--- title: PlanFees | News description: Keep up on the latest news from PlanFees, a better way to benchmark retirement plan fees --- # News Select Category Fees Fee Benchmarking Benchmarking PlanFees ERISA Financial Professionals Insider Litigation Financial Wellness RFP Express Prospecting 401(k) Retirement Plan Advisor Fee Benchmarking Advisor Fee and Service Benchmarking News Market Volatility Press Release ![Five red game pieces grouped together facing a single darker piece standing apart on a reflective surface.](https://news.planfees.com/hubfs/PF%20KPI%20Blog%20Image.webp) ### [Want to Differentiate Yourself as an Advisor? Measure and Master the KPIs That Matter](https://news.planfees.com/want-to-differentiate-yourself-as-an-advisor-measure-and-master-the-kpis-that-matter) As a retirement plan advisor, your value isn’t measured by your credentials — it’s measured by outcomes. And for plan sponsors, those outcomes are tracked with key performance indicators (KPIs). These metrics reveal the extent to which employees are becoming retirement-ready and whether the plan itself is competitive, efficient, and well-governed. [Read More](https://news.planfees.com/want-to-differentiate-yourself-as-an-advisor-measure-and-master-the-kpis-that-matter) ![multi level buildings](https://news.planfees.com/hubfs/architecture-1448221_1280.webp) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [From Fee Benchmarking to Full Service Advisory Support With RPAG](https://news.planfees.com/from-fee-benchmarking-to-full-service-advisory-support-with-rpag) If you’ve been using PlanFees’ innovative suite of benchmarking solutions to monitor plan costs, document fiduciary prudence, and impress plan sponsors with professional-grade reports — you’re already ahead of the curve. [Read More](https://news.planfees.com/from-fee-benchmarking-to-full-service-advisory-support-with-rpag) ![Three pink plastic toy bricks leaning diagonally against each other on a pink background.](https://news.planfees.com/hubfs/pexels-tara-winstead-7123069.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Fees,](https://news.planfees.com/tag/fees) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Use PlanFees to Help Build Your Advisory Brand](https://news.planfees.com/use-planfees-to-help-build-your-advisory-brand) Why do people willingly pay double for a latte served with a fancy logo when they can get one that tastes just as good down the road in a plain paper cup? Buying decisions are often about more than quality or even cost — they’re about associated perceptions, feelings, experience, and trust. In other words, those decisions are driven largely by brand. [Read More](https://news.planfees.com/use-planfees-to-help-build-your-advisory-brand) ![Cornell Clock tower with a cloudy blue sky](https://news.planfees.com/hubfs/Cornell%20Clock%20Tower.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Supreme Court Lowers the Bar for ERISA Lawsuits](https://news.planfees.com/supreme-court-lowers-the-bar-for-erisa-lawsuits) In Cunningham v. Cornell University, the Supreme Court ruled that plaintiffs bringing a claim under ERISA for a prohibited transaction are not required to plead the absence of a statutory exemption at the outset. The case involved allegations that Cornell’s 403(b) retirement plan paid its recordkeepers excessive fees — reportedly up to $200 per participant annually, compared to a claimed reasonable fee of $35 per participant. [Read More](https://news.planfees.com/supreme-court-lowers-the-bar-for-erisa-lawsuits) ![Tissue Box](https://news.planfees.com/hubfs/tissue-box-.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Multimillion-dollar ERISA Settlement Nothing to Sneeze at](https://news.planfees.com/multimillion-dollar-erisa-settlement-nothing-to-sneeze-at) Paper products manufacturing giant Kimberly-Clark, which counts Kleenex among its many brands, recently settled a class-action ERISA suit, agreeing to pay about 15% of the alleged damages. The $2.25 million cash settlement stems from litigation that began in 2021, which alleged that the company’s 401(k) and profit-sharing plan failed to uphold their fiduciary responsibilities. Plaintiffs claimed that plan administrators allowed excessive recordkeeping and administrative fees — approximately $78 per participant — despite the availability of similar services from other providers at just over one-third the price. [Read More](https://news.planfees.com/multimillion-dollar-erisa-settlement-nothing-to-sneeze-at) ![Hung up tools](https://news.planfees.com/hubfs/hung-up-tools-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Make Benchmarking Part of Your Lead Nurturing Toolkit](https://news.planfees.com/make-benchmarking-part-of-your-lead-nurturing-toolkit) It can take more than 18 months to seal the deal on a retirement plan, and it often involves multiple touchpoints. To stay at the top of your mind, you need to look for opportunities to provide value at every stage of the journey. That means showing up consistently, not just with check-ins, but with actual, actionable insights. PlanFees gives advisors an easy way to lean into opportunities with a clear, customized snapshot of how your prospects’ plan fees stack up. PlanFees can help you turn a sales pitch into a dialog where you’re adding value right from the start.  [Read More](https://news.planfees.com/make-benchmarking-part-of-your-lead-nurturing-toolkit) ![Greek War statue](https://news.planfees.com/hubfs/greek-war-statue-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Fees,](https://news.planfees.com/tag/fees) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Win the Retention Wars by Benchmarking Better](https://news.planfees.com/win-the-retention-wars-by-benchmarking-better) Landing a new 401(k) plan client is no small feat. Advisors must navigate a long sales cycle as plan sponsors carefully vet providers. That’s one reason why minimizing churn in your advisory practice is so important and why a strong, proactive retention strategy is essential for long-term success.  [Read More](https://news.planfees.com/win-the-retention-wars-by-benchmarking-better) ![Wave curl](https://news.planfees.com/hubfs/wave-curl-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Fees](https://news.planfees.com/tag/fees) ### [Big Plans, Big Responsibilities](https://news.planfees.com/big-plans-big-responsibilities) Larger retirement plans often enjoy lower fees than their smaller counterparts, thanks in part to economies of scale and stronger negotiating power. But this in no way makes them immune to fee-related challenges. While big plans generally benefit from lower fees as a percentage of assets under management, this alone doesn’t guarantee an optimal fee structure. And to complicate matters, big plans can become prime targets for litigation if there is the appearance of excessive fees.  [Read More](https://news.planfees.com/big-plans-big-responsibilities) ![Soccer ball in center field](https://news.planfees.com/hubfs/soccer-ball-in-center-field-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Fees](https://news.planfees.com/tag/fees) ### [Smaller Plans, Bigger Costs? Level the Playing Field With PlanFees](https://news.planfees.com/smaller-plans-bigger-costs-level-the-playing-field-with-planfees) Managing smaller retirement plans comes with a unique set of challenges for advisors. These plans often lack the economies of scale that larger plans benefit from, making it more difficult to compete while controlling costs. And with lower assets under management, they may also have limited access to institutional share classes. Advisors must navigate a complex landscape where fees can significantly impact both plan sponsors and participants — financially and legally. [Read More](https://news.planfees.com/smaller-plans-bigger-costs-level-the-playing-field-with-planfees) ![Stethoscope on paperwork](https://news.planfees.com/hubfs/stethoscope-on-paperwork-.webp) [ERISA,](https://news.planfees.com/tag/erisa) [401(k),](https://news.planfees.com/tag/401k) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Fees](https://news.planfees.com/tag/fees) ### [High Fees Cut Deep for United Surgical](https://news.planfees.com/high-fees-cut-deep-for-united-surgical) United Surgical Partners International (USPI) is stitching up a legal wound with a costly ERISA settlement. After years of legal wrangling, the Texas-based ambulatory care company has agreed to pay $1.475 million to settle claims related to its 401(k) plan. While the outcome spares USPI the uncertainties of further litigation, the case underscores the importance of regular fee benchmarking in mitigating fiduciary risk.  [Read More](https://news.planfees.com/high-fees-cut-deep-for-united-surgical) ![Paper hearts](https://news.planfees.com/hubfs/paper-hearts-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Benchmarking,](https://news.planfees.com/tag/benchmarking) [RFP Express](https://news.planfees.com/tag/rfp-express) ### [Use Benchmarking to Turn Client Relationships Into Partnerships](https://news.planfees.com/use-benchmarking-to-turn-client-relationships-into-partnerships) Building strong, strategic partnerships with plan sponsors is one of the most effective ways to elevate your practice and build your book. By evolving from a transactional approach to a more collaborative relationship, you can enhance trust and deliver better outcomes for the plan, its participants, and the organization. Benchmarking tools, such as Prism Total Fees Benchmarking, Prism365, and RFP Express can play a pivotal role in driving this transformation. [Read More](https://news.planfees.com/use-benchmarking-to-turn-client-relationships-into-partnerships) ![Hands holding money ball](https://news.planfees.com/hubfs/hands-holding-money-ball-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Fees](https://news.planfees.com/tag/fees) ### [80% of Plans May Be Overpaying on Fees | Don’t Let Yours Be One of Them](https://news.planfees.com/80-of-plans-may-be-overpaying-on-fees-dont-let-yours-be-one-of-them) Whether it’s a streaming subscription you forgot to cancel or a coupon you let expire before you could use it, nobody likes to find out they could’ve paid less than they did. And while a forgotten Netflix account might rack up a few extra dollars each month, excessive retirement plan fees can put participants — and the plan sponsor — in jeopardy. One recent study shows that a staggering 80% of plans are paying higher fees than they should.  [Read More](https://news.planfees.com/80-of-plans-may-be-overpaying-on-fees-dont-let-yours-be-one-of-them) ![Resolution Scrabble pieces](https://news.planfees.com/hubfs/resolution-scarbble-pieces-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Fees](https://news.planfees.com/tag/fees) ### [Benchmarking Resolutions | 10 Ways to Benchmark Better in 2025](https://news.planfees.com/benchmarking-resolutions-10-ways-to-benchmark-better-in-2025) As the confetti settles and the calendar flips to 2025, it’s the perfect time to set resolutions that truly make an impact — both in your personal life and your retirement plan practice. One resolution that should be on every advisor’s list is to benchmark better. Benchmarking is — or should be — more than just a compliance checkbox; it can be a powerful tool for attracting new prospects, retaining clients and delivering greater value for plan sponsors and participants.  [Read More](https://news.planfees.com/benchmarking-resolutions-10-ways-to-benchmark-better-in-2025) ![NVIDIA chip](https://news.planfees.com/hubfs/nvidia-chip-.