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When delivering a finalist presentation, the key to winning new business lies beyond simply laying out facts and figures. What it requires first and foremost is a connection — an understanding of the sponsors’ point of view, their goals for the plan — and the needs of their employees. You need to make a meaningful connection between fees, investments and the essential services that will allow you to help a company achieve its strategic business objectives and deliver greater value to participants.

With PlanFees, tasks that used to take hours can be completed in minutes — and price quotes that used to take weeks can be generated in under 24 hours. That gives you a valuable opportunity to enhance your level of service and build your practice. Here are just a few things you can do with all the time you’ll save. 

If you’re still lingering on the platform, it’s time to depart on a high-speed journey to revolutionize your advisory practice. RFP Express, the game-changing tool for retirement plan advisors, has revolutionized the quoting process, making it simpler, faster and more efficient for busy advisors like you to get the information you need to improve plan outcomes. Here’s a quick reminder of its unparalleled benefits and some exciting updates you might have missed.

Broaching the topic of fees with plan sponsors is a data-fueled art. Transparent fee conversations can help build trust and contribute to a plan’s long-term success. As an advisor, your ability to broach fee discussions effectively — and with finesse — can elevate your practice and help you win new business. 

In yet another ERISA-related case, aerospace and defense technology firm L3Harris found itself in the crosshairs of an excessive fee lawsuit. Plaintiffs alleged that the retirement plan’s massive size should have given them the leverage to negotiate more competitive recordkeeping and administrative options, as well as lower fees. The company recently arrived at a settlement, though not before enduring a two-year legal battle. 

Like in basketball, as a retirement plan advisor, you have to coordinate with a team — a recordkeeper, TPA, HR, the plan sponsor and more — to achieve top performance for the participants counting on you. But to be a baller on the court, or as a retirement plan pro, you’ve got to be able to size up situations accurately in real time, pass critical information to sponsors and other members of the team and respond quickly to achieve top performance for your plan.

Benchmarking solutions like PlanFees Prism Total Fees Benchmarking, Prism365 and RFP Express help advisors offer fast, accurate and actionable fee insights to clients. These revolutionary tools deliver impressive results because they’re powered by RPAG, the premiere retirement plan practice management platform, with advisor members serving more than 120,000 plans and $1.5 trillion in assets under influence.

In the evolving landscape of financial advisory services, PlanFees introduced a ground-breaking solution: RFP Express. This instant quoting tool, powered by RPAG technology, has reshaped how advisors manage and deliver services to plan sponsor clients, elevating the benchmarking process to unprecedented heights. Advisors can obtain quotes within minutes when requests meet predefined pricing criteria, and benefit from custom pricing within an astonishing one to two days — in stark contrast to the traditional weeks-long wait of live-bid benchmarking.

On Valentine’s Day, it’s customary to express caring with a gift of chocolate and roses. But you may get some funny looks if you try that with plan sponsors. When demonstrating your commitment to clients, what you really want to offer them isn’t flowers or foil-wrapped bon bons — it’s fee transparency. That’s because trust is the cornerstone of most lasting relationships, even those steeped in fiduciary responsibility.

Yogi Berra could have called this one — an excessive fee lawsuit against Old Dominion Freight Line is the second such action taken against the transportation company in the span of just one year. The latest suit, filed Sept. 27, 2023, makes allegations similar to the previous case, which a federal judge had dismissed just weeks prior, citing lack of evidence. Plaintiffs accuse the company of opting for pricier share classes over more affordable share classes for the same investments.