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.
This can cause an advisor to miss out on valuable opportunities to seek out lower fees. You’re well aware of the risk to a plan and its fiduciaries when excessive fees are allowed to remain in place. PlanFees understands advisors — and knows the time and other pressures they face. That’s why we developed a suite of fast and accurate benchmarking tools to assist them in providing a higher level of service.
Get Tactical With Our Trio of Benchmarking Tools
Prism Total Fees Benchmarking analyzes investment, recordkeeping, administrative and advisory fees in only two minutes, with just a handful of data points. You can even scan a fee disclosure on your mobile device while traveling to a client meeting to generate a quick report.
Our data shows compensation models are moving away from commission-only, and toward fee-for-service. And that means justifying fees relative to the level and frequency of services provided is becoming even more important in the marketplace. This is why we developed Prism365 Advisor Fee & Services Benchmarking.
Prism365 examines 15 core advisory services across five key performance areas. Developed by surveying over 1,000 advisory firms and gathering advisor fee data from more than 20,000 plans and service frequencies from more than 10,000 plans, Prism365 provides an accurate and reliable benchmark of advisory services. You’ll also see what percentage of advisors charge those services as part of their base fee or as an add-on.
Advisors tell us that sometimes they’d like to obtain service provider proposals, but don’t have the weeks required to generate them via a live-bid process — and that their clients wouldn’t have time to digest those reports on an interim basis anyway. So we developed RFP Express, our latest offering, which provides real quotes from top providers within 24 hours — and some with just one click. When averages simply aren’t enough, you can get your hands on real quotes for your clients and prospects to continue the fee conversation with accurate and actionable information.
Keep All Your Plates Spinning
What all PlanFees tools have in common is the valuable time they can save you and your staff. We know your schedule is busy and time is scarce. Between attending meetings, working with participants and overseeing investment performance — not to mention prospecting to build your book of business — you’ve got a lot of plates to keep spinning. Our goal is to provide rapid and revealing benchmarking tools that busy advisors like you can use on-demand whenever and wherever you need them.
Join the ranks of successful retirement plan advisors across the U.S. who are leveraging the power of PlanFees to boost their productivity, create better outcomes for their plan sponsor clients and build their book of business.
Benchmark better with PlanFees.
