OpenArc, the independent RIA that made history last year as the largest wirehouse team to break away, is broadening its institutional consulting practice. The firm announced Tuesday that it will now offer independent provider search services for retirement plans, equity compensation, deferred compensation, and health savings accounts. This move extends its existing fiduciary advisory work for corporate plan sponsors, which previously focused on investment oversight.
With the addition, OpenArc aims to serve as a single independent partner for employers evaluating and selecting benefits providers. The firm will conduct independent requests for information (RFIs) and requests for proposals (RFPs) for both integrated benefits packages and standalone plan searches. As a registered investment advisor acting in either a 3(38) or 3(21) fiduciary capacity, OpenArc says its experience in ongoing governance support positions it to stay involved across the entire lifecycle of a benefits program—from initial evaluation through provider selection and continued monitoring.
Chad Pigg Fife, principal partner for institutional consulting and corporate business development at OpenArc, noted that plan sponsors face growing pressure to assess providers across a range of benefits, including 401(k) plans, nonqualified deferred compensation, equity compensation, and health savings accounts. “OpenArc helps organizations navigate provider complexity, make informed decisions, and fulfill their fiduciary responsibilities,” Fife said, emphasizing the firm’s role as the “independent fiduciary partner in the room.”
OpenArc is leveraging its independence as a key differentiator in a market it says is consolidating around a few large, integrated recordkeepers and administrators. The firm does not manage investment products, administer plans, or accept revenue-sharing payments from providers. That structure, it argues, keeps its recommendations aligned with the interests of plan sponsors and participants rather than provider economics.
The firm’s client base spans mid-market, large-market, and mega-market organizations. Its institutional team includes Certified Equity Professionals with backgrounds in designing and governing equity compensation plans. In June, OpenArc added Kevin Crain, former head of retirement research at Bank of America Merrill Lynch, as a strategic consultant. Crain, who also serves as executive director of the Institutional Retirement Income Council, will focus on research exploring the intersection of corporate benefits, personal wealth, and family financial well-being.
Jeff Crowell, OpenArc’s managing partner of corporate strategy, said the firm’s thesis is that benefits and wealth intersect in employees’ financial lives, even though corporate systems often treat them separately. This expansion reflects that view, as OpenArc seeks to provide a more holistic approach to benefits consulting.
The move comes as institutional plans posted their best quarter in years, driven by a broad equity rally, which may increase demand for fiduciary oversight and provider evaluations. OpenArc’s expansion also aligns with broader industry trends, such as firms adding senior talent for M&A and operations, as RIAs seek to diversify revenue streams.
OpenArc’s move into provider search consulting is part of a broader push to build out its post-Merrill fiduciary practice. The firm, backed by Dynasty Financial Partners, has been steadily expanding its capabilities since its record-breaking transition. By adding RFP-driven evaluations, OpenArc aims to capture a larger share of the corporate benefits consulting market, which is increasingly focused on fiduciary responsibility and transparency.
