I know quite a few advisors that get upset when a plan provider is inching toward being a full competitor. It could be the third-party administrator getting into the RIA business or vice versa.
When you’re a bigger plan provider and you might be publicly traded, additional revenue streams are necessary. That’s why there is still opportunity for plan providers out there, that are smaller but will stick to what they know. As someone who worked for a producing TPA, there will always be wariness of an advisor bringing business to a potential competitor.