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I am ‘bidding’ for a 401(k) plan and their current provider is TRowe Price. Any one have experience with TRowe?
I have experience selling 401(k) plans, but I haven't come across TRowe Price before. Chances are; however, they're going to come under whatever you bid.
So, if you can't beat them on price, beat them on service. For example, TRowe will probably give each employee a brochure on asset allocation, retirement investing, etc. and leave it up to the employee to do their own investing. How much more valuable would it be to the employer to have an investment professional conduct seminars on retirement investing for their employees or sit down one-to-one with each employee to map out their investment strategy?
If you're relatively inexperienced selling 401(k)s, check out the "Prospecting, Marketing" Forum titled "Best way to sell 401k plans to companies". If you're experienced, push personal, customized service vs. a brochure and/or a toll free number. Just my opinion.