BOSTON - Increasingly, competing in the retirement market requires plan providers to offer more than products, according to industry executives. Providers need to market a variety of services to plan sponsors and their participants and provide guidance and information on issues that may not relate directly to investment products, executives said.
Sponsors are demanding a wider variety of products and services from retirement product providers, according to Glenn A. Dial, vice president and national sales manager for Ceridian Corporation of Minneapolis, a benefits administrator and service provider. Besides offering 401(k), 403(b), 457 college savings plans and other financial products, plan providers need to fulfill a human resources role in providing plan benefits to the sponsors they serve, he said.