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Fees](https://news.planfees.com/tag/fees) ### [NVIDIA Settlement Highlights the Importance of Actionable Fee Intelligence](https://news.planfees.com/nvidia-settlement-highlights-the-importance-of-actionable-fee-intelligence) In an era where innovation drives every facet of business operations, even the most forward-thinking companies can face challenges when it comes to retirement plan fee diligence. NVIDIA, renowned for its groundbreaking advancements in artificial intelligence, recently settled a lawsuit alleging excessive fees in its 401(k) plan. The case underscores a crucial takeaway for plan sponsors: Actionable fee intelligence is an essential part of the fiduciary prudence necessary in today’s retirement plan landscape. [Read More](https://news.planfees.com/nvidia-settlement-highlights-the-importance-of-actionable-fee-intelligence) ![Graduate holding a diploma](https://news.planfees.com/hubfs/graduate-holding-a-diploma-.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Fee Benchmarking](https://news.planfees.com/tag/fee-benchmarking) ### [Collegiate ERISA Suit Offers Fiduciary Lessons](https://news.planfees.com/collegiate-erisa-suit-offers-fiduciary-lessons) Boston College recently settled an ERISA suit, bringing to a close a two-year legal challenge over the management of its retirement plan. In 2022, two former employees alleged that the plan failed to meet fiduciary expectations, citing high fees and questionable investment options. Although the school denies any wrongdoing, the allegations highlight the increasing pressure on institutions to keep their retirement plans cost-effective and prudently managed.  [Read More](https://news.planfees.com/collegiate-erisa-suit-offers-fiduciary-lessons) ![Business Trends and Graphs](https://news.planfees.com/hubfs/business-trends-and-graphs-.webp) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Trends in Advisor Compensation](https://news.planfees.com/trends-in-advisor-compensation) Advisors across the retirement plan industry often grapple with questions about compensation models. Whether it’s determining how much to charge based on assets or deciding when to use a flat fee, these decisions are made even more complex due to evolving technology, industry changes and rising client expectations. [Read More](https://news.planfees.com/trends-in-advisor-compensation) ![marketing graphic](https://news.planfees.com/hubfs/marketing-graphic-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Prospecting,](https://news.planfees.com/tag/prospecting) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Essential Marketing Tips for Retirement Plan Advisors](https://news.planfees.com/essential-marketing-tips-for-retirement-plan-advisors) Building brand awareness is key for any retirement plan advisor. To stand out in a crowded marketplace, it’s crucial that advisors not only differentiate their offering but also create a connection with their target audience. [Read More](https://news.planfees.com/essential-marketing-tips-for-retirement-plan-advisors) ![New York street Nordstrom sign](https://news.planfees.com/hubfs/new-york-street-nordstrom-sign-.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Fees](https://news.planfees.com/tag/fees) ### [Luxury Retailer Accused of Unfashionably High Retirement Plan Fees](https://news.planfees.com/luxury-retailer-accused-of-unfashionably-high-retirement-plan-fees) According to an ERISA lawsuit recently filed against Nordstrom, it’s not just the handbags that come with a hefty price tag — the suit alleges their retirement plan fees were excessive too. Plaintiffs say the luxury retailer overcharged employees for administrative services and misused the forfeiture funds of former workers as well. While the suit is still pending, some of the details have already hit the runway.  [Read More](https://news.planfees.com/luxury-retailer-accused-of-unfashionably-high-retirement-plan-fees) ![Earth in space being held in hand](https://news.planfees.com/hubfs/earth-in-space-being-held-in-hand-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Preparing Your Retirement Plan Practice for Tomorrow](https://news.planfees.com/preparing-your-retirement-plan-practice-for-tomorrow) In the future, the way retirement plan advisors operate could look as different as a flying car does from a horse-drawn carriage. And while you might not be soaring through the skies to your next retirement plan committee meeting just yet, the landscape of retirement planning is evolving rapidly. [Read More](https://news.planfees.com/preparing-your-retirement-plan-practice-for-tomorrow) ![man yawning](https://news.planfees.com/hubfs/man-5522892_1280%20(1).webp) ### [PNC Prevails in ERISA Suit — “Boring” Benchmarking Wins the Day](https://news.planfees.com/pnc-prevails-in-erisa-suit-boring-benchmarking-wins-the-day) In its commercials, PNC likes to say it’s “brilliantly boring,” emphasizing that it strives to be “boring” with customers’ money. The company, whose plan has about $8.1 billion in assets according to its most recent Form 5500 filing, prevailed in a recent ERISA lawsuit by sticking to the basics: regular benchmarking, thorough reviews and consistent oversight. It turns out that when the stakes were high, the “boring” work won the day against an expert witness who may have been more flash than facts. [Read More](https://news.planfees.com/pnc-prevails-in-erisa-suit-boring-benchmarking-wins-the-day) ![Holding hands at sunset](https://news.planfees.com/hubfs/holding-hands-at-sunset-.webp) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Benchmarking to Build Trust](https://news.planfees.com/benchmarking-to-build-trust) No matter how impressive your credentials, the foundation of every advisor-client relationship is trust. According to Edelman, a leader in the communications and public relations space, trust is a core pillar of business success. This is true for the largest multinational corporation down to a small firm or solopreneur. [Read More](https://news.planfees.com/benchmarking-to-build-trust) ![Healthy bowl with vegetables on table](https://news.planfees.com/hubfs/healthy-bowl-with-vegetables-on-table-.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Fees](https://news.planfees.com/tag/fees) ### [Court Gives Humana a Clean Bill of Health in ERISA Case](https://news.planfees.com/court-gives-humana-a-clean-bill-of-health-in-erisa-case) Plaintiffs in a recent ERISA lawsuit against health insurance giant Humana didn’t get the diagnosis they hoped for. Initially filed in 2021, the suit went through multiple attempts at prior dismissal that, early on, looked promising for the plaintiffs. But in May of 2024, a district court judge dismissed the case, citing a lack of sufficient evidence, and declared Humana’s plan fit. Key to the company’s clean bill of health was its frequent benchmarking and solicitation of an RFP, underscoring the importance of robust documentation and proactive measures when it comes to maintaining reasonable fees. [Read More](https://news.planfees.com/court-gives-humana-a-clean-bill-of-health-in-erisa-case) ![Green Mercedes Interior](https://news.planfees.com/hubfs/green-mercedes-interior-.webp) [PlanFees,](https://news.planfees.com/tag/planfees) [Fees,](https://news.planfees.com/tag/fees) [Litigation,](https://news.planfees.com/tag/litigation) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Suit Alleges Auto Parts Supplier Fails to Steer Clear of High Fees](https://news.planfees.com/suit-alleges-auto-parts-supplier-fails-to-steer-clear-of-high-fees) After several bumps in the road, a class action ERISA suit against the auto parts supplier Magna International has finally reached a settlement. The suit, which alleges that approximately 20,000 workers were adversely affected by underperforming funds and high fees, took the long road in reaching its destination. While details of the settlement are still pending, the plan in question had more than $1.6 billion in assets under management at the time of filing.  [Read More](https://news.planfees.com/suit-alleges-auto-parts-supplier-fails-to-steer-clear-of-high-fees) ![Russian nesting dolls](https://news.planfees.com/hubfs/russian-nesting-dolls-.webp) [PlanFees,](https://news.planfees.com/tag/planfees) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [The Benchmarking Solution for Plans of Any Size](https://news.planfees.com/the-benchmarking-solution-for-plans-of-any-size) From a small family-owned business to a multinational corporation, every client — and plan — deserves the highest level of service. But the specific offering appropriate for each plan can depend largely on its size, and the fees for investments and services can range widely. By leveraging the power of negotiation, advisory know-how and frequent benchmarking, you can help keep fees reasonable for clients no matter how large or small their plan. Here’s a breakdown of how fees can differ between plans based on size. [Read More](https://news.planfees.com/the-benchmarking-solution-for-plans-of-any-size) ![Exterior of Emergency Room](https://news.planfees.com/hubfs/exterior-of-emergency-room-.webp) [PlanFees,](https://news.planfees.com/tag/planfees) [ERISA,](https://news.planfees.com/tag/erisa) [401(k),](https://news.planfees.com/tag/401k) [Litigation](https://news.planfees.com/tag/litigation) ### [United Surgical Partners Suit Flares up Again](https://news.planfees.com/united-surgical-partners-suit-flares-up-again) As of March 2023, United Surgical Partners International’s 401(k) plan seemed to have a clean bill of health. A prior lawsuit alleging that the Texas-based ambulatory care company neglected its fiduciary duty by maintaining low-performing, high-cost funds in its 401(k) plan had been dismissed not once, but twice. The second opinion, however, didn’t stick. By April 2024, the company’s legal situation became more uncertain, as a federal appeals court reversed that decision and allowed the suit to proceed. The case illustrates the sometimes-protracted nature of ERISA litigation and highlights the importance of proper benchmarking as one part of a prudent, multi-pronged strategy to help avoid costly and time-consuming court proceedings. [Read More](https://news.planfees.com/united-surgical-partners-suit-flares-up-again) ![Group of people around laptop](https://news.planfees.com/hubfs/group-of-people-around-laptop-.webp) [PlanFees,](https://news.planfees.com/tag/planfees) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Crafting a Winning Finalist Presentation](https://news.planfees.com/crafting-a-winning-finalist-presentation) When delivering a finalist presentation, the key to winning new business lies beyond simply laying out facts and figures. What it requires first and foremost is a connection — an understanding of the sponsors’ point of view, their goals for the plan — and the needs of their employees. You need to make a meaningful connection between fees, investments and the essential services that will allow you to help a company achieve its strategic business objectives and deliver greater value to participants. [Read More](https://news.planfees.com/crafting-a-winning-finalist-presentation) ![Pocket watches hanging](https://news.planfees.com/hubfs/pocket-watches-hanging-.webp) [PlanFees,](https://news.planfees.com/tag/planfees) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [What Will You Do With the Time You Save Benchmarking With PlanFees?](https://news.planfees.com/what-will-you-do-with-the-time-you-save-benchmarking-with-planfees) With PlanFees, tasks that used to take hours can be completed in minutes — and price quotes that used to take weeks can be generated in under 24 hours. That gives you a valuable opportunity to enhance your level of service and build your practice. Here are just a few things you can do with all the time you’ll save.  [Read More](https://news.planfees.com/what-will-you-do-with-the-time-you-save-benchmarking-with-planfees) ![Woman waiting for train](https://news.planfees.com/hubfs/woman-waiting-for-train-.webp) [PlanFees,](https://news.planfees.com/tag/planfees) [RFP Express](https://news.planfees.com/tag/rfp-express) ### [Get (Back) Onboard RFP Express!](https://news.planfees.com/get-back-onboard-rfp-express) If you’re still lingering on the platform, it’s time to depart on a high-speed journey to revolutionize your advisory practice. RFP Express, the game-changing tool for retirement plan advisors, has revolutionized the quoting process, making it simpler, faster and more efficient for busy advisors like you to get the information you need to improve plan outcomes. Here’s a quick reminder of its unparalleled benefits and some exciting updates you might have missed. [Read More](https://news.planfees.com/get-back-onboard-rfp-express) ![Compass with Greenery](https://news.planfees.com/hubfs/compass-with-greenery-behind-.webp) [Financial Wellness,](https://news.planfees.com/tag/financial-wellness) [Fees](https://news.planfees.com/tag/fees) ### [Navigating the Fee Conversation With Plan Sponsors](https://news.planfees.com/navigating-the-fee-conversation-with-plan-sponsors) Broaching the topic of fees with plan sponsors is a data-fueled art. Transparent fee conversations can help build trust and contribute to a plan’s long-term success. As an advisor, your ability to broach fee discussions effectively — and with finesse — can elevate your practice and help you win new business.  [Read More](https://news.planfees.com/navigating-the-fee-conversation-with-plan-sponsors) ![Rocket launching](https://news.planfees.com/hubfs/rocket-launching-.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Fees,](https://news.planfees.com/tag/fees) [Litigation](https://news.planfees.com/tag/litigation) ### [Defense Tech Giant L3Harris Settles Excessive Fee Suit](https://news.planfees.com/defense-tech-giant-l3harris-settles-excessive-fee-suit) In yet another ERISA-related case, aerospace and defense technology firm L3Harris found itself in the crosshairs of an excessive fee lawsuit. Plaintiffs alleged that the retirement plan’s massive size should have given them the leverage to negotiate more competitive recordkeeping and administrative options, as well as lower fees. The company recently arrived at a settlement, though not before enduring a two-year legal battle.  [Read More](https://news.planfees.com/defense-tech-giant-l3harris-settles-excessive-fee-suit) ![Basketball falling out of hoop](https://news.planfees.com/hubfs/basketball-falling-out-of-hoop-.webp) [Retirement Plan,](https://news.planfees.com/tag/retirement-plan) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Become a Retirement Plan Baller — With PlanFees](https://news.planfees.com/become-a-retirement-plan-baller-with-planfees) Like in basketball, as a retirement plan advisor, you have to coordinate with a team — a recordkeeper, TPA, HR, the plan sponsor and more — to achieve top performance for the participants counting on you. But to be a baller on the court, or as a retirement plan pro, you’ve got to be able to size up situations accurately in real time, pass critical information to sponsors and other members of the team and respond quickly to achieve top performance for your plan. [Read More](https://news.planfees.com/become-a-retirement-plan-baller-with-planfees) ![Gaming controllers with game behind](https://news.planfees.com/hubfs/gaming-conrollers-with-game-behind-.webp) [Advisor Fee Benchmarking,](https://news.planfees.com/tag/advisor-fee-benchmarking) [Advisor Fee and Service Benchmarking](https://news.planfees.com/tag/advisor-fee-and-service-benchmarking) ### [Are You Ready to Level up Your Advisory Practice?](https://news.planfees.com/are-you-ready-to-level-up-your-advisory-practice) Benchmarking solutions like PlanFees Prism Total Fees Benchmarking, Prism365 and RFP Express help advisors offer fast, accurate and actionable fee insights to clients. These revolutionary tools deliver impressive results because they’re powered by RPAG, the premiere retirement plan practice management platform, with advisor members serving more than 120,000 plans and $1.5 trillion in assets under influence. [Read More](https://news.planfees.com/are-you-ready-to-level-up-your-advisory-practice) ![Three old men sitting on bench smiling in black and white](https://news.planfees.com/hubfs/three-old-men-sitting-on-bench-smiling-bw-.webp) [PlanFees](https://news.planfees.com/tag/planfees) ### [We’ve Revolutionized the Retirement Plan Benchmarking Experience](https://news.planfees.com/weve-revolutionized-the-retirement-plan-benchmarking-experience) In the evolving landscape of financial advisory services, PlanFees introduced a ground-breaking solution: RFP Express. This instant quoting tool, powered by RPAG technology, has reshaped how advisors manage and deliver services to plan sponsor clients, elevating the benchmarking process to unprecedented heights. Advisors can obtain quotes within minutes when requests meet predefined pricing criteria, and benefit from custom pricing within an astonishing one to two days — in stark contrast to the traditional weeks-long wait of live-bid benchmarking. [Read More](https://news.planfees.com/weve-revolutionized-the-retirement-plan-benchmarking-experience) ![Multi color mini hearts](https://news.planfees.com/hubfs/multicolor-mini-hearts-.webp) [Financial Wellness,](https://news.planfees.com/tag/financial-wellness) [Fees](https://news.planfees.com/tag/fees) ### [Build Stronger Client Relationships With Greater Fee Transparency](https://news.planfees.com/build-stronger-client-relationships-with-greater-fee-transparency) On Valentine’s Day, it’s customary to express caring with a gift of chocolate and roses. But you may get some funny looks if you try that with plan sponsors. When demonstrating your commitment to clients, what you really want to offer them isn’t flowers or foil-wrapped bon bons — it’s fee transparency. That’s because trust is the cornerstone of most lasting relationships, even those steeped in fiduciary responsibility. [Read More](https://news.planfees.com/build-stronger-client-relationships-with-greater-fee-transparency) ![Multicolor freight trucks in a row](https://news.planfees.com/hubfs/freight-trucks-multicolor-WebP.webp) [ERISA](https://news.planfees.com/tag/erisa) ### [It’s “Deja Vu All Over Again” as Repeat ERISA Suit Filed Against Transportation Giant](https://news.planfees.com/its-deja-vu-all-over-again-as-repeat-erisa-suit-filed-against-transportation-giant) Yogi Berra could have called this one — an excessive fee lawsuit against Old Dominion Freight Line is the second such action taken against the transportation company in the span of just one year. The latest suit, filed Sept. 27, 2023, makes allegations similar to the previous case, which a federal judge had dismissed just weeks prior, citing lack of evidence. Plaintiffs accuse the company of opting for pricier share classes over more affordable share classes for the same investments. [Read More](https://news.planfees.com/its-deja-vu-all-over-again-as-repeat-erisa-suit-filed-against-transportation-giant) ![New years resolution notebook](https://news.planfees.com/hubfs/new-years-resolution-notepad-WebP.webp) [Financial Wellness](https://news.planfees.com/tag/financial-wellness) ### [Resolutions to Elevate Your Advisory Practice in the New Year](https://news.planfees.com/resolutions-to-elevate-your-advisory-practice-in-the-new-year) As the new year unfolds, it brings with it exciting opportunities for renewal and change. And retirement plan advisors are no exception to this season of transformation. Here are a few resolutions that can help guide your professional practice to new heights in 2024.  [Read More](https://news.planfees.com/resolutions-to-elevate-your-advisory-practice-in-the-new-year) ![Man holding presents stacked high](https://news.planfees.com/hubfs/man-holding-presents-stacked-high-WebP.webp) [Financial Wellness](https://news.planfees.com/tag/financial-wellness) ### [What's on Your Plan Sponsor Gift List](https://news.planfees.com/whats-on-your-plan-sponsor-gift-list) With all of the chaos surrounding the holidays, it can be hard to find our loved ones a gift they'll truly love. Fruit cakes, stress balls, and gift cards may seem like a good idea at first, but in the world of financial advisory it's the gifts of service throughout the year that truly matter. In order to ultimately strengthen relationships and pave the way for more successful financial outcomes, we will discuss ways in which advisors can go beyond the seasonal offerings and provide value to their clients. [Read More](https://news.planfees.com/whats-on-your-plan-sponsor-gift-list) ![Scattered gifts](https://news.planfees.com/hubfs/gifts-scattered-on-table-WebP.webp) [Retirement Plan](https://news.planfees.com/tag/retirement-plan) ### [Elevating Retirement Planning | The Client Gifts That Matter Most](https://news.planfees.com/elevating-retirement-planning-the-client-gifts-that-matter-most) As the year draws to a close, our minds turn to the tangible tokens of appreciation we often give our clients. But once the fruitcake is long gone and the holiday festivities fade into memory, the enduring needs of retirement plan clients remain. And that’s when an advisor’s true value really comes to the fore. Because it’s the ongoing, intangible gifts of exceptional service that resonate throughout the year and help lay the foundation for long-lasting partnerships — and more successful retirement plan outcomes. [Read More](https://news.planfees.com/elevating-retirement-planning-the-client-gifts-that-matter-most) ![View of skyscrapers from the ground up](https://news.planfees.com/hubfs/skyscrapers-WebP.webp) [Financial Wellness,](https://news.planfees.com/tag/financial-wellness) [Fees,](https://news.planfees.com/tag/fees) [RFP Express](https://news.planfees.com/tag/rfp-express) ### [Tackling High Fees With Prism & RFP Express](https://news.planfees.com/tackling-high-fees-with-prism-rfp-express) Ensuring that PlanFees are reasonable is one of the most important responsibilities as a retirement plan advisor. Excessive fees can negatively impact retirement savings, impacting plan performance and possibly resulting in legal issues. Having reliable tools at your fingertips is essential for executing your fiduciary duty in an efficient and effective manner. We will go over how advisors can be supported by Prism Total Fees and RFP Express to perform fast fee audits, identify the underlying causes of excessive fees, and implement practical measures to control and openly discuss fees. [Read More](https://news.planfees.com/tackling-high-fees-with-prism-rfp-express) ![Woman in cafe at computer](https://news.planfees.com/hubfs/woman-in-cafe-at-computer-WebP.webp) [PlanFees,](https://news.planfees.com/tag/planfees) [Retirement Plan,](https://news.planfees.com/tag/retirement-plan) [Financial Wellness](https://news.planfees.com/tag/financial-wellness) ### [The Advisor Toolkit for Small Business Retirement Plan Success](https://news.planfees.com/the-advisor-toolkit-for-small-business-retirement-plan-success) As a retirement plan advisor, you know small business clients can face unique challenges. With typically fewer resources to dedicate to managing retirement plans, they may rely even more heavily on your expertise and resources to guide them. For that reason, you need to be particularly mindful of efficiency — and equip yourself with the best tools available. Leveraging PlanFees’ suite of benchmarking solutions can help you provide a higher level of service without dedicating copious man-hours to help ensure clients’ plans stay competitive and compliant. [Read More](https://news.planfees.com/the-advisor-toolkit-for-small-business-retirement-plan-success) ![Old couple in the woods holding hands](https://news.planfees.com/hubfs/old-couple-in-woods-WebP-1.webp) [Financial Wellness,](https://news.planfees.com/tag/financial-wellness) [401(k),](https://news.planfees.com/tag/401k) [Fees](https://news.planfees.com/tag/fees) ### [Mastering the Financial Horizon Key Changes for 2024](https://news.planfees.com/mastering-the-financial-horizon-key-changes-for-2024) With the new year approaching, significant shifts within the financial industry are set to impact tax strategies and retirement planning. The IRS has introduced multiple adjustments, from increased contribution limits to expanded income ranges, shaping the financial terrain for the coming year. Let's delve into the highlights of these changes and explore their potential implications for your financial decisions. [Read More](https://news.planfees.com/mastering-the-financial-horizon-key-changes-for-2024) ![Hand holding water ceremony offering cup](https://news.planfees.com/hubfs/water-ceremony-offering-WebP.webp) [Financial Wellness,](https://news.planfees.com/tag/financial-wellness) [Fees](https://news.planfees.com/tag/fees) ### [Personalize Your Advisory Offering](https://news.planfees.com/personalize-your-advisory-offering) In the continually evolving retirement plan space, tailoring your advisory services to the specific needs of plan sponsors can distinguish you in a competitive field. Every plan is influenced by a plethora of factors, all of which can dictate both its requisite advisory services and fees charged. Offering a personalized touch is non-negotiable for advisors who want to grow their book.  [Read More](https://news.planfees.com/personalize-your-advisory-offering) ![Purple head with butterflies](https://news.planfees.com/hubfs/Ai%20with%20butterflies.jpg) [401(k),](https://news.planfees.com/tag/401k) [Fees](https://news.planfees.com/tag/fees) ### [AI Innovator Faces 401(k) Fee Suit](https://news.planfees.com/ai-innovator-faces-401k-fee-suit) The artificial intelligence (AI) boom has led to a lot of attention for NVIDIA, the Silicon Valley-based chipmaker of choice for AI computing. But it’s not just the company’s groundbreaking products that have been in the spotlight — NVIDIA also recently made headlines as the named defendant in a 401(k) lawsuit. The ongoing case underscores the continuing legal perils faced by retirement plans, demonstrating that even companies renowned for their prowess in intelligent computing can find themselves unable to outsmart ERISA challenges.  [Read More](https://news.planfees.com/ai-innovator-faces-401k-fee-suit) ![Two jackolanterns in the dark](https://news.planfees.com/hubfs/two-jackolanterns-in-the-dark-WebP.webp) [Fees](https://news.planfees.com/tag/fees) ### [Are High Fees Giving You a Fright?](https://news.planfees.com/are-high-fees-giving-you-a-fright) It's that time of year again when, dark forces are looming and the ghouls and goblins are hiding in every corner waiting to strike. You may be safe... but your heart begins to beat faster as you feel them getting closer. But it's not the monsters; it's the high fees haunting your retirement plan. High fees can be the fuel of nightmares, complete with the threat of losing clients and the horrors of litigation for advisors. Luckily, there is a way to make your high fee fears to vanish before your client's very eyes like a shadowy figure disappearing into the night... Plan Fees. [Read More](https://news.planfees.com/are-high-fees-giving-you-a-fright) ![a pumpkin ghost in a greenhouse](https://news.planfees.com/hubfs/pumpkin-ghost-in-green-house-WebP.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Don’t Let High Fees Become a Horror Show for Your Retirement Plan](https://news.planfees.com/dont-let-high-fees-become-a-horror-show-for-your-retirement-plan) It’s that time of year when it feels like ghouls and dark forces could be lurking around every corner, ready to strike. You think you’re safe, but are you really? Your heart pounds as you feel them getting closer and closer. It’s not … it can’t be … no, not HIGH PLAN FEES!!! [Read More](https://news.planfees.com/dont-let-high-fees-become-a-horror-show-for-your-retirement-plan) ![Man hand touching nerve symbol](https://news.planfees.com/hubfs/Man-hand-touching-nerve-symbol.webp) [Fees](https://news.planfees.com/tag/fees) ### [Biogen’s Plan Fees Hit a Nerve With Participants](https://news.planfees.com/biogens-plan-fees-hit-a-nerve-with-participants) A multinational biotechnology company based in Cambridge, Mass., has agreed to pay $9.75 million to retirement plan participants and beneficiaries to settle a lawsuit over alleged ERISA violations, according to a recent settlement notice filed in a U.S. District Court in Boston. Biogen, which specializes in therapies for neurological disorders, was accused of failing to properly monitor its 401(k) plan’s investment performance and neglecting to protect participants from excessive fees. The case serves as a reminder of the critical importance of fiduciary responsibility and diligence in managing retirement plan fees, especially in today's litigious and complex environment. [Read More](https://news.planfees.com/biogens-plan-fees-hit-a-nerve-with-participants) ![person looking out to a sunrise](https://news.planfees.com/hubfs/opportunities-sunset-WebP.webp) [PlanFees](https://news.planfees.com/tag/planfees) ### [When High Fees Present Opportunities](https://news.planfees.com/when-high-fees-present-opportunities) With the recent uptick in excessive fee lawsuits, it’s only natural to think of high fees as nothing but trouble for plans. After all, 401(k) fee litigation resulted in more than $150 million in corporate settlements between 2019 and 2022 alone. But while a certain degree of trepidation is warranted, don’t let fear obscure your ability to identify opportunities for improvement.  [Read More](https://news.planfees.com/when-high-fees-present-opportunities) ![Check piece crashing down exploding the board](https://news.planfees.com/hubfs/Stay%20Competitive%20PlanFees.webp) [PlanFees](https://news.planfees.com/tag/planfees) ### [Mastering the Retirement Plan Industry | Power Moves for Advisors](https://news.planfees.com/mastering-the-retirement-plan-industry-power-moves-for-advisors) The retirement plan industry is like a high-stakes chess game, and financial advisors need power moves to control the board and capture market share. In this competitive arena, staying ahead of the curve and offering value-added services can set you apart from the competition. In this blog post, we'll explore the key strategies and power moves that winning advisors use to thrive in the retirement plan industry. [Read More](https://news.planfees.com/mastering-the-retirement-plan-industry-power-moves-for-advisors) ![Person's hand holding a globe](https://news.planfees.com/hubfs/hovering-globe-WebP.webp) [RFP Express](https://news.planfees.com/tag/rfp-express) ### [We’re Not Just Streamlining the RFP Process, We’re Revolutionizing It!](https://news.planfees.com/were-not-just-streamlining-the-rfp-process-were-revolutionizing-it) RFP Express is a game changer for retirement plan advisors who want to provide higher touch service and grow their book of business. While customary live bid benchmarks will always have a place in maintaining plan compliance, RFP Express gives advisors a means of generating fast, accurate and revealing benchmarks in between taking plans to market every three to five years. Here are just a few reasons why this revolutionary platform is so different. [Read More](https://news.planfees.com/were-not-just-streamlining-the-rfp-process-were-revolutionizing-it) ![Excessive fee complaint getting dismissed](https://news.planfees.com/hubfs/Benchmarking%20in%20Dismissal%20of%20Excessive%20Fee%20Complaint.webp) [Litigation](https://news.planfees.com/tag/litigation) ### [Benchmarking in Dismissal of Excessive Fee Complaint](https://news.planfees.com/benchmarking-in-dismissal-of-excessive-fee-complaint) In the past few years, a spate of excessive fee lawsuits has caused anxiety for many plan fiduciaries. In 2022 alone, 88 excessive fee suits were filed, which is the second highest in any year, according to InvestmentNews. But while some cases have left fiduciaries responsible for large payouts — like the VCA Inc. Salary Savings Plan, in which the company paid a whopping $1.5 million cash settlement — other sponsors have been able to avoid these types of judgments. In one recent case against human resources firm TriNet, a judge dismissed the excessive fee complaint brought by plaintiffs, noting the firm’s fee benchmarking exercises as one indication that they had upheld their fiduciary duty. [Read More](https://news.planfees.com/benchmarking-in-dismissal-of-excessive-fee-complaint) ![Fast moving car light on road at night](https://news.planfees.com/hubfs/The%20Bullet%20Train%20of%20Plan%20Fee%20Benchmarking%20Solutions.webp) [Benchmarking,](https://news.planfees.com/tag/benchmarking) [RFP Express](https://news.planfees.com/tag/rfp-express) ### [RFP Express | The Bullet Train of Plan Fee Benchmarking Solutions](https://news.planfees.com/rfp-express-the-bullet-train-of-plan-fee-benchmarking-solutions) Get ready to witness a revolution in the way you navigate retirement plan offerings. We are proud to introduce RFP Express, the bullet train of plan fee benchmarking solutions that is set to transform your advisory offerings and take your practice on the fast track to success. [Read More](https://news.planfees.com/rfp-express-the-bullet-train-of-plan-fee-benchmarking-solutions) ![Back view image of businessman with arms crossed behind back](https://news.planfees.com/hubfs/Tackling%20High%20Retirement%20Plan%20Fees.webp) [Fees](https://news.planfees.com/tag/fees) ### [Tackling High Retirement Plan Fees](https://news.planfees.com/tackling-high-retirement-plan-fees) As a retirement plan advisor, one of the most critical parts of your job is ensuring reasonable plan fees. High fees can erode retirement savings and lead to legal entanglements if not properly managed. But having powerful and robust tools at your disposal can help you discharge your fiduciary duty more efficiently and effectively — as well as help provide actionable solutions. [Read More](https://news.planfees.com/tackling-high-retirement-plan-fees) ![Close up of woman eye in process of scanning](https://news.planfees.com/hubfs/More%20Uses%20for%20PlanFees%20Benchmarking%20Data.webp) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [More Uses for Benchmarking Data](https://news.planfees.com/more-uses-for-benchmarking-data) Harnessing the power of benchmarking can go far beyond simply helping to ensure retirement plan fees remain reasonable for plan participants. As an advisor, you can leverage benchmarking data in a number of ways to provide better, higher touch service to plan sponsor clients and propel the growth of your advisory practice.  [Read More](https://news.planfees.com/more-uses-for-benchmarking-data) ![Speaker asking a question](https://news.planfees.com/hubfs/Meeting%20Diverse%20Retirement%20Plan%20Challenges.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Meeting Diverse Retirement Plan Challenges](https://news.planfees.com/meeting-diverse-retirement-plan-challenges) When it comes to retirement plans, organizations of different sizes and types have unique requirements. A one-size-fits-all approach simply doesn't cut it. let's explore the importance of expanded advisory offerings and how they can address specific situations that organizations face. Whether it's navigating mergers and acquisitions, managing plan terminations, implementing non-traditional benefits, or ensuring robust financial wellness programming, a tailored advisory approach can make a world of difference. [Read More](https://news.planfees.com/meeting-diverse-retirement-plan-challenges) ![Determined businessman climbing building with help of rope](https://news.planfees.com/hubfs/What%20Sets%20Top%20Retirement%20Plan%20Advisors%20Apart.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [What Sets Top Retirement Plan Advisors Apart?](https://news.planfees.com/what-sets-top-retirement-plan-advisors-apart) Adding retirement plan clients to your advisory practice can boost your assets under management with stickier investment dollars and open up lucrative new prospecting paths. But there are many pressures on today’s advisors. Plan sponsors want more from their RPAs, and this along with steeper competition has led advisors to broaden their scope of services to improve outcomes for organizations and participants. Additionally, fee compression and increased litigation require advisors to constantly keep a close eye on fees to win — and keep — business. Here are ways to set yourself apart from the pack. [Read More](https://news.planfees.com/what-sets-top-retirement-plan-advisors-apart) ![Top view of businessman looking at business sketches on floor](https://news.planfees.com/hubfs/Build%20Your%20Practice%20With%20PlanFees%20%26%20RPAG-1.