Three Phases of a Recordkeeping Vendor Search: Phase 3

So far in this blog series we have covered the first two phases of a recordkeeping vendor search. Phase 1 (Steps 1 and 2) covered the preparation portion of conducting a full search and Phase 2 (Steps 3, 4 & 5) focused on the analysis portion of a search. The last phase of the process is the conversion of a new vendor. 

STEP 6 - Finalize new vendor contract and manage conversion process

  • If a new vendor is selected, or new services are established with an incumbent, establish and manage a conversion timeline
  • Negotiate contract and request a best and final fee quote
  • Select the plan’s investment options lineup
  • Develop participant communication strategy for the transition
  • Oversee the transfer of plan assets and data to the new vendor

Steps 1- 6 of this process provide the underlying structure of a successful vendor search, but each project will be unique. Plan sponsors should keep in mind their workforce, purchasing requirements, and plan needs while drafting the timeline and add steps as needed.

To read our full guide on How to Create a Vendor Search Timeline, click here.


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