Keeping fees reasonable is a top concern for retirement plan sponsors. Rapid and accurate fee benchmarking is one of the best ways to help make sure clients aren’t paying excessive fees — and it can serve as a valuable prospecting tool to build your book of business.
Detailed live-bid benchmarks are complex and might not be worth the time and effort in all situations. Advisors frequently need access to fast, detailed information to present to clients and prospects. PlanFees has been working behind the scenes to solve this problem by creating a robust tool that generates instant price quotes from leading retirement plan providers — in a fraction of the time required for traditional benchmarking.
A “Just Right” Solution
PlanFees Prism has been helping advisors keep retirement plan fees in check with an accurate, two-minute benchmark of comparable plans to offer clients a quick fee checkup. Plus, our PlanFees Prism 365 tool can be used as a convenient conversation starter with prospects by adding service frequency benchmarking to the mix, enabling advisors to further document and demonstrate their value.
Economic factors and conditions within organizations can change a lot between customary three- to five-year benchmarks, as can pricing from plan providers. The newest tool in our benchmarking toolkit, RFP Express, lets advisors furnish clients and prospects with detailed quotes from top plan providers either instantly or within 24 hours. You’ll be able to quickly offer clients and prospects real-world price quotes from leading providers — like Fidelity and Vanguard — to help them take actionable next steps.
Leveling the Playing Field
RFP Express is an instant quoting tool that provides clients with the pricing information they need quickly — and demonstrates your ability to help them keep fees reasonable. It will help take your prospecting conversations to the next level and offer faster, more responsive and detailed insights.
Cut down on time needed to collect important data to answer client questions about services and pricing with the kind of specific estimates that large firms have access to — but many independent advisors don’t. You’ll be able to submit unlimited reports for one low fee. And if you already subscribe to the PlanFees bundle, you’ll get access to RFP Express at no additional charge.
Get on Board
We’re excited to roll out this new offering that we know will be a game changer for advisors just like you. RFP Express is coming soon to help you fast-track the success of your retirement plan practice.
