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.
Increase Your Fiduciary Oversight
One significant move that you can make as an advisor is to expand your offering to include essential fiduciary services. As a 3(38) fiduciary, you obtain discretionary control over plan investments, which empowers you to construct custom portfolios, select and monitor investment options and proactively replace underperforming funds. This shift not only positions you as a more proactive force in the retirement plans you service but can also help clients mitigate risk by relieving them of substantial fiduciary burdens.
Offer Customized Financial Wellness Programming
Addressing a business’s unique organizational challenges and participant needs is paramount. Consider implementing a prescriptive and holistic financial wellness program that caters to the nuances of your client’s employee demographics. Offer informative articles, videos, infographics and in-person learning opportunities to empower participants with the knowledge to help them make better informed decisions regarding their retirement planning and overall financial health.
Document Your Value With Prism365
With Prism365, you can benchmark 15 advisory services across five key performance areas, with the flexibility to include custom services unique to your practice. This tool enables you to demonstrate the tangible value you bring to the plans you service, an essential aspect of improving client relationships and enhancing business growth. You can also use the tool to up your prospecting game to stand out from advisors with more bare-bones offerings.
Streamline Service With RFP Express
RFP Express is a leading innovator in the RFP space, and we’re setting a new industry standard for service quality. Get real quotes from top recordkeepers instantly — and custom pricing in 24 hours — while offering an unparalleled level of service in between customary three-to-five year, live-bid benchmarks. With RFP Express, you’re better prepared to respond to the evolving needs of plan sponsors on a moment’s notice. This revolutionary platform offers a benefit for sponsors who must navigate fast-paced changes in their industries. And now, you have the ability to request completely open architecture quotes, so you'll have access to the most transparent pricing available from recordkeepers.
Resolve to Benchmark Better With PlanFees
PlanFees tools can elevate your level of service and help position you as a forward-thinking advisor, ready to tackle whatever challenges your plan sponsors bring. In 2024, make a resolution to partner with your clients on a shared professional journey to produce the best plan outcomes possible for sponsors, participants and beneficiaries.
