Hollis Lamon explains to PLANADVISER that open architecture and investment flexibility are important in their choice of provider. One of the things that he really likes about the Nationwide platform is the fact that, for investors who may be a little outside the box, Nationwide offers a fund window that they can go through without affecting the core group of funds. The fund window enables a participant to choose from any of the investment options, without the expense of a self-directed brokerage feature.
"We also want a partner who can support us. Creating a healthy plan takes more than just plan features, so we want a partner who can help us provide educational programs and support us on the ground," says Lamon. He wants a plan provider who has that capability, particularly because his firm works in all markets: large plans, mid-sized plans and small plans.
"We also look for transparency," states Hollis:
The Flexible Advantage program has ClearCredit, a feature Nationwide has offered since 2008, where everybody knows and understands their fees. It precisely returns revenue sharing on a participant level, meaning no one participant is subsidizing another participant based on his or her investment selections.
Lamon adds that in addition to the retirement program features, he really likes that Nationwide brings a strong brand name associated with financial stability, and by pairing that with his services, it creates a great combination that works with clients in any size plan, from the sale and installation through the long-term service and retention.
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