PlanFees - A better way to benchmark

Accurate. On Demand. Revealing.

The U.S. Department of Labor requires plan sponsors to collect, analyze and benchmark service provider costs on a periodic basis. The prevalence of class action lawsuits surrounding excessive fees continues to put the spotlight on retirement plan fees. By providing fee benchmarking services to clients and prospects on an annual basis, advisors can strengthen relationships and deliver a crucial component of any sound fiduciary process. PlanFees makes the task of benchmarking both total plan fees and advisors fees and services easier and more cost efficient, allowing advisors to spend more time and resource on valuable business development activities.

PlanFees is a retirement plan fee benchmarking FinTech platform empowering advisors and their plan sponsor clients to “benchmark better.” Since launching in 2020, retirement plan advisors have used PlanFees to benchmark over 30,000 plans, creating more reasonable fees for plan sponsors and enhancing outcomes for plan participants. Our newest benchmarking module, called the Prism365 Advisor Fee and Services report,  helps advisors justify their fees and services by creating accurate, on demand and revealing fee benchmarking reports in less than two minutes.

The PlanFees benchmarking universe uses robust, diverse, and verified data aggregated from tens of thousands of live-bid pricing proposals from the industry’s leading advisors, recordkeepers, TPAs, and investment managers. PlanFees users can create custom benchmarking reports, tailored to a plan’s type, plan assets, and number of participants. To develop the Prism365 advisor fee and service benchmarking database, more than 400 advisors were surveyed on the delivery and frequency of fifteen essential fiduciary services, such as investment menu selection, 3(21) and 3(38) services, provider selection, employee education, as well as financial wellness.

“Over the past year, hundreds of advisors have leveraged PlanFees to make the task of benchmarking plans easier,” said Jesse Taylor, co-founder and Vice President for PlanFees. “One of the biggest challenges that advisors face is justifying their fees based on the services package and frequency of those services. With the PlanFees Prism365 report, advisors now show that their fees and services are in line with the market or even better than their peers. And just like our original benchmarking report, the Prsm365 report only takes only two minutes to produce, saving you time in the process.”

To learn more about the PlanFees benchmarking platform and the Prism 365 report, use the form on this page to request a free PlanFees Prism 365 Benchmarking report.

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