They are not willing to pay revenue share fees to the broker dealers therefore, you really do not have carte blanche when calling on advisors. It is like cold calling advisors and most of them have been burned by the 401(k) product and the service model in the past making a stressful job more stressful.
The internal desk management is old fashion and inexperienced at selling the product. The external wholesalers are made up of a bunch of former Paychex wholesalers. Some of them have top-tier experience. Most of the externals have been with the company less than2 years, most have been hired this year. This team has turned over numerous times in the last 4 years, no continuity what-so-ever.
There is no relationship management nor key account team for 401(k). The biggest selling agreements they have signed in the last few years are Primerica, Farmers Insurance and Allstate. These advisors do not know how to sell plans so as a wholesaler you are mandated to do everything for these advisors. Management promises the world and expects the wholesalers to deliver. Not a place to make money as an external or internal wholesaler. They really have no respect for the internals and this is an experienced team. Hardly any room for growth the jobs go to outsiders and people who are willing to yes management to death.
