Orange County, CA – May 24, 2021 – PlanFees announced today the launch of a new benchmarking system, the Prism365 Advisor Fee and Services report. 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. The Prism365 report will help advisors justify their fees and services by creating accurate, on demand and revealing fee benchmarking reports in less than two minutes.
Advisor Fee and Service Benchmarking
As an advisor, you have a responsibility to ensure that your clients’ retirement plan fees are reasonable. And every 3 to 5 years, you dutifully take your plans out to market in a live-bid environment — not an insignificant task. But five years can be a long time, during which many things can change. And while you probably remember the results of that last live-bid benchmark, your clients may not. They might find themselves searching their memories to recall what their fees were and how they compared with similar plans. They may face questions from employees that they struggle to answer, and they may find themselves wondering if you’ve been staying on top of their plan fees since that last RFP.