PLANSPONSOR Magazine publishes a much anticipated industry survey each year listing the top retirement plan recordkeepers in a number of different categories. This year, Northwest Plan Services (parent company to CDM Retirement Consultants) was honored to be named the fastest growing national recordkeeper in terms of assets under administration (AUM) with an increase of 59.6% from our 2015 numbers.
Our national ranking in terms of simple AUM puts us at #30, well above many of our better known competitors including The Standard, CUNA, Securian, Mutual of America and others.
We’re growing for a number of reasons:
We take care of our clients. We treat each plan as if it’s our own. It is much easier to grow the business with very high retention rates. In 2016 our retention rate was 96.3%!
Strong referral network. Quality organizations, be they industry leading custodians, CPAs, ERISA attorneys, advisor practices or clients are drawn towards the kind of services we offer. We don’t sell direct (never a competitor to our advisor partners), so referrals and word of mouth recommendations are how we grow. If you do good work, people will notice and recommend you.
Industry trends. These include the trends towards fee transparency, investment objectivity, fee for service pricing, and the growing bias for low costs funds vs. high cost investments. In short, our business model is in vogue, and it is our belief that with the new fiduciary rules in place, there is no turning back. The benefit to our clients: the right solutions, stability and staying power.
Great team. Except for the industry trends, all of these growth drivers are the result of our people. NWPS and CDM’s consultants are committed to doing the right thing for our clients. We are committed to long-term, client-centric relationships and we are rewarded with high retention and referrals. It all flows from the team.
On behalf of everyone at NWPS and CDM Retirement Consultants, we thank you for making us number one!