-CSMs are grossly overworked.
-Compensation is dismal compared to industry standard.
-Leaders are inexperienced and unknowledgeable with retirement plans.
-Salesmen are unknowledgeable about retirement plans to the point that it is unethical for them to sell them to clients.
-Mistakes by processing teams that affect clients and their employees are accepted as normal—even when these mistakes have negative financial consequences.
-Sentry does not grow and improve.
-Awful reporting.
Sentry's CSMs have 150-200 plans. While the company tells itself that it gives "the white glove service," CSMs are saddled with too many plans to give clients meaningful time and attention. You hear the mantra repeated, "Yeah, we are working on getting plan counts down." But if you ask what is being done to this effect, you receive a rambling answer that ends with a change in subject.
Sentry's CSMs are treated as a catch-all for operational tasks that should actually go to operational teams. Countless busy tasks fall into the CSM lap keeping them going in a thousand different directions at all times.
The sales people tasked with selling the 401k plans and meeting with clients on-site largely have barely the lowest level of understanding of the operation of a 401k plan. Sentry tasks its insurance sales people with selling 401k plans as though there were nothing complicated about a plan to understand. They are not fit to sell 401k plans. I could not believe the amount of re-education that needs to take place with clients to undo the fantasy told by sales.
Sentry does not take a proactive approach to plan design. No meaningful conversation with new clients asking, "What are your goals for the plan? How can we set up your plan to a) meet your goals and b) give you flexibility in plan design?"
Rather than properly staff the 401k business, the decision was made to pull lower paid insurance employees to perform 401k administration duties that actually require technical knowledge and expertise. This has led to mistakes that have potential to cost clients or Sentry many thousands of dollars-including attachments on public government filings that include sensitive information.
Sentry's culture is one of status quo. Sentry desperately needs outside direction if their 401k business is ever to develop into an actual functioning business. When a conversation veers toward the many flaws of Sentry's 401k operation, it is shrugged off with a, "Haha! Well, this is the Sentry way." They do not take the business seriously.
When a new process is rolled out, it is done so without appropriate testing. A processes was pushed that was intended to automate some tasks for clients. It was so fraught with errors, that it created hours and hours of manual work for back-office employees to review and fix what was supposed to be automatic.
Everything to do with a 401k plan is driven by data. Sentry's reporting is sparse and grossly unclear. God help you when a plan is being audited and a CPA is asking to see some of Sentry's reporting. At any reasonable company a standard audit package is prepared with all the typical reports and information that *OF COURSE* an auditor wants to see. Sentry is not so forward thinking.
