What's on Your Plan Sponsor Gift List

With all of the chaos surrounding the holidays, it can be hard to find our loved ones a gift they'll truly love. Fruit cakes, stress balls, and gift cards may seem like a good idea at first, but in the world of financial advisory it's the gifts of service throughout the year that truly matter. In order to ultimately strengthen relationships and pave the way for more successful financial outcomes, we will discuss ways in which advisors can go beyond the seasonal offerings and provide value to their clients.

The Gift of Ongoing Service

Although holiday gifts are nice, what clients will truly appreciate is the consistent service that will be provided year-round. Tailor your advisory offerings to meet the unique needs and goals of each plan sponsor. This can include fiduciary guidance, specialized participant education, custom plan design, and other services that demonstrate commitment to your clients' success.

Communication Is Key

Offering transparency, open communication, and regular updates is a key way to show clients that you value them. It's also important to build trust with clients; keeping plan sponsors informed about trends in the market, regulatory changes, and potential impacts on their plans, including fees, are all ways that can help with building trust. With this also comes importance of being readily accessible for any questions or concerns that may come to help reinforce your commitment to their financial well-being.

Fiduciary Duties | A Gift of Security

Helping plan sponsors understand and achieve their fiduciary duties is a valued service that can help avoid costly 401(k) penalties and lawsuits. Security is also a gift that all clients will appreciate and one that will provide significant long-term benefits that can be done easily by regularly performing risk assessments and suggesting mitigation strategies.

Benchmarking for Success

In order to reduce risks and improve plan performances advisors need to use clear and frequent benchmarking. Providing easy-to-understand fee checkups and occasionally reviewing fee structures ensures transparency and plan competitiveness. Prism Total Fees Benchmarking allows advisors to reassure clients that they are staying on top of their fees on a regular basis. And then they all lived happily

RFP Express | Real-Time Solutions

Advisors need to be prepared for the possibility of a plan's needs to rapidly change and be ready to adapt. RFP Express allows advisors to receive pricing in real time, getting quotes from top providers instantly and custom pricing within 24 hours. This level of service, beyond the traditional 3 to 5-day live bid benchmarks, sets advisors apart and demonstrates a commitment to delivering unmatched value.

Long-Term Partnership

Building a long-term partnership with clients is a commitment to a journey together, one that navigates the complexities of financial planning. This commitment is one of the more important gifts advisors can give, and it's one that continuously benefits clients every day.

In the world of financial advisory, the most meaningful gifts are not wrapped in festive paper but delivered through ongoing, tailored services. By benchmarking better, communicating effectively, and committing to long-term partnerships, advisors can ensure that their clients receive the gift of financial security and success all year. After all, in the world of client appreciation, there's no contest between a fruit cake and a well-crafted financial plan.