Having witnessed the evolution of RPAs since their inception in 1996, it is amazing how far they have come. From selecting and monitoring investments to acting as a co-fiduciary to help plan sponsors and their participants save money by conducting record-keeping RFPs and transitioning to passive investing, RPAs have had a dramatic impact .

This is the good news. The bad news is that the bar continues to rise, so contenders or those unwilling or unable to evolve will struggle—maybe not go out of business because they have strong relationships with many customers. They will struggle to keep up with the elite RPA that treats Triple Fs as table stakes focused on serving participants' financial needs and benefits in addition to retirement savings.

While the defined contribution industry should welcome wealth advisors because of the explosion of smaller plans, despite decades of efforts to keep them out, well-trained and experienced RPAs serving larger plans have critical advantages. Due to the significant compression of fees and the need to serve corporate and individual clients, as well as to exploit the convergence of wealth, retirement and workplace benefits, RPAs have been forced to become more managers good for business and people.

like UCLA professor Iris Firstenberg explains at length TRAU C(k)P sessionsmost things come in threes. So here are three triads that define a great RPA.

Triad no. 1: Industry/business expertise

1. Geeky knowledge – The best RPAs are not just knowledgeable; they are geeks who enjoy a thorough understanding of ERISA, constantly learning.
2. Good seller – Everything starts with sales, without which there is no business.
3. Business management – The best RPAs know how to run a business. The test: can they be gone for long periods of time and still have a thriving business?

Triad no. 2: Science and Technology

1. BeFi – Not just the knowledge of behavioral finance that created the vehicle plan, but the understanding of how to sell and execute it.
2. Technology – Beyond using technology to create efficiencies, RPAs must rely on AI to bring advice at scale to the masses, as well as augment hard-to-find and train staff.
3. The data – Getting data is hard, but it's just the beginning. Great RPAs will know how to manage and use it while keeping it secure.

Triad no. 3: Human elements

1. Compassion – Without empathy for clients, counselors will not be able to understand the issues that need to be resolved. Empathy involves the ability to put yourself in other people's shoes, which also makes for great communicators.
2. Selflessness – Beyond trust, counselors must be able to put others before their own interests. Simply put, doing good doing good. Seeing the universe as limitless (the more you give, the more you get) versus limited (if you win, I lose). You can still make money, just not by being exploited and not all the time.
3. VISION – Almost all of us want to know the truth, even if it means we could be wrong or have to start over. Most academics thank anyone who proves them wrong since their focus is on the truth, not on being right.

Along with these nine attributes, for RPAs to succeed in the future, they will need capital, which is why many are joining larger groups such as aggregators and strong partnerships with recordkeepers, TPAs money managers and technology firms. Finally, RPAs must understand and embrace marketing, thought leadership, and branding, which is counterintuitive to most salespeople.

As RPA RFPs begin to multiply, as they did for record holders decades ago, it will become clear to plan sponsors to see who is swimming naked, especially if the process is performed by an independent professional.

As the DC industry continues to evolve beyond Triple Fs and plan sponsors wake up what they should expect and demand from their advisersthe stakes will only rise. As providers' resources become scarce, they will shift support to those they think will win, not just survive. The bar will only rise, which is great because it will force RPAs to improve, which in turn will result in healthier results, just as it has for the past 30 years.

Fred Barstein is the founder and CEO of TRAU, TPSU and 401kTV.