Convincing companies to become sponsors of new 401(k) plans can be an extremely difficult task. That is a concept that Persumma Financial of Newton, Mass., part of the MassMutual Financial Group, should understand well.

Early this year, Persumma introduced a first of its kind online 401(k) plan that uses a flat-rate monthly fee schedule rather than the traditional asset-based fee structure. The service has attracted considerable attention but has had only moderate success in attracting new clients, according to Spencer Williams, CEO of Persumma.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.