According to a news release, the study also found that more than 33% of TPAs have books of business that exceed 500 plans. Further, more than 80% of TPAs have been in business for at least 20 years and 98% for at least a decade.
The announcement said study findings also indicated that:
•Clear segmentation guidelines for vendor and asset manager distribution strategies exist,
•The role of the TPA continues to evolve in retirement plan distribution, and
•Distribution within the TPA channel differs from traditional methods.
The news release said the study polled TPAs to get insight into key demographics, behaviors, new business strategies, product preferences, and business characteristics. The study also examined attitudes and perceptions toward product vendors, support, and systems as well as their degree of reliance on financial advisers, product vendors, wholesalers, and other professionals in new business acquisition.
More information is available by contacting Managing Director Ken Cochrane at 617-513-6715 or via e-mail at firstname.lastname@example.org.