The key is the administrator. This might be Vanguard or Fidelity or it could be a much smaller company, probably local. Some companies have experienced peopl

The key is the administrator. This might be Vanguard or Fidelity or it could be a much smaller company, probably local. Some companies have experienced people looking at many companies and picking one based on the lowest costs and wide selections. Other companies might pick Joe Blow Company because the salespeople are attractive and the lunches and dinners are expensive. Vanguard might have salespeople if you're big enough but most companies aren't. Locally, there was a company that got its hands on a lot of union pension money. They took the trustees on safaris in Africa, etc. https://www.wweek.com/portland/article-23437-sept-21-2000-the-feds-shut-down-jeff-graysons-capital-consultants.html https://www.wweek.com/portland/article-23437-sept-21-2000-th... In a lot of cases, the people making the recommendations aren't evil but just overwhelmed by the personalized attention that a high-cost alternative can give them.