More advisors are working with third-party administrators on retirement plans for small- to mid-sized businesses, according to data from Hartford Financial in Simsbury, Conn.

The insurance and investment firm has always primarily sold retirement plans to smaller businesses through financial advisors, who would then manage the implementation and admin themselves. In fact, 10 years ago, none of the advisors running a Hartford plan for a small-business client used a TPA, which were more common at the larger firms.

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