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The Defined Contribution Handbook: An Inside Guide to Service Providers & Advisors
By: Clark, Keith

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Item #: 1691795
Pages: 224
Publisher: Marketplace Books
ISBN: 1592800629
Type: Book - Soft Cover
Publish Date : 7/30/2003

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Synopsis:
The first book of its kind to explain the Defined Contribution from every angle, and a must-read for every clearing firm, broker-dealer, CPA, mutual fund manager - any advisor involved in the retirement benefit industry. Provides an insightful, inside look at the investment component of the retirement industry, day-to-day processes and how technology has changed the business. See why companies like 401k, ASP, and others are making it required reading for all new hires.

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Jacket Description:
Experts are praising . . .
The Defined Contribution Handbook
An Inside Guide to Service Providers and Advisors

“It's about time someone articulated the inner workings of how mutual funds and investments are really traded. Every bank, clearing firm, and broker-dealer should read this book if they want to understand the detailed nature of this business.”
- Bert M. Deardorff, First Trust Corp

“Everyone in the investment industry should read this book, from mutual fund managers to investment advisors. This book provides an insightful inside look at the investment component of the retirement industry.”
- Karl Tourville, Managing Partner,
Galliard Capital Management

“Keith has a 360 degree view of the industry, which makes his work as a strategy consultant extremely valuable. He's been an early advocate of Business Process Outsourcing for defined contribution, and this book will help TPA's understand the importance of adapting their strategies to this new business model.”
-Jeffrey Miller, CEO, GoldK

“This is the first book that tells the history of our business including the day-to-day process and how technology has changed our business. It is a must read for all service providers and plan sponsors.”
-John Moody, President,
Matrix Settlement & Clearance Services, LLC

“Every CPA that is involved with Employee Benefit audits or servicing retirement plans should read this book.”
-Tony Batman, Founder/CEO, 1st Global, Inc.

“We have found this to be one of the most insightful books with regard to the sale and operation of 401(k) plans. In fact, we are requiring all of our new employees to read this book as part of our training curriculum.”
-Peter W. Kirtland, 401k ASP, Inc.

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Table of Contents:
Table of Contents
Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
CHAPTER I
A Layman's View of Industry Terminology and History . . . . . . . . . . . . . 21
Basic Plan-Sponsor Terminology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Record-Keeping Service Provider History and Terminology. . . . . . . . . 26
A History of the Trustees of Defined-Contribution Assets . . . . . . . . . . 38
CHAPTER II
Are Service Providers Benefiting More Than Plan Participants?. . . . . . . 43
Hidden Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Fee Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
CHAPTER III
The Value of a Trusted Consultant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59
Search Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Investment Advisors/Brokers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62
CHAPTER IV
The Process of Selecting a Record-Keeping Service Provider . . . . . . . . . 65
The Selection Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
The RFP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66
Referrals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
A Final Word . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69
CHAPTER V
How Does Your Plan Rate? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
CHAPTER VI
Effective Plan Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
The Boring Compliance Stuff . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Plan Sponsor Expectations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Plan-Design Considerations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76
Step-by-Step Plan Development. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
CHAPTER VII
The Investment Menu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Investment Management-Don't Take It Lightly . . . . . . . . . . . . . . . . 91
Six Types of Investment Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Fiduciary Responsibility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Six Easy Steps for Successful Investment Management . . . . . . . . . . . . 97
Why Exclude a Fund? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97
What Is the Right Number of Funds? . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Money Market or Stable-Value Fund?. . . . . . . . . . . . . . . . . . . . . . . . . . 98
Why Not Have Brokerage Accounts? . . . . . . . . . . . . . . . . . . . . . . . . . 101
Should Bad Funds Be Replaced? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
What Are the Asset Classes? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102
Why Early Planning for Distributions and Retirement Is Important. . 104
CHAPTER VIII
Successful Conversion Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
First Impressions Do Count. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Mistakes to Avoid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111
Managing the Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112
In Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115
CHAPTER IX
Participant Communications Planning. . . . . . . . . . . . . . . . . . . . . . . . . . . 117
Communication Material Selection . . . . . . . . . . . . . . . . . . . . . . . . . . 118
Communication Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
Communication Process Review. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118
Company Culture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119
On-Site Presentations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
Foreign Languages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120
CHAPTER X
Building a Successful Record-Keeping Business . . . . . . . . . . . . . . . . . . . 123
The Daily Grind . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123
The Building Blocks: Marketing and Service Strategy . . . . . . . . . . . . 126
The Business Plan/Business Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . 130
The Expense Side: People and Process . . . . . . . . . . . . . . . . . . . . . . . . 148
Manage to Your Goals. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160
You Have Read This Chapter and Determined
You Need to Change . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
In Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
CHAPTER XI
The Value of a Record-Keeping Practice. . . . . . . . . . . . . . . . . . . . . . . . . 165
Partnerships, Acquisitions and Mergers . . . . . . . . . . . . . . . . . . . . . . . 166
Customer Satisfaction Surveys-Know Your Value . . . . . . . . . . . . . . 169
CHAPTER XII
How to be Successful in the Retirement Industry . . . . . . . . . . . . . . . . . 171
Finding the Right Job . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171
Getting Ahead in This Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173
Closing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175
Glossary of Terms. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177
APPENDICES
Appendix 1: Sample RFP Start-Up Kit: Standard
Defined-Contribution Plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 195
Appendix 2: Sample RFP Kit for Directed Trustees . . . . . . . . . . . . . . 213
Appendix 3: Individual Directed Accounts Guidelines . . . . . . . . . . . 217
Appendix 4: DWC Consultants Business Creed . . . . . . . . . . . . . . . . 219

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Review:
Most investors - and even most financial professionals – would be shocked to discover the inner workings of the retirement benefits industry and the retirement products available to the public. From the hidden costs buried in the fees, to the impact changes in technology make – there is much behind-the-scenes maneuvering that goes into the sale and operation of 401(k) plans.
This refreshing new book from industry expert Keith Clark sheds light on the entire process and provides logical clear-cut and logical alternatives. Financial professionals will benefit from this insider’s perspective into the day-to-day processes, the changes that the industry has undergone in recent years and the affect they’ve had on everyone from the banks, clearing firms, and broker-dealers to the CPA, advisors and mutual fund managers. A strategy consultant, Keith Clark has been an early advocate of Business Process Outsourcing for defined contribution, and this book will also help TPA's understand the importance of adapting their strategies to this new business model.
Clark also provides a candid and insightful look into:
- Record-keeping service providers – history and the selection process
- Plan-sponsor expectations
- Plan-design considerations
- Critical compliance issues – and everything in-between
A unique, one-of-a kind book, it’s easy to understand why companies like 401k, ASP, and others are making it required reading for all new hires.


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