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Whether it’s a streaming subscription you forgot to cancel or a coupon you let expire before you could use it, nobody likes to find out they could’ve paid less than they did. And while a forgotten Netflix account might rack up a few extra dollars each month, excessive retirement plan fees can put participants — and the plan sponsor — in jeopardy. One recent study shows that a staggering 80% of plans are paying higher fees than they should. 

As the confetti settles and the calendar flips to 2025, it’s the perfect time to set resolutions that truly make an impact — both in your personal life and your retirement plan practice. One resolution that should be on every advisor’s list is to benchmark better. Benchmarking is — or should be — more than just a compliance checkbox; it can be a powerful tool for attracting new prospects, retaining clients and delivering greater value for plan sponsors and participants. 

In an era where innovation drives every facet of business operations, even the most forward-thinking companies can face challenges when it comes to retirement plan fee diligence. NVIDIA, renowned for its groundbreaking advancements in artificial intelligence, recently settled a lawsuit alleging excessive fees in its 401(k) plan. The case underscores a crucial takeaway for plan sponsors: Actionable fee intelligence is an essential part of the fiduciary prudence necessary in today’s retirement plan landscape.

Boston College recently settled an ERISA suit, bringing to a close a two-year legal challenge over the management of its retirement plan. In 2022, two former employees alleged that the plan failed to meet fiduciary expectations, citing high fees and questionable investment options. Although the school denies any wrongdoing, the allegations highlight the increasing pressure on institutions to keep their retirement plans cost-effective and prudently managed. 

Building brand awareness is key for any retirement plan advisor. To stand out in a crowded marketplace, it’s crucial that advisors not only differentiate their offering but also create a connection with their target audience.

In the future, the way retirement plan advisors operate could look as different as a flying car does from a horse-drawn carriage. And while you might not be soaring through the skies to your next retirement plan committee meeting just yet, the landscape of retirement planning is evolving rapidly.

No matter how impressive your credentials, the foundation of every advisor-client relationship is trust. According to Edelman, a leader in the communications and public relations space, trust is a core pillar of business success. This is true for the largest multinational corporation down to a small firm or solopreneur.

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.

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.

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.