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.
With just a minimal amount of data, RFP Express gives advisors up-to-date, real quotes from top retirement plan providers to help keep fees low and provide higher-touch service to clients. These quotes are easier to generate and parse than a full live bid benchmark. Best of all, they’re available in 24 hours or less — and some even instantly! With features to help you build — and protect — your book of business, practically all that’s missing from this handy 5-in-1 tool is a can opener.
1. The Negotiator
If you’re taking a provider to the bargaining table, RFP Express can help you bring heat to your negotiations. With just a little information, you can get actual quotes from service providers as ammunition for your discussion. RFP Express helps to eliminate guesswork when it comes to clients’ retirement plan fees.
2. The Book Builder
RFP Express can give weight to your prospecting pitches and help build your book of business. And it works seamlessly with the entire PlanFees suite to help target prospects and convert them to clients. Prism365 Advisor Fee & Services Benchmarking’s quick fee overview can help you hook potential new clients, while fast provider quotes from RFP Express can help you reel them in. When you ask a prospect “When was the last time your fees were benchmarked?” and they can’t recall, you’ll always be prepared to provide them with fast and accurate information.
3. The Client Keeper
Just 19% of small-to-midsize business owners understand their retirement fees well, and many business owners don’t have the bandwidth or expertise to fully evaluate whether their fees are reasonable. RFP Express shows clients you’re going above and beyond to serve them, which can boost client retention. Keep sponsors happy with more frequent benchmarking than standard three- to five-year live bids, and demonstrate the value of sticking with your advisory services.
4. The Risk Reducer
More frequent benchmarking is a great way to help ensure you’re meeting your fiduciary duty to protect participants from excessive fees. And with RFP Express, you can give clients actionable information to help them make better decisions. Maintain a higher level of service and fiduciary oversight with less hassle — and easily tackle company and plan size changes by giving your clients more options.
5. The Plan Protector
A high level of fiduciary oversight doesn’t just help protect you — it also can create better plan outcomes for participants and plan sponsors by helping to ensure reasonable fees. RFP Express’ real-time quotes can be generated whenever you need them, and they can serve as an additional layer of protection in a comprehensive risk management strategy.
The 5-In-1 Fee Solution
With real-time quotes and actionable reports, RPF Express is the Swiss Army knife of benchmarking tools. Let PlanFees’ user-friendly, quick fee reporting system be your secret weapon to help build your professional practice.
Get on board RFP Express today!
Source: https://www.commonwealth.com/insights/the-value-of-benchmarking-a-retirement-plan
