It’s that time of year when it feels like ghouls and dark forces could be lurking around every corner, ready to strike. You think you’re safe, but are you really? Your heart pounds as you feel them getting closer and closer. It’s not … it can’t be … no, not HIGH PLAN FEES!!!
When it comes to retirement plans, organizations of different sizes and types have unique requirements. A one-size-fits-all approach simply doesn't cut it. let's explore the importance of expanded advisory offerings and how they can address specific situations that organizations face. Whether it's navigating mergers and acquisitions, managing plan terminations, implementing non-traditional benefits, or ensuring robust financial wellness programming, a tailored advisory approach can make a world of difference.
Adding retirement plan clients to your advisory practice can boost your assets under management with stickier investment dollars and open up lucrative new prospecting paths. But there are many pressures on today’s advisors. Plan sponsors want more from their RPAs, and this along with steeper competition has led advisors to broaden their scope of services to improve outcomes for organizations and participants. Additionally, fee compression and increased litigation require advisors to constantly keep a close eye on fees to win — and keep — business. Here are ways to set yourself apart from the pack.
As the ink dries and you’re shaking hands with your new client, you’re ready to celebrate an important milestone in your advisory practice: your first big plan. But it’s important to be ready for some new challenges that come with this feather in your cap. Here’s how your work might differ with a large plan, and how you can prepare for the task ahead.
In the highly competitive retirement plan advisory space, precision, efficiency and the ability to deliver value set elite advisors apart. PlanFees, powered by RPAG, has long been providing advisors with tools and technology that deliver critical market insights and innovative benchmarking solutions.
Acting in a fiduciary role can help you elevate your retirement plan practice and provide higher touch service to sponsors. Understanding the different types of fiduciaries, advantages of becoming one and tools available to address fiduciary responsibilities is key for advisors looking to expand their services — and grow their book.
5-in-1 tools, universal remotes, Swiss Army knives and smartwatches — we all appreciate gadgets that can do a multitude of tasks and make our lives easier. And we think that’s one reason you’ll love PlanFees’ latest offering, RFP Express.
Plan fiduciaries have many important responsibilities to uphold. And they must act solely in the interest of participants and their beneficiaries. To that end, they have to prudently manage investments, administer the plan properly, monitor service providers and much more.
According to PlanFees data, most advisors have a small staff of one to five employees. And with your team already performing intricate, three-to-five-year live-bid benchmarks, there may be little time left to conduct an annual benchmark on your other plans during off years.
Are you considering broadening your professional horizons in 2023? If you’re thinking about incorporating retirement plan advisory services into your offering, you probably have questions. And to provide a high level of service to your new plan sponsor clients, you may need to make some additions to your advisory toolkit: