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Tackling High Retirement Plan Fees

As a retirement plan advisor, one of the most critical parts of your job is ensuring reasonable plan fees. High fees can erode retirement savings and lead to legal entanglements if not properly managed. But having powerful and robust tools at your disposal can help you discharge your fiduciary duty more efficiently and effectively — as well as help provide actionable solutions.

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More Uses for Benchmarking Data

Harnessing the power of benchmarking can go far beyond simply helping to ensure retirement plan fees remain reasonable for plan participants. As an advisor, you can leverage benchmarking data in a number of ways to provide better, higher touch service to plan sponsor clients and propel the growth of your advisory practice. 

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Meeting Diverse Retirement Plan Challenges

When it comes to retirement plans, organizations of different sizes and types have unique requirements. A one-size-fits-all approach simply doesn't cut it. let's explore the importance of expanded advisory offerings and how they can address specific situations that organizations face. Whether it's navigating mergers and acquisitions, managing plan terminations, implementing non-traditional benefits, or ensuring robust financial wellness programming, a tailored advisory approach can make a world of difference.

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What Sets Top Retirement Plan Advisors Apart?

Adding retirement plan clients to your advisory practice can boost your assets under management with stickier investment dollars and open up lucrative new prospecting paths. But there are many pressures on today’s advisors. Plan sponsors want more from their RPAs, and this along with steeper competition has led advisors to broaden their scope of services to improve outcomes for organizations and participants. Additionally, fee compression and increased litigation require advisors to constantly keep a close eye on fees to win — and keep — business. Here are ways to set yourself apart from the pack.

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Landing Your First Big Plan

As the ink dries and you’re shaking hands with your new client, you’re ready to celebrate an important milestone in your advisory practice: your first big plan. But it’s important to be ready for some new challenges that come with this feather in your cap. Here’s how your work might differ with a large plan, and how you can prepare for the task ahead. 

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Build Your Practice With PlanFees & RPAG

In the highly competitive retirement plan advisory space, precision, efficiency and the ability to deliver value set elite advisors apart. PlanFees, powered by RPAG, has long been providing advisors with tools and technology that deliver critical market insights and innovative benchmarking solutions.

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Retirement Plan Fee FAQs

Retirement plan fees have garnered increased attention in recent years due in part to a growing number of lawsuits filed against employers. Since 2020, more than 170 excessive fee suits have been filed in the U.S., leading to tens of millions of dollars in settlements.

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Why Fees Matter More Than Ever

One of the primary duties of retirement plan advisors is to help ensure their clients’ fees remain reasonable. But between volatile markets, seismic shifts in American household finances, increased fee litigation and changes within the 401(k) industry itself, it’s become even more critical to keep a watchful eye on fees. 

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