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In the evolving landscape of financial advisory services, PlanFees introduced a ground-breaking solution: RFP Express. This instant quoting tool, powered by RPAG technology, has reshaped how advisors manage and deliver services to plan sponsor clients, elevating the benchmarking process to unprecedented heights. Advisors can obtain quotes within minutes when requests meet predefined pricing criteria, and benefit from custom pricing within an astonishing one to two days — in stark contrast to the traditional weeks-long wait of live-bid benchmarking.

As a retirement plan advisor, you know small business clients can face unique challenges. With typically fewer resources to dedicate to managing retirement plans, they may rely even more heavily on your expertise and resources to guide them. For that reason, you need to be particularly mindful of efficiency — and equip yourself with the best tools available. Leveraging PlanFees’ suite of benchmarking solutions can help you provide a higher level of service without dedicating copious man-hours to help ensure clients’ plans stay competitive and compliant.

With the recent uptick in excessive fee lawsuits, it’s only natural to think of high fees as nothing but trouble for plans. After all, 401(k) fee litigation resulted in more than $150 million in corporate settlements between 2019 and 2022 alone. But while a certain degree of trepidation is warranted, don’t let fear obscure your ability to identify opportunities for improvement. 

The retirement plan industry is like a high-stakes chess game, and financial advisors need power moves to control the board and capture market share. In this competitive arena, staying ahead of the curve and offering value-added services can set you apart from the competition. In this blog post, we'll explore the key strategies and power moves that winning advisors use to thrive in the retirement plan industry.

The witching hour is fast approaching, as a full, blood red moon appears low on the horizon. Creatures of the night hunt for prey while you lie awake in bed, unable to sleep. Your mind races and your pulse quickens. You can’t get the image out of your head … the shadowy figures … the relentless pursuit … not settling for anything less than the utter destruction of your retirement plan. Suddenly, you hear a knock at the door. Please don’t let it be them! No, not the lawyers!

You’ve built up a respectable wealth management practice over the years. And many of your clients are professionals who run companies of their own. One day, a business owner you advise approaches you about taking on their 401(k) plan and you’re intrigued. You’re excited to expand into this new and exciting practice area. You’ve always been passionate about helping clients achieve a successful retirement, and this is another way to do that. Yet there are ERISA compliance issues to contend with, participant education and engagement considerations and all your additional fiduciary duties — particularly when it comes to keeping fees reasonable and transparent. Didn’t you just read about another excessive fee lawsuit in the Wall Street Journal?

Many people wonder — how big is the universe? According to calculations, the furthest visible regions from Earth are about 46 billion light-years away, making the entire...

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.

In an increasingly competitive retirement plan industry where sponsors focus as much on controlling costs as increasing service, retirement plan advisors are caught in a squeeze. Consequently, advisors need insights into optimal service deliverables and their frequencies. 

New fintech platform invites retirement plan advisors and institutions to “Benchmark Better”

Orange County, CA – May 13, 2020 – PlanFees announced today the launch of a new fee benchmarking technology platform empowering retirement plan advisors and their plan sponsor clients to “benchmark better.”