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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.

As the new year unfolds, it brings with it exciting opportunities for renewal and change. And retirement plan advisors are no exception to this season of transformation. Here are a few resolutions that can help guide your professional practice to new heights in 2024. 

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.

As the year draws to a close, our minds turn to the tangible tokens of appreciation we often give our clients. But once the fruitcake is long gone and the holiday festivities fade into memory, the enduring needs of retirement plan clients remain. And that’s when an advisor’s true value really comes to the fore. Because it’s the ongoing, intangible gifts of exceptional service that resonate throughout the year and help lay the foundation for long-lasting partnerships — and more successful retirement plan outcomes.

Ensuring that PlanFees are reasonable is one of the most important responsibilities as a retirement plan advisor. Excessive fees can negatively impact retirement savings, impacting plan performance and possibly resulting in legal issues. Having reliable tools at your fingertips is essential for executing your fiduciary duty in an efficient and effective manner. We will go over how advisors can be supported by Prism Total Fees and RFP Express to perform fast fee audits, identify the underlying causes of excessive fees, and implement practical measures to control and openly discuss fees.

As a retirement plan advisor, you know small business clients can face unique challenges. With typically fewer resources to dedicate to managing retirement plans, they may rely even more heavily on your expertise and resources to guide them. For that reason, you need to be particularly mindful of efficiency — and equip yourself with the best tools available. Leveraging PlanFees’ suite of benchmarking solutions can help you provide a higher level of service without dedicating copious man-hours to help ensure clients’ plans stay competitive and compliant.

With the new year approaching, significant shifts within the financial industry are set to impact tax strategies and retirement planning. The IRS has introduced multiple adjustments, from increased contribution limits to expanded income ranges, shaping the financial terrain for the coming year. Let's delve into the highlights of these changes and explore their potential implications for your financial decisions.

In the continually evolving retirement plan space, tailoring your advisory services to the specific needs of plan sponsors can distinguish you in a competitive field. Every plan is influenced by a plethora of factors, all of which can dictate both its requisite advisory services and fees charged. Offering a personalized touch is non-negotiable for advisors who want to grow their book. 

The artificial intelligence (AI) boom has led to a lot of attention for NVIDIA, the Silicon Valley-based chipmaker of choice for AI computing. But it’s not just the company’s groundbreaking products that have been in the spotlight — NVIDIA also recently made headlines as the named defendant in a 401(k) lawsuit. The ongoing case underscores the continuing legal perils faced by retirement plans, demonstrating that even companies renowned for their prowess in intelligent computing can find themselves unable to outsmart ERISA challenges. 

It's that time of year again when, dark forces are looming and the ghouls and goblins are hiding in every corner waiting to strike. You may be safe... but your heart begins to beat faster as you feel them getting closer. But it's not the monsters; it's the high fees haunting your retirement plan. High fees can be the fuel of nightmares, complete with the threat of losing clients and the horrors of litigation for advisors. Luckily, there is a way to make your high fee fears to vanish before your client's very eyes like a shadowy figure disappearing into the night... Plan Fees.