Take Your Retirement Plan Practice From Novice to Ninja

Posted by PlanFees on Mar 28, 2022 7:54:00 AM

You may have started your career as a wealth manager and picked up a couple of small retirement plans along the way from clients who run businesses of their own. But now you want to expand your practice and begin servicing more — and larger — plans. Here are some tips to sharpen your sword as you train to be a retirement plan ninja.

  1. Become a ferocious fee fighter. Keeping fees reasonable is a top priority for most organizations, especially those with larger plans. PlanFees offers an easy and affordable way to benchmark fees in between the customary three- to five-year live-bid intervals. In under two minutes and by entering just a handful of data points, you can benchmark investment, recordkeeping, administration and advisory fees annually or whenever you feel there’s a need, helping you scale your practice efficiently in this critical area.


  1. Unleash your inner financial wellness warrior. A robust, comprehensive financial wellness program has become a necessary component for companies looking to attract and retain top talent. So, if you want to compete effectively for their retirement plan business, you need an offering to match their recruitment ambitions. WellCents is a data-driven, holistic solution for organizations of all sizes that allows you to customize your financial wellness programming to help boost utilization rates and promote better outcomes for plan sponsors and participants.


  1. Target specialized tools, technology and training. What’s even more fierce than a ninja? How about a whole team of ninjas fighting by your side. With RPAG, you have just that — a team of experts at your disposal to help guide and assist you at every phase of client acquisition and service. You’ll have a suite of cutting-edge tech tools as well as a dedicated RPAG service specialist who’ll provide you with an annual in-depth, personalized practice management evaluation and detailed action plan to help scale your business.


  1. Elevate your ERISA skill set. ERISA compliance will be a central component of your work as a retirement plan specialist. So, you’ll need the right expertise and resources to help navigate this sometimes complex and evolving landscape. As an RPAG member, you’ll have access to live RPAG advisor training conducted by a CFA®-led investment team, ERISA experts and senior retirement consultants.


  1. Add powerful weapons to your prospecting arsenal. Use the PlanFees365 Advisor Fee and Services benchmarking module as a convenient conversation starter with prospective clients. The Prism365 database is based on survey data from a wide cross-section of more than 1,500 advisors across the U.S., reflecting the delivery and frequency of 15 essential fiduciary services. This robust tool lets you paint a comprehensive picture of the scope and breadth of your offering as well as demonstrate and document your value as you battle to win business in a highly competitive market.


Determined, disciplined, nimble, prepared and agile —sharpen your skills like a well-trained warrior to reap the rewards of a successful and lucrative retirement plan practice. PlanFees and RPAG can help you get there.

Topics: Financial Professionals