What are the most common pitfalls that firms experience when undergoing an Assessment for the ASPPA Recordkeeper Certification program?
Based on the Assessments completed this far, the most likely practices that will produce NCRs (non-conformity reports) include the following: lack of evidence of business planning by a candidates’s senior management; insufficient or non-existent succession planning; and incomplete disclosure of fees charged to a recordkeeping firm’s “administered vehicle,” which includes retirement plans, public pensions, endowments and other charitable organizations.
