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Fee Benchmarking

Hand pointing at a checkbox

Don’t Practice “Check the Box” Benchmarking

You’re a successful financial pro with a growing practice, but always on the lookout for ways to build your book of business. One day, a longtime wealth management client says they’re concerned about the fees for the retirement plan they sponsor at their growing medical practice. This situation offers a great opportunity to pick up their 401(k) — and potentially the personal accounts of the doctors and staff. You’d love to be able to offer a fast benchmark, but a live bid would take too long — and it’s not what’s called for in this prospecting scenario. But now, advisors have more benchmarking options that allow them to choose the right tool for each client situation. With PlanFees, you can move beyond “check-the-box” benchmarking to a more targeted, strategic and effective approach.

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Retirement Plan Fees Spelled Out in Wooden Blocks

Flip the Script on Retirement Plan Fees

A retirement plan advisor’s job is multifaceted and complex. And without the right information at your disposal, it’s challenging to communicate the breadth and depth of your services — especially compared to competing providers or for similar plans. But with Prism365, the newest PlanFees benchmarking module, retirement plan advisors can quickly, easily and accurately benchmark advisory fees.

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Woman Celebrating the launch of Prism365

PlanFees Launches Advisor Compensation and Service Benchmarking Report

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.

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