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Landing Your First Big Plan](https://news.planfees.com/landing-your-first-big-plan) As the ink dries and you’re shaking hands with your new client, you’re ready to celebrate an important milestone in your advisory practice: your first big plan. But it’s important to be ready for some new challenges that come with this feather in your cap. Here’s how your work might differ with a large plan, and how you can prepare for the task ahead.  [Read More](https://news.planfees.com/landing-your-first-big-plan) ![Bottom view of businessman with suitcase in hand](https://news.planfees.com/hubfs/Build%20Your%20Practice%20With%20PlanFees%20%26%20RPAG.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Build Your Practice With PlanFees & RPAG](https://news.planfees.com/build-your-practice-with-planfees-rpag) In the highly competitive retirement plan advisory space, precision, efficiency and the ability to deliver value set elite advisors apart. PlanFees, powered by RPAG, has long been providing advisors with tools and technology that deliver critical market insights and innovative benchmarking solutions. [Read More](https://news.planfees.com/build-your-practice-with-planfees-rpag) ![Business man looking at question mark sketch on the wall](https://news.planfees.com/hubfs/Business%20man%20looking%20at%20question%20mark%20sketch%20on%20the%20wall.webp) [Fees](https://news.planfees.com/tag/fees) ### [Retirement Plan Fee FAQs](https://news.planfees.com/retirement-plan-fee-faqs) Retirement plan fees have garnered increased attention in recent years due in part to a growing number of lawsuits filed against employers. Since 2020, more than 170 excessive fee suits have been filed in the U.S., leading to tens of millions of dollars in settlements. [Read More](https://news.planfees.com/retirement-plan-fee-faqs) ![Train on Railway Tracks](https://news.planfees.com/hubfs/Get%20on%20Board%20the%20RFP%20Express.webp) [RFP Express](https://news.planfees.com/tag/rfp-express) ### [Get on Board the RFP Express](https://news.planfees.com/get-on-board-the-rfp-express) Do you hear that sound in the distance growing louder? Feel the rumble of something big coming around the bend? Do you see that light getting brighter and brighter? [Read More](https://news.planfees.com/get-on-board-the-rfp-express) ![Portrait surprised businessman looking on smart phone holding calculator unexpected financial bills charges](https://news.planfees.com/hubfs/Why%20Fees%20Matter.png) [Fees](https://news.planfees.com/tag/fees) ### [Why Fees Matter More Than Ever](https://news.planfees.com/why-fees-matter-more-than-ever) One of the primary duties of retirement plan advisors is to help ensure their clients’ fees remain reasonable. But between volatile markets, seismic shifts in American household finances, increased fee litigation and changes within the 401(k) industry itself, it’s become even more critical to keep a watchful eye on fees.  [Read More](https://news.planfees.com/why-fees-matter-more-than-ever) ![woman in a field measuring success ](https://news.planfees.com/hubfs/Young%20businesswoman%20measuring%20something%20with%20big%20ruler.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Advantages of Becoming a Fiduciary](https://news.planfees.com/advantages-of-becoming-a-fiduciary) Acting in a fiduciary role can help you elevate your retirement plan practice and provide higher touch service to sponsors. Understanding the different types of fiduciaries, advantages of becoming one and tools available to address fiduciary responsibilities is key for advisors looking to expand their services — and grow their book. [Read More](https://news.planfees.com/advantages-of-becoming-a-fiduciary) ![Financial Advisor using RFP Express ](https://news.planfees.com/hubfs/What%20Do%20RKers%20Make%20of%20a%20New%20PlanFees%20Offering.webp) [RFP Express](https://news.planfees.com/tag/rfp-express) ### [What Do RKers Make of a New RPAG Offering?](https://news.planfees.com/what-do-rkers-make-of-a-new-rpag-offering) A new small plan benchmarking system from a California KPA network is live as of this week, and a number of recordkeepers involved in the product are spreading the word about its merits. [Read More](https://news.planfees.com/what-do-rkers-make-of-a-new-rpag-offering) ![Businessman showing computer screen to coworkers](https://news.planfees.com/hubfs/The%205-in-1%20Benchmarking%20Solution%20You%E2%80%99ve%20Been%20Looking%20For.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [The 5-in-1 Benchmarking Solution You’ve Been Looking For](https://news.planfees.com/the-5-in-1-benchmarking-solution-youve-been-looking-for) 5-in-1 tools, universal remotes, Swiss Army knives and smartwatches — we all appreciate gadgets that can do a multitude of tasks and make our lives easier. And we think that’s one reason you’ll love PlanFees’ latest offering, RFP Express. [Read More](https://news.planfees.com/the-5-in-1-benchmarking-solution-youve-been-looking-for) ![Businessman running on ladder leading to financial success](https://news.planfees.com/hubfs/Level%20Up%20Your%20Prospecting%20Game%20With%20PlanFees.webp) [Prospecting](https://news.planfees.com/tag/prospecting) ### [Level Up Your Prospecting Game With PlanFees](https://news.planfees.com/level-up-your-prospecting-game-with-planfees) PlanFees helps successful 401(k) advisors “benchmark better” and mitigate fiduciary risk. But you can also use our suite of innovative benchmarking tools to “prospect better,” nurture leads and build your professional practice. It’s as easy as 1-2-3. [Read More](https://news.planfees.com/level-up-your-prospecting-game-with-planfees) ![Lady justice statue on a desk with a person writing on a document](https://news.planfees.com/hubfs/Not%20All%20Excessive%20Fee%20Cases%20are%20401k%20Lawsuits.webp) [Litigation](https://news.planfees.com/tag/litigation) ### [Not All Excessive Fee Cases Are 401(k) Lawsuits](https://news.planfees.com/not-all-excessive-fee-cases-are-401k-lawsuits) Held by schools and other tax-exempt organizations, 403(b)s used to be highly dissimilar to 401(k)s — with fewer rules and requirements. And by far, the majority of high-profile excessive-fee lawsuits have targeted 401(k)s. But a recent suit against Northeastern University’s 403(b) is a strong reminder that all retirement accounts mandated under ERISA to keep fees reasonable are at risk.  [Read More](https://news.planfees.com/not-all-excessive-fee-cases-are-401k-lawsuits) ![Adviser standing and presenting results and report of a multinational company](https://news.planfees.com/hubfs/Fees%20and%20Fiduciary%20Duty.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Fees and Fiduciary Duty](https://news.planfees.com/fees-and-fiduciary-duty) Plan fiduciaries have many important responsibilities to uphold. And they must act solely in the interest of participants and their beneficiaries. To that end, they have to prudently manage investments, administer the plan properly, monitor service providers and much more.  [Read More](https://news.planfees.com/fees-and-fiduciary-duty) ![Portrait of a serious businesswoman using laptop in office](https://news.planfees.com/hubfs/Portrait%20of%20a%20serious%20businesswoman%20using%20laptop%20in%20office.webp) [Advisor Fee Benchmarking](https://news.planfees.com/tag/advisor-fee-benchmarking) ### [Fee-for-service Models Increasingly Common Among 401(k) Advisors](https://news.planfees.com/fee-for-service-models-increasingly-common-among-401k-advisors) PlanFees data shows advisor compensation fee structures are trending away from commission-based schedules and toward fee-for-service models. As a result, it’s more important than ever for advisors to be equipped to justify the fees they charge relative to the level and frequency of the services they provide. [Read More](https://news.planfees.com/fee-for-service-models-increasingly-common-among-401k-advisors) ![clock on a cluttered desk](https://news.planfees.com/hubfs/Boost%20Your%20Productivity%20in%202023%20With%20PlanFees-1.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Boost Your Productivity in 2023 With PlanFees](https://news.planfees.com/boost-your-productivity-in-2023-with-planfees) According to PlanFees data, most advisors have a small staff of one to five employees. And with your team already performing intricate, three-to-five-year live-bid benchmarks, there may be little time left to conduct an annual benchmark on your other plans during off years. [Read More](https://news.planfees.com/boost-your-productivity-in-2023-with-planfees) ![Back view image of businessman drawing graphics](https://news.planfees.com/hubfs/Back%20view%20image%20of%20businessman%20drawing%20graphics%20on%20wall.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [New Year, New Career: Wealth Manager to 401(k) Advisor](https://news.planfees.com/new-year-new-career-wealth-manager-to-401k-advisor) Are you considering broadening your professional horizons in 2023? If you’re thinking about incorporating retirement plan advisory services into your offering, you probably have questions. And to provide a high level of service to your new plan sponsor clients, you may need to make some additions to your advisory toolkit: [Read More](https://news.planfees.com/new-year-new-career-wealth-manager-to-401k-advisor) ![Hand about to bang gavel on sounding block in the court room](https://news.planfees.com/hubfs/Retirement%20Plan%20Service%20Provider%20Faces%20ERISA%20Lawsuit.webp) [Litigation](https://news.planfees.com/tag/litigation) ### [Retirement Plan Service Provider Faces ERISA Lawsuit](https://news.planfees.com/retirement-plan-service-provider-faces-erisa-lawsuit) Mutual of America, an insurance company that also provides services in the small-plan marketplace, has found itself in the crosshairs of an ERISA lawsuit alleging a breach of its duties of loyalty and prudence to plan participants. The plaintiffs charge that they were subject to excessive fees as a result of the company’s adoption of its own proprietary closed-architecture recordkeeping platform. The system, they allege, caused participants to pay annual administrative fees roughly 10 times what they would have if the plan had researched and engaged a third-party recordkeeper to perform comparable (or even better) services. [Read More](https://news.planfees.com/retirement-plan-service-provider-faces-erisa-lawsuit) ![Image of a successful casual businesswoman in a meeting](https://news.planfees.com/hubfs/When%20Higher%20Fees%20May%20Be%20Justified.webp) [Fees](https://news.planfees.com/tag/fees) ### [When Higher Fees May Be Justified](https://news.planfees.com/when-higher-fees-may-be-justified) Due to the recent uptick in 401(k) lawsuits, it could be easy to assume that the best course of action is to always obtain the lowest possible fees across the board. But at the crux of these legal actions is the supposition that fees are too high for services provided. What’s considered reasonable isn’t a set dollar amount, and a reasonable fee might not have to be the lowest available, depending on the details and needs of a plan. Here are some instances where higher fees may, in fact, be justifiable.   [Read More](https://news.planfees.com/when-higher-fees-may-be-justified) ![A series of doors ](https://news.planfees.com/hubfs/Benchmarking%20Retirement%20Plans%20With%20Alternative%20Investments.webp) [Benchmarking](https://news.planfees.com/tag/benchmarking) ### [Benchmarking Retirement Plans With Alternative Investments](https://news.planfees.com/benchmarking-retirement-plans-with-alternative-investments) Alternative investments are assets that don’t readily fit into traditional categories like stocks, mutual funds and bonds. Instead, they can include assets like real estate, cryptocurrency, hedge funds, venture capital, private equity and even physical commodities. Changes in underlying technologies or other market factors, such as cryptocurrency platform Ethereum’s recent “merge” update and transition to a more energy-efficient protocol, can have significant impacts on alternative investment valuations, expenses and performance over time. [Read More](https://news.planfees.com/benchmarking-retirement-plans-with-alternative-investments) ![Businessperson scared of a shadow monster hand](https://news.planfees.com/hubfs/Fears%2c%20Fees%20and%20Fiduciaries.webp) [PlanFees](https://news.planfees.com/tag/planfees) ### [Fears, Fees and Fiduciaries](https://news.planfees.com/fears-fees-and-fiduciaries) The witching hour is fast approaching, as a full, blood red moon appears low on the horizon. Creatures of the night hunt for prey while you lie awake in bed, unable to sleep. Your mind races and your pulse quickens. You can’t get the image out of your head … the shadowy figures … the relentless pursuit … not settling for anything less than the utter destruction of your retirement plan. Suddenly, you hear a knock at the door. Please don’t let it be them! No, not the lawyers! [Read More](https://news.planfees.com/fears-fees-and-fiduciaries) ![Hand pointing at a checkbox](https://news.planfees.com/hubfs/Don%E2%80%99t%20Practice%20%E2%80%9CCheck%20the%20Box%E2%80%9D%20Benchmarking.webp) [Fee Benchmarking](https://news.planfees.com/tag/fee-benchmarking) ### [Don’t Practice “Check the Box” Benchmarking](https://news.planfees.com/dont-practice-check-the-box-benchmarking) You’re a successful financial pro with a growing practice, but always on the lookout for ways to build your book of business. One day, a longtime wealth management client says they’re concerned about the fees for the retirement plan they sponsor at their growing medical practice. This situation offers a great opportunity to pick up their 401(k) — and potentially the personal accounts of the doctors and staff. You’d love to be able to offer a fast benchmark, but a live bid would take too long — and it’s not what’s called for in this prospecting scenario. But now, advisors have more benchmarking options that allow them to choose the right tool for each client situation. With PlanFees, you can move beyond “check-the-box” benchmarking to a more targeted, strategic and effective approach. [Read More](https://news.planfees.com/dont-practice-check-the-box-benchmarking) ![Moving fast in a tunnel with passing lights](https://news.planfees.com/hubfs/Real%20Quotes%20at%20the%20Speed%20of%20Light.webp) [RFP Express](https://news.planfees.com/tag/rfp-express) ### [RFP Express: Real Quotes at the Speed of Light](https://news.planfees.com/rfp-express-real-quotes-at-the-speed-of-light) Keeping fees reasonable is a top concern for retirement plan sponsors. Rapid and accurate fee benchmarking is one of the best ways to help make sure clients aren’t paying excessive fees — and it can serve as a valuable prospecting tool to build your book of business. [Read More](https://news.planfees.com/rfp-express-real-quotes-at-the-speed-of-light) ![Businesswoman in front of two roads thinking deciding hoping for best taking chance](https://news.planfees.com/hubfs/3%20Types%20of%20Fiduciary%20Risk%20and%20Ways%20to%20Mitigate%20Them.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [3 Types of Fiduciary Risk and Ways to Mitigate Them](https://news.planfees.com/3-types-of-fiduciary-risk-and-ways-to-mitigate-them) Fiduciary responsibility compels plan providers to maintain a safe, fair and prudently managed plan for participants. Advisors should communicate openly to plan sponsors about their responsibilities and risks, which can vary depending on several factors including whether they’re engaged as a 3(21) or 3(38) fiduciary. Here are three types of fiduciary risk that your plan sponsor clients should be aware of, plus some ways to help mitigate them. [Read More](https://news.planfees.com/3-types-of-fiduciary-risk-and-ways-to-mitigate-them) ![](https://news.planfees.com/hubfs/Businessman%20finding%20the%20solution%20of%20a%20maze-1.webp) [Prospecting](https://news.planfees.com/tag/prospecting) ### [5 Common Prospecting Mistakes 401(k) Advisors Make](https://news.planfees.com/5-common-prospecting-mistakes-401k-advisors-make) Scouting for new clients is something most advisors do continuously throughout their careers. However, generating new business for your practice takes experience and finesse, and many advisors find themselves falling into a few common pitfalls. Here are five mistakes that could keep you from prospecting productively — and ways to avoid them. [Read More](https://news.planfees.com/5-common-prospecting-mistakes-401k-advisors-make) ![Drawn smiley face on a post-it note placed on a cereal bowl](https://news.planfees.com/hubfs/ERISA%20Suit%20Alleges%20Fortune%20500%20Firm%20Neglected%20Fiduciary%20Duty.webp) [ERISA,](https://news.planfees.com/tag/erisa) [Fees,](https://news.planfees.com/tag/fees) [Litigation](https://news.planfees.com/tag/litigation) ### [Fortune 500 Firm Neglected Fiduciary Duty](https://news.planfees.com/fortune-500-firm-neglected-fiduciary-duty) Food manufacturing powerhouse Kellogg was recently sued by a former employee, who alleges that the company failed to meet its fiduciary duty in administrating its 401(k) plan. The suit claims that, since at least 2016, Kellogg allowed excessive recordkeeping and managed account fees to accrue and did not take timely action to keep employee-covered fees reasonable. The lawsuit names the company, its board of directors and two separate committees that helped manage the company’s plan. [Read More](https://news.planfees.com/fortune-500-firm-neglected-fiduciary-duty) ![Judge with legal symbols around him](https://news.planfees.com/hubfs/Plan%20Fee%20Lawsuit%20Risks.webp) [Litigation](https://news.planfees.com/tag/litigation) ### [Plan Fee Lawsuit Risks](https://news.planfees.com/plan-fee-lawsuit-risks) Litigation over retirement plan fees has been on the rise in recent years. Since 2020, there have been more than 170 such suits, breaking previous records. And while these cases used to affect mostly larger plans, smaller plans with fewer assets have become targets of aggressive prosecutors. Defense costs for such cases often exceed several million dollars — with some lawyers insisting on retainers of up to $15 million. Settlements and damages awarded to plaintiffs can also easily reach the multimillion-dollar range. [Read More](https://news.planfees.com/plan-fee-lawsuit-risks) ![A levitating financial advisor helping their clients in a bear market](https://news.planfees.com/hubfs/Businessman%20levitates%20with%20data%20circulation%20concept.webp) [Fees,](https://news.planfees.com/tag/fees) [Market Volatility](https://news.planfees.com/tag/market-volatility) ### [Help Clients Take Control During Bear Markets](https://news.planfees.com/help-clients-take-control-during-bear-markets) As the U.S. struggles to navigate the current bear market, plan sponsors may feel there’s little they can do to help employees’ retirement savings weather the current economic storm. As a trusted advisor, many will look to you for guidance and reassurance. And while you can’t move markets (if you can, please let us know), this is a good time to encourage sponsors to focus on aspects of their plan they can exert greater control over. [Read More](https://news.planfees.com/help-clients-take-control-during-bear-markets) ![Business woman using tablet with cryptocurrency bitcoin](https://news.planfees.com/hubfs/Bitcoin%20Comes%20to%20Fidelity%20401(k)%20Plans.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Bitcoin Comes to Fidelity 401(k) Plans](https://news.planfees.com/bitcoin-comes-to-fidelity-401k-plans) Retirement powerhouse Fidelity recently announced that they will soon become the first major 401(k) provider to offer cryptocurrency to participants, allowing retirement investors to allocate as much as 20% of their contributions to Bitcoin as part of the core investment lineup. Many financial professionals and legislators, however, are advising extreme caution for sponsors and participants who choose to include Bitcoin in their 401(k)s. As one of the largest asset managers in the world, this move has the potential to impact 401(k) savers adversely should Bitcoin remain on its volatile path. [Read More](https://news.planfees.com/bitcoin-comes-to-fidelity-401k-plans) ![Why Add Retirement Plans to Your Practice](https://news.planfees.com/hubfs/Why%20Add%20Retirement%20Plans%20to%20Your%20Practice.webp) [Prospecting](https://news.planfees.com/tag/prospecting) ### [Level up Your Wealth Practice With Retirement Plan Consulting](https://news.planfees.com/level-up-your-wealth-practice-with-retirement-plan-consulting) You run a respectable wealth management practice with a hard-earned stable of clients, but you’d like to further expand your book of business. Over the years, you’ve found that retail investors can be slow to grow their portfolios — particularly during volatile markets. Plus, retention can be an ongoing struggle, and the availability of free trading platforms doesn’t help matters. You want to diversify your offering with business that’s more scalable, stable and tends to require fewer acquisitions before making an appreciable difference in your bottom line. [Read More](https://news.planfees.com/level-up-your-wealth-practice-with-retirement-plan-consulting) ![Close up image of business person holding shining key](https://news.planfees.com/hubfs/Are%20You%20Making%20These%20Prospecting%20Mistakes.webp) [Prospecting](https://news.planfees.com/tag/prospecting) ### [Are You Making These Prospecting Mistakes?](https://news.planfees.com/are-you-making-these-prospecting-mistakes) Prospecting can be an arduous, hit-or-miss task, with time-consuming campaigns often resulting in just a few bites — some might even compare the difficulty with panning for gold. Increase your odds of success and make your efforts more productive by avoiding these missteps. [Read More](https://news.planfees.com/are-you-making-these-prospecting-mistakes) ![Young businessman talking on the phone attempting to retain a client](https://news.planfees.com/hubfs/3%20Client%20Retention%20Strategies%20to%20Implement%20Now.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [3 Client Retention Strategies to Implement Now](https://news.planfees.com/three-client-retention-strategies-to-implement-now) It’s the scenario every advisor fears. A long-term client calls out of the blue. You think they’re just checking in, but when they mention how they’ve appreciated your work over the years, you begin to realize it’s a prelude to bad news. Then they drop the dreaded phrase, “We’ve decided to move in another direction …” And just like that, the client is gone. [Read More](https://news.planfees.com/three-client-retention-strategies-to-implement-now) ![A gavel ready to be used to when a decision is reached on retirement plan fees case](https://news.planfees.com/hubfs/SCOTUS%20Rules%20on%20Fee%20Case.webp) [Fees,](https://news.planfees.com/tag/fees) [Litigation](https://news.planfees.com/tag/litigation) ### [SCOTUS Hands Down Highly Anticipated Decision on Retirement Plan Fees Case](https://news.planfees.com/scotus-hands-down-highly-anticipated-decision-on-retirement-plan-fees-case) Over the last two years, approximately 150 ERISA lawsuits challenging purportedly excessive retirement plan fees have been filed in U.S. federal court. However, more than a dozen of those cases had been put on hold pending a recent Supreme Court case — Hughes v. Northwestern University — examining the plausibility of a breach of fiduciary duty claim by current and former university retirement plan participants. In January, SCOTUS delivered its opinion, ruling that the petitioners, originally dismissed by a district court and upheld by the U.S. Court of Appeals for the Seventh Circuit, did in fact plausibly state their claim. It vacated the Seventh Court ruling and remanded the case for further review. [Read More](https://news.planfees.com/scotus-hands-down-highly-anticipated-decision-on-retirement-plan-fees-case) ![Trends written in search bar](https://news.planfees.com/hubfs/Trends%20written%20in%20search%20bar.webp) [Fees,](https://news.planfees.com/tag/fees) [Litigation](https://news.planfees.com/tag/litigation) ### [Callan 2022 Report Forecasts a Continued Focus on Fees](https://news.planfees.com/callan-2022-report-forecasts-a-continued-focus-on-fees) For more than 15 years, institutional investment consulting firm Callan has released an annual survey designed to uncover industry trends and help sponsors gauge their retirement plan offering relative to others. And while the organization offers numerous insights in its 2022 Defined Contribution Trends Survey, responses from more than 100 sponsors revealed that maintaining a sharp focus on fees will be the top priority for plans in the coming year. [Read More](https://news.planfees.com/callan-2022-report-forecasts-a-continued-focus-on-fees) ![Business woman looking at keyhole with bright cityscape](https://news.planfees.com/hubfs/Take%20Your%20Retirement%20Plan%20Practice%20From%20Novice%20to%20Ninja.