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.
1) Provide 321 or 338 Fiduciary Services
One of the most significant power moves in the retirement plan industry is offering 321 or 338 fiduciary services. These services not only reduce liability for plan sponsors but also provide extra protection and guidance. By assuming some of the fiduciary responsibilities, you can give yourself a distinct advantage over advisors with a more basic offering. It demonstrates your commitment to the well-being of your clients and their employees.
2) Stay on Top of Regulatory Issues
The retirement plan industry is heavily regulated, and staying compliant is non-negotiable. Winning advisors stay on top of regulatory changes and help their clients navigate the evolving landscape. Assisting with the implementation of secure 2.0 provisions can help plans meet participant and sponsor objectives while mitigating risk. This proactive approach not only keeps your clients compliant but also builds trust and loyalty.
3) Leverage Fee Benchmarking Tools
Top advisors understand the importance of fee benchmarking. Robust fee benchmarking tools, like Prism Total Fees Benchmarking, enable you to accurately assess how a plan's fees stack up against similar plans. This information is invaluable when discussing fees with clients and prospects. It helps you demonstrate your commitment to transparency and ensure that your clients are getting a competitive deal.
4) Offer Higher-Touch Service
In the retirement plan industry, offering a higher-touch service can be a game-changer. Elite advisors use tools like Prism 365 to benchmark advisory services and frequencies across five key performance areas. This not only showcases your value to clients and prospects but also helps you tailor your services to their specific needs. It's all about providing a personalized and superior experience.
5) Get Instant Exclusive Pricing Scenarios
Gaining a competitive edge often comes down to speed. Advisors can now access instant exclusive pricing scenarios from the industry's top providers with tools like RFP Express. This means you can get quotes from trusted names and receive custom pricing in as little as 24 to 48 hours. It's a powerful tool for supporting plan sponsors and building your book of business efficiently.
6) Harness the Power of RPAG
RPAG is the Grand Master of professional practice management platforms in the retirement plan industry. It empowers advisors with fiduciary training, compliance and ERISA support, marketing, and business development tools. Additionally, it provides access to exclusive research and market insights to elevate your advisory services and deliver superior results. Top advisors turn to industry leaders like RPAG to win new business and stay ahead of the competition.
In the highly competitive retirement plan industry, your success hinges on your ability to make strategic power moves. By offering fiduciary services, staying informed about regulations, using fee benchmarking tools, providing high-touch service, accessing exclusive pricing scenarios, and partnering with industry leaders like RPAG, you can checkmate the competition and secure your place as a winning advisor.
So, it's your move. Benchmark better with plan fees and elevate your game in the retirement plan industry. Your clients and prospects will appreciate the expertise and value you bring to the table, and your advisory practice will thrive in this challenging and rewarding sector.
