PLANADVISER - September/October 2021 - 18
managing relationships / cover story
of
W
ith American businesses slowly
moving back to normal-and
new plan services and useful
technologies emerging regularly-it may
be prudent to help your clients revisit the
recordkeeper marketplace.
" It's a good best practice to take a plan
How advisers
can use RFIs
out to bid every three to five years, " says
Kristen Deevy, managing director of
retirement plans at Pensionmark Financial
Group in Denver. " It's worth going
through the process of doing an RFI
[request for information] because, even
though the sponsor could be happy as a
clam with its current provider, other providers may offer
services that the plan sponsor is unaware of. Plan fiduciaries
need to make sure they document that they're looking
at fees and services in the marketplace, " she adds.
An RFI is far from just a static list of topics, because new
issues have likely cropped up since a sponsor last shopped
for a recordkeeper. Here are five such issues to consider:
1) Cybersecurity specifics. Deevy says Pensionmark
asks recordkeepers to provide an overview of their proactive
cybersecurity measures and to supply details as to, for
to ensure they
match clients
with the best
providers
example: their cybersecurity risk-assessment
process, steps they take to do data
encryption, and processes they have for
ongoing training and monitoring of staff
who have access to participant data. " Many
recordkeepers now have white papers or
documents on what they're doing, " she says.
In an RFI, Morgan Stanley now asks
recordkeepers whether they have a cybersecurity
policy statement, says Julie Braun,
financial adviser and corporate retirement
director at The Dubie Group at Morgan
Stanley, in Colchester, Vermont. " We've
already seen sponsors do investment policy
statements [IPSs] and education policy statements, " she says.
" Now, we're going down the road of asking recordkeepers for
a cybersecurity policy statement. " She says the policy should
offer details such as how the recordkeeper authenticates
the identity of a participant trying to access a participant
account, which of its employees get access to participants'
account data, and what security procedures it has to protect
data transfers between itself and payroll providers.
It also helps to ask recordkeepers whether they have had
an outside audit of their cybersecurity processes, says Nicole
the
18 | planadviser.com September-October 2021 Art by Vikki Zhang
http://www.planadviser.com
PLANADVISER - September/October 2021
Table of Contents for the Digital Edition of PLANADVISER - September/October 2021
Masterminds of the Plan
"PLANADVISER’s 2021 Top 100 Retirement Plan Advisers"
How to Optimize Connections
Defining Roles
Building Strategic Partnerships
Different Strokes
Cybersecurity Considerations
Provider Recommendations
PLANADVISER - September/October 2021 - Cover1
PLANADVISER - September/October 2021 - Cover2
PLANADVISER - September/October 2021 - 1
PLANADVISER - September/October 2021 - 2
PLANADVISER - September/October 2021 - 3
PLANADVISER - September/October 2021 - 4
PLANADVISER - September/October 2021 - 5
PLANADVISER - September/October 2021 - 6
PLANADVISER - September/October 2021 - 7
PLANADVISER - September/October 2021 - 8
PLANADVISER - September/October 2021 - 9
PLANADVISER - September/October 2021 - 10
PLANADVISER - September/October 2021 - 11
PLANADVISER - September/October 2021 - 12
PLANADVISER - September/October 2021 - 13
PLANADVISER - September/October 2021 - 14
PLANADVISER - September/October 2021 - 15
PLANADVISER - September/October 2021 - 16
PLANADVISER - September/October 2021 - 17
PLANADVISER - September/October 2021 - Masterminds of the Plan
PLANADVISER - September/October 2021 - 19
PLANADVISER - September/October 2021 - 20
PLANADVISER - September/October 2021 - 21
PLANADVISER - September/October 2021 - "PLANADVISER’s 2021 Top 100 Retirement Plan Advisers"
PLANADVISER - September/October 2021 - 23
PLANADVISER - September/October 2021 - 24
PLANADVISER - September/October 2021 - 25
PLANADVISER - September/October 2021 - 26
PLANADVISER - September/October 2021 - 27
PLANADVISER - September/October 2021 - How to Optimize Connections
PLANADVISER - September/October 2021 - 29
PLANADVISER - September/October 2021 - 30
PLANADVISER - September/October 2021 - 31
PLANADVISER - September/October 2021 - Defining Roles
PLANADVISER - September/October 2021 - 33
PLANADVISER - September/October 2021 - Building Strategic Partnerships
PLANADVISER - September/October 2021 - 35
PLANADVISER - September/October 2021 - Different Strokes
PLANADVISER - September/October 2021 - 37
PLANADVISER - September/October 2021 - Cybersecurity Considerations
PLANADVISER - September/October 2021 - Provider Recommendations
PLANADVISER - September/October 2021 - 40
PLANADVISER - September/October 2021 - Cover3
PLANADVISER - September/October 2021 - Cover4
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