Think back to your high school physics class. If you’re reading this article, you’re most likely a retirement plan advisor and not a rocket engineer, so we’re guessing that you don’t remember that class very well. If you are a rocket engineer, we apologize. Also… that’s awesome!
So there was this guy in the 17th century named Isaac Newton, and he did a lot of really cool physics stuff like develop the theory of gravity and, well, invent physics. Stay with us – we have a point. Back before the internet, the automobile and electricity, Newton experimented with prisms to show how these neat angled glass pieces make light do really amazing things.
Newton showed how a prism could break light up into its component colors. White light hits the prism, and a spectacular rainbow of colors comes out the angled sides. Because we love science and Isaac Newton, we chose the prism as a symbol of what the PlanFees platform can do. We call our database and downloadable fee benchmarking report Prism™ since it acts as a “prism” for retirement plan fees.
Instead of creating a fabulous display of spectral colors, the PlanFees Prism™ benchmark breaks down the four main components of a retirement plan’s total fees: investment fees, recordkeeping fees, TPA/administrative fees and advisory/consulting fees. The report is also pretty colorful, so we got that going for us.
The PlanFees Prism™ benchmarking system is a subscription FinTech platform that’s super easy to use, helps you meet fiduciary responsibilities and enables your sales activities. And it will do more for your business than a little glass prism ever could.
Instead of a 17th century scientist, PlanFees was founded by a bunch of retirement plan nerds who collectively have zero Ph.D.’s in physics. What they do have is a plethora of experience and accolades amassed during long, illustrious careers as advisors, ERISA attorneys, portfolio managers, technologists, marketers and business leaders — and a passion for creating successful retirement plan outcomes for plan sponsors and participants.