Personalize Your Advisory Offering

Posted by PlanFees on Nov 13, 2023 8:32:02 AM

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. 

Here are just a few ways a plan’s advisory needs can vary, and ways to deliver more customized service along each one:

  • Tailored investment menus. Design a unique set of investment options that match the sponsor's employee demographics and investment philosophy.
  • Fee benchmarking. In minutes, you can offer a clear breakdown of investment, administrative, recordkeeping and advisory fees, ensuring greater transparency and clarity for the plan sponsor. Prism Total Fees Benchmarking lets you offer an annual benchmark in between live bids or whenever the situation warrants, redefining service standards for top advisors.
  • Fiduciary training. Provide individualized training sessions for plan sponsors on their fiduciary responsibilities.
  • Frequency of plan reviews. Participate in committee meetings to discuss performance, participant engagement and regulatory updates that directly affect the company.
  • Participant education. Design and deliver personalized employee financial education sessions based on the demographics of the company’s workforce. Offer individualized retirement readiness assessments.
  • Plan design consultation. Offer recommendations on plan design that align with employee demographics and organizational goals. Assist in creating or revising plan documentation tailored to sponsors’ specific needs.
  • Provider liaison. Act as an intermediary between the plan sponsor and third-party service providers, streamlining communications.
  • Custom reporting. Generate plan-specific reports highlighting key performance metrics, investment options and participant behavior.
  • Roth 401(k) guidance. Offer specific advice and analysis on the benefits and drawbacks of including a Roth 401(k) option.
  • Customized communications. Design plan-related communications, like newsletters or memos, specifically for the sponsor's employees.
  • Specialized services. Dive into niche areas, such as student loan repayment assistance or profit-sharing features, based on the organization’s goals and objectives.
  • Custom plan documentation. Assist in creating or revising plan documentation, summary plan descriptions and other essential documents in a manner tailored to the sponsor's specific needs.
  • Custom quotes. Obtaining custom pricing from top service providers within 24 hours is now possible with RFP Express — provide accurate pricing in real time when needed — and elevate your offering.

Benchmarking Matters Even More With a Custom Offering

Prism365 allows retirement plan advisors to benchmark 15 advisory services across five key performance areas. Whether it’s the frequency of benchmarking or services, fiduciary training or financial wellness programming, demonstrating the value of your ability to cater to a plan’s unique objectives fosters deeper trust, fortifies existing client relationships and can help you establish new ones. Prism365 lets you input all the customized services you offer so clients and prospects can better understand the value you bring to their plan.

Embracing Customization in the Defined Contribution Arena

Gone are the days of one-size-fits-all strategies for 401(k) advisors. The PlanFees suite of groundbreaking benchmarking tools is an indispensable resource for advisors championing a personalized, client-centric approach that seeks alignment with each of their individual plan’s objectives. By deploying PlanFees’ powerful benchmarking technology, advisors can deftly identify, analyze and cater to the needs of their individual clients’ needs, optimizing performance on a plan-by-plan basis — and enhancing both client retention and satisfaction.

Topics: Fees