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:
- ERISA compliance guidance.
- A robust financial wellness offering.
- Fast and accurate benchmarking tools.
- A fund evaluator.
- Prospecting solutions to grow your book of business.
Many advisors’ first retirement plan lands in their lap when one of their wealth clients who runs a business needs help. We wanted to give advisors better tools so they could feel more confident in their client and prospecting engagements. That’s why we developed three distinct and innovative benchmarking solutions.
Prism Total Fees Benchmarking analyzes recordkeeping, investment, administrative and advisory fees relative to similarly sized plans. By inputting just a handful of data points, or scanning a fee disclosure, you can get the job done in only two minutes.
Prism365 Advisor Fee and Services Benchmarking evaluates 15 core advisory services across five key performance areas. We developed the database by surveying over 1,000 advisory firms and gathering data from more than 20,000 plans — and service frequencies from more than 10,000 plans. The report tells you whether fees are low, average or high, and what percentage of advisors offer those services as part of their base fee or as an add on.
RFP Express is a convenient quoting tool that generates proposals from top service providers within 24 hours — and some instantly! Continue the fee conversation with clients and prospects with actionable and accurate information.
But we know you need more than benchmarking tools, and that’s why PlanFees is now powered by RPAG — a leading technology, training and retirement plan practice management platform with a wide range of solutions for advisors to manage and grow their book of business. If you’re serious about becoming a top retirement plan advisor, RPAG can help by providing:
- Access to former fiduciary practicing attorneys for assistance with ERISA compliance and governance issues.
- Sales and marketing support, including webinars, white papers and email marketing resources.
- Professional networking opportunities with in-person and live virtual events.
- Expert training conducted by a CFA-led investment team, ERISA experts and other senior retirement professionals.
RPAG and PlanFees are the perfect pairing to help you launch your retirement plan consultancy in the new year. Enjoy the many rewards of expanding your practice by becoming a 401(k) advisor. We’re here to help by giving you the tools you need to succeed.
For more information on becoming an RPAG member, Click Here and to become a PlanFees subscriber, Click Here. From everyone at PlanFees, we wish you happy holidays and a healthy — and prosperous — New Year!
