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When High Fees Present Opportunities

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. 

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Mastering the Retirement Plan Industry | Power Moves for Advisors

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.

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Fears, Fees and Fiduciaries

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!

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Wealth Manager Jumping To Retirement Plan Advisor

Making the Jump From Wealth Management to Retirement Plan Advisor

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?

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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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