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.
Prism Total Fees: A Two-Minute Fee Checkup
Whether annually or warranted, it is crucial for advisors to conduct regular fee checkups. Prism Total Fees makes this process much easier by allowing advisors to perform fee checkups in about two minutes. This tool allows advisors to quickly reveal if PlanFees are higher than those of other comparable plans, offering a valuable benchmark for evaluation.
Uncovering the Source of High Fees
It's necessary to understand and lock down on the underlying reasons if high fees are detected. For example, adding new services or investment options may justify increased fees for a given plan. By using Prism Total Fees advisors can take a more complex strategy to fee management to assist with the details analysis.
RFP Express: Empowering Negotiations and Building Relationships
RFP Express is a powerful tool that helps advisors generate instant quotes from service providers. Advisors may also gain personalized pricing in less than a day, which gives them the power to negotiate for reduced costs or more services. This tool also makes it easier to connect with new service providers, adding to the advisor's toolkit for fee management.
Maintaining Clear Documentation: Building Trust and Mitigating Legal Risks
In order to gain the trust of plan sponsors and participants, it's essential to have clear documentation of the fee management procedure. An open record becomes a valuable asset in the event of litigation. Advisors can track, analyze, and document their fee management efforts easily thanks to Prism Total Fees, which provides a comprehensive solution.
Transparent Communication: Fostering Trust in Plan Management
In order to build trust in the plan and its management, advisors should use Prism Total Fees to communicate clearly with plan sponsors and participants. It's important to communicate openly about the reasons behind increased fees as well as the steps being taken to address them.
Benchmarking for a Secure Financial Future
Monitoring, recording, analysis, repairs, and detection are all part of the continuous process of managing fees. By offering sponsors exceptional customer service by applying user-friendly benchmarking tools from Prism Total Fees, advisors can help protect plan participants' financial futures.
Using the right tools and techniques is essential for handling retirement plan fees, which can be a commitment. Advisors can effectively manage fees by using Prism Total Fees and RFP Express, which allows them to carry out thorough checks, comprehensive analyses, and open lines of communication. Advisors can make a long-term financial contribution to plan participants' well-being and promote trust with sponsors by improving benchmarking with plan fees.
