Julie Graham and Kameron Jones - Recordkeeper Search Best Practice - Live Bids

Be More Than A Fiduciary

About Julie Graham: Julie Graham has been with NFP since 2001, leading the Provider Benchmarking and RFP department. With over 25 years of experience, she helps plan sponsors reduce costs, enhance services, and optimize investments for 401(k), 403(b), and other retirement plans. A graduate of Oklahoma State University with a BS in Business Administration, Julie also holds a Master’s in Organizational Leadership from Huntington University and is a registered investment advisor representative. She serves on NFP's Diversity & Inclusion Advisory Board and the boards of two non-profits. In her free time, Julie enjoys traveling Europe and hiking in Austin, TX.

About Kameron Jones: Kameron is the Senior Vice President and National Growth Leader for NFP’s Wealth and Retirement division, overseeing service innovation, client acquisition, and retention nationwide. With extensive ERISA, financial education, and employee benefits expertise, he helps clients protect fiduciaries, attract talent, and provide financial guidance to employees. Kameron has supported hundreds of mid- to large-market retirement and benefit plans, optimizing employers’ strategies. A multiple-time NAPA Top Advisor Under 40, he has taught at UCLA, USC, and UC Irvine as an adjunct lecturer. Kameron also serves on LIMRA’s Retirement Plan Advisory Board and holds a BA in philosophy, politics, and economics from the University of Pennsylvania, where he played football.

In this episode, Eric, Julie Graham, and Kameron Jones discuss:

• Setting clear expectations and following a prudent process
• How live bids differ from blind bids
• Plan pricing philosophy
• Factors to consider in structuring a fee

Key Takeaways:

• Engage all stakeholders early, setting clear expectations and timelines. Make decisions with employees' best interests in mind, follow a prudent process, document thoroughly, and avoid conflicts of interest.
• Conduct live bid RFPs every 3-5 years, sharing full plan details to maximize pricing leverage. Blind bids lack negotiation leverage, leading to less competitive pricing.
• Plan pricing should match the committee's fairness standards, considering plan size and demographics. Major record keepers sometimes offer blended fees based on account balances.
• Consider revenue sharing, flat fees, asset-based pricing, ERISA budgets, and DOL guidance for fair fee structures. Leverage economies of scale, negotiate competitive fees, and ensure investment quality through a thorough evaluation.

“I think the best practice is to do live bids because when you compare against averages, you don't really have negotiation leverage. When you get live bids, your goal within gathering those is to maximize your negotiation leverage so you can go back to your current provider if you're happy with the services, and negotiate lower fees or enhanced services.” - Kameron Jones

Connect with Julie Graham:

Email: [e-mail]

Connect with Kameron Jones:

Email: [e-mail]

Connect with Eric Dyson:

Website: https://90northllc.com/

Phone: [phone]

Email: [e-mail]

LinkedIn: https://www.linkedin.com/in/401kguy/

The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to change

It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.

The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.