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.
Starting a Conversation
When a plan sponsor is still in the early stages of evaluating their options, pushing for a full review might feel premature. But a branded Prism benchmarking report is an easy conversation starter. By sharing a clear, visual breakdown of total plan fees — including investment, recordkeeping, administrative, and advisory components — compared to those of similar plans, you can set yourself apart by providing valuable insights without sales pressure.
PlanFees’ data visualizations are especially effective: streamlined, easy to digest, and impactful. That simplicity makes it easier to jump into a productive conversation without having to pull out an old-school, cumbersome spreadsheet. And because reports can be generated in under two minutes, wherever you are, you’re better positioned to capitalize on real-world opportunities, whether you’re at a conference, meeting someone for coffee, or following up after a casual introduction. It’s a fast, convenient way to start the conversation and give prospects a valuable takeaway, enhanced with your own branding to reinforce your credibility.
From Awareness to Interest
Whether a benchmarking report reveals high fees or shows the plan is in line with similar plans, there’s always a productive direction to take a prospecting conversation. If fees are higher than expected, it’s a chance to explore where adjustments could be made and how you can help. If the fees are average or lower, that’s an opportunity to ask: What are those fees delivering? Are the sponsor and participants getting all the support and services they need? Could your advisory offering help improve plan outcomes?
Plan Fees’ innovative suite of benchmarking tools allows you to adopt a more consultative sales approach, one that’s rooted in insight, not pressure. By offering useful analysis and asking thoughtful questions, you can nurture leads by helping the sponsor uncover needs they may not have fully considered, so you can build trust by delivering real value.
Making Your Way Down the Sales Funnel
As a prospect moves down the sales funnel, Prism can open the door to more advanced tools that reinforce your value as an advisor. If the benchmarking report reveals an opportunity to explore better provider options, RFP Express, powered by RPAG, lets you quickly gather real-time pricing and service proposals from leading recordkeepers, without a drawn-out, formal RFP process.
As you get closer to the point of decision and begin outlining your advisory services, Prism365 can help you highlight what sets your offering apart. It allows you to benchmark your advisory services along with their frequency, from meeting cadence to participant support, against industry norms. Melody Ravanipour, Marketing Specialist at RPAG, notes, “By integrating PlanFees’ powerful benchmarking and reporting tools into their sales funnel, retirement plan advisors can sharpen their competitive edge as well as establish trust, build credibility, and convert more prospects into clients.”
Whether you’re just starting a conversation or helping a prospect cross the finish line, the right tools can make all the difference. Benchmark better, and build your book with PlanFees.
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