Ascensus just announced a merger with ExpertPlan. I remember when Ascensus was Bisys and when they bought the book of business from the third party administration (TPA) firm I was affiliated with at the time, CBIZ Retirement Services Inc. in Syosset, New York. I have to say that in the past 10 years, Ascensus has come along way in improving its service, so not only did leave the Bisys name, they left the poor administration that came with it.
This isn’t about Ascensus or ExpertPlan’s reputation in the business, it’s just proof positive that there will be further consolidation in the retirement plan business and I think fee disclosure is a big part of that reason. Fee disclosure regulation will as a whole, put pressure on plan fees, it’s still why I believe that Hartford sold its retirement plan business to MassMutual. The Day of Wine and Roses in the retirement plan business is long gone, but it doesn’t mean the end. Like I have always said, the retirement plan professional who were at the forefront of fee disclosure before it became popular will still thrive in this business while those who weren’t, will exit stage left.