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.
But what can I learn without a full live bid?
A live bid gives you the most complete, in-depth information, but it isn’t always practical. With Prism Total Fees Benchmarking, you can identify useful insights about overall fees and determine if a plan’s administrative, recordkeeping, investment and advisory fees register as low, average or high compared to similar plans. And taking only two minutes to complete based on just a handful of data points, you’ll be able to make a quick preliminary assessment to determine next steps.
How can this help me?
When you’re talking to a new prospect, sometimes it can be tough to find an opening. But if you ask, “When was the last time your advisor benchmarked your fees?” and they tell you that it’s been a while, you can offer a quick benchmark and demonstrate your value right away. Prism Total Fees Benchmarking allows you to document the higher level of service you can provide as an advisor. And giving a quick fee “temperature check” provides a greater degree of fiduciary oversight. It can also be useful when a plan undergoes significant changes. For example, if they’re suddenly sponsoring more plan participants, or managing more assets due to rapid growth, Prism Total Fees Benchmarking helps you keep up with the types of changes that can drive business decisions.
What if I need more?
Sometimes, however, more details are needed about fees than whether they’re low, average or high. RFP Express gives you access to actual quotes from leading providers to give clients rapid, real-world information. This innovative solution offers more actionable data than a quick fee checkup, but can still be completed quickly. Some providers have quotes available instantly, while others may take up to 24 hours. RFP Express is that “just right” intermediate step between a quick fee checkup and taking a plan out to bid.
The right tool for the job
What if you realize your longtime wealth management client needs an actual real-world quote to take the next step with you? Fortunately, with PlanFees, you can provide them that information the very next day with RFP Express. Having access to multiple tools means you’ll have more ways to better serve clients and prospects when it comes to analyzing fees. Don’t just check the box when it comes to benchmarking — choose the right tool for the job.
Benchmark better with PlanFees.