Three components of the advisor-wholesaler dynamic are crucial to get right: products, support services, and relationships.

Great DC wholesalers are usually by nature of the job good at relationships. But advisors bear some responsibility as well. These three quotations offer food for thought:

“Start with the end in mind: Know exactly what you're looking for in a wholesaler, including the characteristics or capabilities they must have to most effectively assist you.” __ Ellen Uzelac

“What is the unique value that your wholesaler brings to your practice? Are you leveraging that ability to your firm's greatest benefit?” __ Robert Shore

At watering holes in the jungle, other animals stay close to giraffes because they have the best view and are easily spooked. The wholesalers are advisers' giraffes. Look for patterns of good wholesalers exiting a provider and where they land, as they will sense danger before advisers can. __ Fred Barstein

And who doesn't like giraffes? Seriously, though, when you find wholesalers you can work with, who get you and your challenges, it's worth it.

The National Association of Plan Advisors knows this. It annually produces its list of top 10 DC wholesalers.

It's not a simple list to create. According to NAPA, the top 10 “were drawn from the list of top 100 DC wholesalers, based on votes cast by several thousand advisors from a list of more than 500 wholesalers nominated by NAPA firm partner recordkeepers and Defined Contribution Investment Only providers.”

Wholesalers who work directly in the field with plan advisors are eligible for nomination, while internal relationship managers are not eligible.

NAPA members and other advisors vote via an online tool, and only votes from advisors submitted from a corporate/business email account are tallied. Finally, vote tallies are reviewed by the NAPA top wholesalers blue ribbon committee, which selects the top wholesalers.

Voters are asked which factors matter to them when deciding who's the best. These traits might include the following:

knowledge of the industry
competitive insights
ability to provide useful information about their products
ability to provide networking opportunities
the depth of their ERISA/regulatory expertise
whether they provide business development insights
whether they act as a sounding board or an extension of the practice; whether they provide thought leadership and access to tools
whether they offer plan guidance or ideas
or some other element that makes them stand out

Voters are also asked about pet peeves connected to wholesaler support, or outstanding stories connected with support, as well as any other information they may think is important to the selection process.

The top 10 are christened “wingmen.” And like any man or woman worth their salt in the financial industry, ”if they are doing their job, they have the advisor's back in terms of information, tools, and support,” says Nevin Adams, chief content officer at the American Retirement Association, and editor in chief of NAPA-Net, the publication that sponsors the award. They represent the top 7 percent of the industry.

To see the top 10 and top 100, visit NAPA's site. Here are the top 5 of NAPA's top DC recordkeeper wholesalers and DC-DCIO wholesalers:

#5.

DC Recordkeeper Wholesaler: Scott Ward Provider: John Hancock RPS
DC DCIO Wholesaler: Keith Neal Provider: MFS Investment Management

#4.

DC Recordkeeper Wholesaler: Bob Sternfeld Provider: John Hancock RPS
DC DCIO Wholesaler: John Kutz Provider: Legg Mason

#3.

DC Recordkeeper Wholesaler: Bradford Boney Provider: John Hancock RPS
DC DCIO Wholesaler: Ryan Fay Provider: John Hancock Inv.

#2.

DC Recordkeeper Wholesaler: Dennis Beaudet Provider: John Hancock RPS
DC DCIO Wholesaler: Todd Matlack Provider: Invesco

#1.

DC Recordkeeper Wholesaler: Michael Moschetta Provider: CUNA Mutual Retirement Solutions
DC DCIO Wholesaler: Chris Bilello Provider: Amundi Pioneer

Instant Insights /

Retirement advisors' top 5 DC wholesalers: NAPA

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