Welcome to 401(k)ompass, a series of 2-minute videos to help you manage your 401(k) more effectively by addressing current issues and challenges.

Your 401(k) plan should be a benefit, not a burden. But if your recordkeeper isn’t pulling its weight, it can start to feel like one more thing on your plate.

In this episode, Vice President and Senior Relationship Manager Derek Burrow walks through three signs it might be time to look around.

Watch the 2-minute video to see what they are.

Wondering whether a switch is worth the effort? That’s exactly the kind of question we help plan sponsors think through. Let’s talk: 866-608-8650 or visit www.advokateadvisors.com.

Video Transcript

Hi, I’m Derek, and today I’m going to talk about three telltale signs it’s time to switch your 401(k) recordkeeper.

First is poor service. If your recordkeeper is slow to respond, confusing to work with, or leaves your HR team drowning in admin, it may be time to change your 401(k) recordkeeper. Your team and your employees deserve better.

Second is high fees and transparency. If you’re not sure what you’re paying for, or your fees seem too high, it may be eating into your employees’ retirement savings. A modern recordkeeper will provide fair and transparent pricing.

And third, outdated technology. If the platform looks like it’s from the early 2000s, it’s probably time for an upgrade. Today’s recordkeepers provide intuitive dashboards, mobile access, and intuitive analytics for your admin and employees.

Your 401(k) plan should be a benefit, not a burden. If any of these sound familiar, it might be time for a change. Give us a call; we’d love to help.