important that participants are made aware of the fees that are deducted from plan assets.