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Take Your Retirement Plan Practice From Novice to Ninja](https://news.planfees.com/take-your-retirement-plan-practice-from-novice-to-ninja) You may have started your career as a wealth manager and picked up a couple of small retirement plans along the way from clients who run businesses of their own. But now you want to expand your practice and begin servicing more — and larger — plans. Here are some tips to sharpen your sword as you train to be a retirement plan ninja. [Read More](https://news.planfees.com/take-your-retirement-plan-practice-from-novice-to-ninja) ![business documents on office table with smart phone, tablet, and financial graph](https://news.planfees.com/hubfs/PlanFees%20and%20RPAG%20Better%20Together.webp) [News](https://news.planfees.com/tag/news) ### [PlanFees and RPAG: Better Together](https://news.planfees.com/planfees-and-rpag-better-together) Isn’t it great when things work well together? Maybe it’s the way your desktop and mobile ecosystem synchronizes across all your devices and applications, simplifying and optimizing their utility. Or perhaps you have a service provider who thoroughly understands your business and integrates seamlessly with the organization. That kind of well-oiled, frictionless fusion can enhance productivity and make your life a whole lot easier. [Read More](https://news.planfees.com/planfees-and-rpag-better-together) ![Businessman setting himself apart utilizing PlanFees](https://news.planfees.com/hubfs/How%20to%20Set%20Yourself%20Apart%20in%20the%20401(k)%20Space.webp) [Prospecting](https://news.planfees.com/tag/prospecting) ### [How to Set Yourself Apart in the 401(k) Space](https://news.planfees.com/how-to-set-yourself-apart-in-the-401k-space) The retirement plan space is exciting, challenging and highly competitive. The rewards can be considerable, but it can also take significant effort to achieve and maintain them. One of the best strategies for doing just that is to clearly define your value proposition and differentiate yourself from the competition. Here are three ways to position your advisory offering to set yourself apart, build your professional brand and grow your book of business. [Read More](https://news.planfees.com/how-to-set-yourself-apart-in-the-401k-space) ![Wealth Manager Jumping To Retirement Plan Advisor](https://news.planfees.com/hubfs/Making%20the%20Jump%20From%20Wealth%20Management%20to%20Retirement%20Plan%20Advisor.webp) [PlanFees](https://news.planfees.com/tag/planfees) ### [Making the Jump From Wealth Management to Retirement Plan Advisor](https://news.planfees.com/making-the-jump-from-wealth-management-to-retirement-plan-advisor) You’ve built up a respectable wealth management practice over the years. And many of your clients are professionals who run companies of their own. One day, a business owner you advise approaches you about taking on their 401(k) plan and you’re intrigued. You’re excited to expand into this new and exciting practice area. You’ve always been passionate about helping clients achieve a successful retirement, and this is another way to do that. Yet there are ERISA compliance issues to contend with, participant education and engagement considerations and all your additional fiduciary duties — particularly when it comes to keeping fees reasonable and transparent. Didn’t you just read about another excessive fee lawsuit in the *Wall Street Journal*? [Read More](https://news.planfees.com/making-the-jump-from-wealth-management-to-retirement-plan-advisor) ![Client talking to advisor about fees](https://news.planfees.com/hubfs/Changing%20the%20Conversation.webp) [Fees](https://news.planfees.com/tag/fees) ### [PlanFees in Practice: Changing the Conversation](https://news.planfees.com/planfees-in-practice-changing-the-conversation) You already know PlanFees is an essential tool for benchmarking your fees when closing the deal with a new client — but the power of PlanFees can also help you retain those clients you’ve worked so hard to sign. Luke Vandermillen, New Business Development Associate at , PlanFees, loves collecting success stories from advisors across the nation. As a lead on the business development team, he’s always on the move with his ear to the ground, tapping into the real-life success stories he hears from retirement plan advisors across the U.S. [Read More](https://news.planfees.com/planfees-in-practice-changing-the-conversation) ![Productivity sign pointing to PlanFees](https://news.planfees.com/hubfs/Pump%20up%20Your%20Productivity%20in%202022%20With%20PlanFees.webp) [Financial Professionals](https://news.planfees.com/tag/financial-professionals) ### [Pump up Your Productivity in 2022 With PlanFees](https://news.planfees.com/pump-up-your-productivity-in-2022-with-planfees) The new year traditionally brings increased focus on goals and priority setting — as well as greater scrutiny on time management as a tool to help maximize those efforts. As a retirement plan advisor, you’re well aware of the many demands that compete for your time and attention including — but not limited to: [Read More](https://news.planfees.com/pump-up-your-productivity-in-2022-with-planfees) ![Retirement Plan Fees Spelled Out in Wooden Blocks](https://news.planfees.com/hubfs/Wooden%20Blocks%20with%20the%20text%20Fees.webp) [Fee Benchmarking](https://news.planfees.com/tag/fee-benchmarking) ### [Flip the Script on Retirement Plan Fees](https://news.planfees.com/flip-the-script-on-fees) A retirement plan advisor’s job is multifaceted and complex. And without the right information at your disposal, it’s challenging to communicate the breadth and depth of your services — especially compared to competing providers or for similar plans. But with Prism365, the newest PlanFees benchmarking module, retirement plan advisors can quickly, easily and accurately benchmark advisory fees. [Read More](https://news.planfees.com/flip-the-script-on-fees) ![The PlanFees Universe](https://news.planfees.com/hubfs/The%20PlanFees%20Universe.webp) [PlanFees](https://news.planfees.com/tag/planfees) ### [Welcome to the PlanFees Universe](https://news.planfees.com/welcome-to-the-planfees-universe) Many people wonder — how big is the universe? According to calculations, the furthest visible regions from Earth are about 46 billion light-years away, making the entire... [Read More](https://news.planfees.com/welcome-to-the-planfees-universe) ![Internal Revenue Service Building](https://news.planfees.com/hubfs/IRS%20Limits%20on%20Returement%20Benefits%20and%20Compensation%202021.webp) [ERISA](https://news.planfees.com/tag/erisa) ### [IRS Limits on Retirement Benefits and Compensation](https://news.planfees.com/irs-limits-retirement-benefits-and-compensation-ir-2021-216) As published in IRS News Release IR-2021-216, Nov. 4, 2021 [Read More](https://news.planfees.com/irs-limits-retirement-benefits-and-compensation-ir-2021-216) ![Retirement Plan Advisor using PlanFees and making dollar bills fall down](https://news.planfees.com/hubfs/Use%20Inbound%20Marketing%20to%20Build%20Your%20Book%20of%20Business.webp) ### [Use Inbound Marketing to Build Your Book of Business](https://news.planfees.com/use-inbound-marketing-to-build-your-book-of-business) Most retirement plan advisors are well-acquainted with typical outbound, outreach-based methods of generating leads, such as cold calling, traditional advertising and email. Inbound marketing, on the other hand, presents an alternative prospecting technique that can offer unique advantages and is highly scalable. [Read More](https://news.planfees.com/use-inbound-marketing-to-build-your-book-of-business) ![401(k) Advisors prospecting for new business via email marketing](https://news.planfees.com/hubfs/Effective%20Marketing%20Tactics%20for%20401(k)%20Advisors.webp) ### [Effective Marketing Tactics for 401(k) Advisors](https://news.planfees.com/effective-marketing-tactics-for-401k-advisors) Prospecting emails can play an important role in your marketing funnel as a retirement plan advisor. Other than your blog, email is the only marketing platform that you truly own (sorry Zuckerberg). It also helps that it’s inexpensive, easy to implement and readily allows for automation and integration into your CRM. Moreover, a thoughtful email campaign can help cultivate and strengthen your relationship with potential clients over time — or, it can have the opposite effect if you carpet-bomb their inbox or saddle them with spam. [Read More](https://news.planfees.com/effective-marketing-tactics-for-401k-advisors) ![PlanFees Prism](https://news.planfees.com/hubfs/GettyImages-154924180.jpg) ### [How to Warm up Retirement Plan Cold Calls](https://news.planfees.com/how-to-warm-up-retirement-plan-cold-calls) If you’re looking to grow your 401(k) book of business, cold calling is probably going to be an unavoidable part of your strategy. Here are tips to help turn a cold call into a warm lead or your next new client. [Read More](https://news.planfees.com/how-to-warm-up-retirement-plan-cold-calls) ![Woman Celebrating the launch of Prism365](https://news.planfees.com/hubfs/Advisor%20Compensation%20and%20Service%20Benchmarking%20Report.webp) [PlanFees,](https://news.planfees.com/tag/planfees) [Fee Benchmarking,](https://news.planfees.com/tag/fee-benchmarking) [Advisor Fee Benchmarking,](https://news.planfees.com/tag/advisor-fee-benchmarking) [Advisor Fee and Service Benchmarking](https://news.planfees.com/tag/advisor-fee-and-service-benchmarking) ### [PlanFees Launches Advisor Compensation and Service Benchmarking Report](https://news.planfees.com/planfees-launches-advisor-compensation-and-service-benchmarking-report) Orange County, CA – May 24, 2021 – PlanFees announced today the launch of a new benchmarking system, the Prism365 Advisor Fee and Services report. PlanFees is a retirement plan fee benchmarking FinTech platform empowering advisors and their plan sponsor clients to “benchmark better.” Since launching in 2020, retirement plan advisors have used PlanFees to benchmark over 30,000 plans, creating more reasonable fees for plan sponsors and enhancing outcomes for plan participants. The Prism365 report will help advisors justify their fees and services by creating accurate, on demand and revealing fee benchmarking reports in less than two minutes. [Read More](https://news.planfees.com/planfees-launches-advisor-compensation-and-service-benchmarking-report) ![PlanFees Prism survey results graphic](https://news.planfees.com/hubfs/Prism%20Survey%20Results.webp) [News,](https://news.planfees.com/tag/news) [PlanFees](https://news.planfees.com/tag/planfees) ### [PlanFees Prism365 Advisor Fee and Service Benchmarking Survey](https://news.planfees.com/prism365-survey) In an increasingly competitive retirement plan industry where sponsors focus as much on controlling costs as increasing service, retirement plan advisors are caught in a squeeze. Consequently, advisors need insights into optimal service deliverables and their frequencies.  [Read More](https://news.planfees.com/prism365-survey) ![PlanFees Logo highlighting the Prism and Prism365 platform](https://news.planfees.com/hubfs/PlanFees%20Launches%20Retirement%20Plan%20Fee%20Benchmarking%20Platform.webp) [News,](https://news.planfees.com/tag/news) [PlanFees,](https://news.planfees.com/tag/planfees) [Press Release](https://news.planfees.com/tag/press-release) ### [PlanFees Launches Retirement Plan Fee Benchmarking Platform](https://news.planfees.com/planfees-launches-retirement-plan-fee-benchmarking-platform) *New fintech platform invites retirement plan advisors and institutions to “Benchmark Better”* Orange County, CA – May 13, 2020 – PlanFees announced today the launch of a new fee benchmarking technology platform empowering retirement plan advisors and their plan sponsor clients to “benchmark better.”  [Read More](https://news.planfees.com/planfees-launches-retirement-plan-fee-benchmarking-platform) ![Meetings moved to a virtual setting](https://news.planfees.com/hubfs/Ready%20Your%20Response%20COVID.webp) [Insider](https://news.planfees.com/tag/insider) ### [Ready Your Response](https://news.planfees.com/ready-your-response) If it hasn’t started already, you’ll likely soon be inundated with questions and concerns about the market’s — and your firm’s — response to COVID-19. You may be contacted by plan sponsors, participants and coworkers en masse, all trying to figure out how to best navigate the crisis. [Read More](https://news.planfees.com/ready-your-response) ![A man reviewing traditional benchmarking methods ](https://news.planfees.com/hubfs/Limitations%20of%20Retirement%20Plan%20Benchmarking.webp) [Insider](https://news.planfees.com/tag/insider) ### [Limitations of Traditional Benchmarking Methods](https://news.planfees.com/limitations-of-traditional-benchmarking-methods) Live-bid benchmarking is a necessity for advisors who want to ensure they’re meeting their fiduciary obligations. But while traditional methods are necessary, they’re not sufficient to meet all the needs of today’s retirement plan advisor. [Read More](https://news.planfees.com/limitations-of-traditional-benchmarking-methods) ![Lady Justice - Litigation Risk](https://news.planfees.com/hubfs/Lady%20Justice%20-%20Litigation%20Risk.webp) [Insider,](https://news.planfees.com/tag/insider) [ERISA](https://news.planfees.com/tag/erisa) ### [401(k) Litigation Risk Likely to Increase with COVID-19](https://news.planfees.com/401k-litigation-risk-likely-to-increase-with-covid-19) Economic downturns aren’t good news for anyone, but for plan sponsors and fiduciaries, they can signal double trouble as the harbinger of looming litigation. After the financial meltdown of 2008, the number of 401(k) complaints filed under the Employee Retirement Income Security Act of 1974 (ERISA) spiked to a high of 107. The number of new lawsuits dwindled to just two filings in 2013 before rising again. Experts fear the COVID-19 crisis could spawn a rash of new class-action 401(k) lawsuits from participants unhappy with the present state of their investments. [Read More](https://news.planfees.com/401k-litigation-risk-likely-to-increase-with-covid-19) ![Chart showing hardships impact on retirement plan](https://news.planfees.com/hubfs/COVID-19%20Related%20Distributions.webp) [Insider](https://news.planfees.com/tag/insider) ### [Coronavirus-Related Distributions Offer Relief for Participants — and Possibilities for Misuse](https://news.planfees.com/coronavirus-related-distributions-offer-relief-for-participants-and-possibilities-for-misuse) As part of the CARES Act, plan sponsors can now offer coronavirus-related distributions (CRDs) as a means to offer participants greater access to their retirement funds and help deal with hardships associated with COVID-19. This option waives the 10% early withdrawal penalty for participants under age 59 1/2 for amounts up to $100,000 on 401(k)s or IRAs taken between January 1 and December 31st of 2020. [Read More](https://news.planfees.com/coronavirus-related-distributions-offer-relief-for-participants-and-possibilities-for-misuse) ![Graphic showing the benefit of PlanFees](https://news.planfees.com/hubfs/PlanFees%20Benefits.webp) [Insider,](https://news.planfees.com/tag/insider) [Fee Benchmarking](https://news.planfees.com/tag/fee-benchmarking) ### [The Value of a 2-Minute Benchmark](https://news.planfees.com/the-value-of-a-2-minute-benchmark) **Q: What Do All of These Have in Common?** [Read More](https://news.planfees.com/the-value-of-a-2-minute-benchmark) ![People discussing the CARES Act.](https://news.planfees.com/hubfs/CARES%20Act%20Update.webp) [Insider,](https://news.planfees.com/tag/insider) [ERISA](https://news.planfees.com/tag/erisa) ### [PlanFees CARES Act Update](https://news.planfees.com/cares-act-update) On March 27th, 2020 the Coronavirus Aid Relief and Economic Security (CARES) Act was signed into law. Watch our video below to learn more from industry-renowned ERISA attorney **Joel Shapiro, SVP, RPAG** about the impact of this new law on plan sponsors and participants. [Read More](https://news.planfees.com/cares-act-update) ![an employee staying in the workforce beyond their retirement date](https://news.planfees.com/hubfs/Live%20Long%20and%20Prosper.webp) [Insider,](https://news.planfees.com/tag/insider) [Retirement Plan](https://news.planfees.com/tag/retirement-plan) ### [Live Long and Prosper? A Tough Task for Sponsors](https://news.planfees.com/live-long-and-prosper-a-tough-task-for-sponsors) As we live longer, more employees are staying in the workforce beyond their anticipated retirement date, a trend that demographers expect to continue until near the end of this decade.1 While some workers voluntarily choose to continue working, for many, staying in the workforce is a necessity. When surveyed, 57% of finance executives said they believed delayed retirement was primarily due to inadequate savings, forcing employees to stay on the job past their desired retirement date.2 [Read More](https://news.planfees.com/live-long-and-prosper-a-tough-task-for-sponsors) ![Woman on the phone with clients](https://news.planfees.com/hubfs/An%20a%20call%20with%20clients.webp) [Insider](https://news.planfees.com/tag/insider) ### [Communicating With Clients During COVID-19](https://news.planfees.com/communicating-with-clients-during-covid-19) By now, you’ve heard the words “unprecedented,” “uncharted territory” and “uncertainty” enough to last a lifetime. The stock market has seen jaw-dropping volatility, but the American economy has faced seismic slowdowns, market downturns and uncertainty before. And it has always recovered. [Read More](https://news.planfees.com/communicating-with-clients-during-covid-19) ![Woman talking with client about plan fees](https://news.planfees.com/hubfs/Woman%20talking%20with%20client%20about%20plan%20fees.webp) [PlanFees](https://news.planfees.com/tag/planfees) ### [If You’re Not Talking About Your Client’s Plan Fees Someone Else Will](https://news.planfees.com/if-youre-not-talking-about-your-clients-plan-fees-someone-else-will) “If it ain’t broke, don’t fix it." "Let sleeping dogs lie.” “Leave well enough alone.” [Read More](https://news.planfees.com/if-youre-not-talking-about-your-clients-plan-fees-someone-else-will) ![People meeting to discuss retirement plan fees](https://news.planfees.com/hubfs/Accurate%2c%20On-Demand%2c%20Revealing.webp) [Advisor Fee and Service Benchmarking](https://news.planfees.com/tag/advisor-fee-and-service-benchmarking) ### [Accurate, On-Demand, Revealing — PlanFees](https://news.planfees.com/accurate-on-demand-revealing-planfees) As an advisor, you have a responsibility to ensure that your clients’ retirement plan fees are reasonable. And every 3 to 5 years, you dutifully take your plans out to market in a live-bid environment — not an insignificant task. But five years can be a long time, during which many things can change. And while you probably remember the results of that last live-bid benchmark, your clients may not. They might find themselves searching their memories to recall what their fees were and how they compared with similar plans. They may face questions from employees that they struggle to answer, and they may find themselves wondering if you’ve been staying on top of their plan fees since that last RFP. [Read More](https://news.planfees.com/accurate-on-demand-revealing-planfees) ![COVID19 Fiduciary Hot Topics](https://news.planfees.com/hubfs/COVID19%20Fiduciary%20Hot%20Topics.webp) [Insider](https://news.planfees.com/tag/insider) ### [Coronavirus Concerns for 401(k) Plans](https://news.planfees.com/coronavirus-concerns-for-401k-plans) When the herd is on the move, the natural instinct is to think, “Maybe I should be running with them.” But it’s hard to know if they’re headed for safety or over a cliff. The coronavirus outbreak has certainly had a historic and pronounced effect on markets, and the psychology of investors, but the length and severity of the current downturn is unclear. And that uncertainty is what underlies some of the market’s dramatic gyrations. As an advisor, you may have sponsors and participants who are worried that the COVID-19 pandemic will turn into a financial panic. [Read More](https://news.planfees.com/coronavirus-concerns-for-401k-plans) ![](https://news.planfees.com/hubfs/LinkedIn%20LinkImage%20copy.png) [Insider](https://news.planfees.com/tag/insider) ### [The PlanFees Prism™](https://news.planfees.com/the-planfees-prism) Think back to your high school physics class. If you’re reading this article, you’re most likely a retirement plan advisor and not a rocket engineer, so we’re guessing that you don’t remember that class very well. If you are a rocket engineer, we apologize. Also… *that’s awesome*! [Read More](https://news.planfees.com/the-planfees-prism) [Insider](https://news.planfees.com/tag/insider) ### [The Complex World of Retirement Plan Fees](https://news.planfees.com/the-complex-world-of-retirement-plan-fees) Whether you’re in the market for a new car, booking a hotel or benchmarking a retirement plan, price comparisons can be tricky business. Resort fees, dealer fees, convenience fees and more — it seems nearly every industry has a variety of clever pricing methods that can obscure relative value. As a consumer, this means you might occasionally pay a higher price for that oceanfront suite or new minivan. But as a fiduciary, failure to ensure that the fees plan sponsors and participants pay for their 401(k)s are reasonable can lead to costly lawsuits and hefty penalties. [Read More](https://news.planfees.com/the-complex-world-of-retirement-plan-fees) [Insider](https://news.planfees.com/tag/insider) ### [Benchmarking and Your Fiduciary Duty](https://news.planfees.com/benchmarking-and-your-fiduciary-duty) Over time, small changes can have a big impact — and not always in a good way. What would be the long-term health consequences of a daily doughnut or fast food lunch habit? Probably not anything you want. Likewise, years of excessive 401(k) fees can gradually erode the financial wellness of plan participants — definitely not the outcome they want. [Read More](https://news.planfees.com/benchmarking-and-your-fiduciary-duty) [Insider](https://news.planfees.com/tag/insider) ### [Are Your Plan Fees Due for a Checkup?](https://news.planfees.com/are-your-plan-fees-due-for-a-checkup) To stay in good health, you visit the doctor for an annual physical — before any worrisome symptoms arise. Similarly, when it comes to your 401(k), regular checkups can help screen for early warning signs that plan fees warrant greater scrutiny. [Read More](https://news.planfees.com/are-your-plan-fees-due-for-a-checkup) Cookie Settings