Can you change your 401(k) advisor without changing providers?
You may be able to change your plan advisor while keeping your current recordkeeper. Start by checking your agreements, the platform’s requirements and what would change for your employees.
Changing advisors and changing recordkeepers are separate decisions
If your advisor is hard to reach or you are not getting useful answers, it is reasonable to ask what a change would involve. Replacing the advisor and moving the plan to a different recordkeeper are separate questions.
Some platforms have a process for appointing a new advisor. For example, J.P. Morgan Everyday 401(k) describes onboarding the replacement advisor, reviewing fees and completing the required paperwork. That is one platform’s process, not a promise that every plan can follow the same path.
Start with the provider-review guide →
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Check what can stay in place.
Make a short list of what you want to keep: your recordkeeper, third-party administrator (TPA), payroll connection and investment lineup. Ask the current providers and proposed advisor to confirm which parts can remain in place under the new arrangement.
We can work with many recordkeepers and TPAs. We have platforms we prefer, but we do not require you to switch providers. We'll confirm your current platform's advisor-change process first.
Keeping the recordkeeper does not mean nothing else changes. Agreements, fees, advisor access, employee notices or investments may still need attention. Confirm those details before promising employees that everything will stay the same.
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Know the terms before you sign.
Ask what the current agreement says about ending the relationship, including notice requirements and any charges. Confirm that the proposed advisor can work with the platform and ask who will handle the forms, access changes and communications.
Compare the new advisor’s work and fees with what you receive today. Look at the total cost of the arrangement, including services that might be billed separately. A lower headline price does not tell you whether the support meets your plan’s needs.
Main to Mill charges no onboarding fee. We will explain our ongoing advisory fees before you engage us. Check with your current advisor and other providers about any charges on their side.
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Be clear about who makes decisions.
The new agreement should make the advisor’s role clear. Will they recommend investments for you to approve, or take responsibility for investment decisions within an agreed scope? Who will handle plan administration and employee questions?
You still need to choose providers carefully and review their work. Keep a record of the services and costs you compared, why you made the choice and how you will check that the promised support is being delivered.
Fiduciary roles in plain English →
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You don't have to wait until January 1.
An advisor change can happen during the year; you don't need to wait for the plan year to end. We usually suggest avoiding a January 1 start. Recordkeepers are at their busiest then, transitions tend to take longer and much of the work lands over the holidays.
We will work with you and your providers to agree on a start date. The timing depends on the current agreement, the provider’s process and any required notices. Changing the advisor is separate from changing the plan’s rules or moving to a new recordkeeper.
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Agree on the handoff, then follow through.
Before setting a start date, ask each provider to confirm the steps they own. Put the end of the old arrangement, the start of the new one, fees, access and any employee communications on one shared checklist.
If you move to Main to Mill, you, as the plan sponsor, let the outgoing advisor know. We fill out the forms we're able to and help with employee communications when they're needed.
After the change, check that the new advisor has the agreed access, the fees match the agreement and employees know where to get help. Read the reports you receive and follow up on open questions. The appointment is the start of an ongoing relationship.
Bring the questions you want answered.
Tell us what is working, what is not and which parts of the plan you would like to keep. Current service agreements, fee disclosures and the investment lineup give the conversation a starting point.
Graham personally leads the plan review and ongoing advisory relationship. We can discuss your concerns and the support you are looking for, then clarify the scope and fees before an ongoing engagement.