Adding retirement plan clients to your advisory practice can boost your assets under management with stickier investment dollars and open up lucrative new prospecting paths. But there are many pressures on today’s advisors. Plan sponsors want more from their RPAs, and this along with steeper competition has led advisors to broaden their scope of services to improve outcomes for organizations and participants. Additionally, fee compression and increased litigation require advisors to constantly keep a close eye on fees to win — and keep — business. Here are ways to set yourself apart from the pack.
Fiduciary services. Up your game by providing fiduciary services to help reduce liability for plan sponsors. Whether you act as a 3(38) fiduciary or a 3(21) co-fiduciary, the extra protection and guidance you offer will provide an advantage over advisors with a more bare-bones offering.
Regulatory compliance. Stay abreast of regulatory issues to help keep your clients compliant and mitigate risk. This will involve monitoring updates and new guidance issued by regulatory bodies such as the Department of Labor, Securities and Exchange Commission, and Internal Revenue Service. Assisting with the implementation of SECURE 2.0 provisions can also help plans meet more participant and sponsor objectives.
Financial wellness. Top advisors can differentiate themselves by offering comprehensive financial wellness programming that addresses participants’ broader financial needs, including budgeting, debt management and savings outside of retirement accounts. By helping employees improve their overall financial well-being with a more holistic approach, advisors can enhance participant outcomes, increase plan engagement and help plan sponsors attract and retain top talent.
Robust benchmarking tools. Top advisors leverage powerful fee benchmarking tools. In just two minutes, Prism Total Fees Benchmarking lets you accurately assess how a plan’s investment, administrative, recordkeeping and advisory fees stack up against those of similar plans. This allows you to perform more frequent fee check-ups for your clients — and prospect new ones by offering a quick-and-easy fee evaluation.
High-touch service. Elite advisors offer higher touch client service. That can mean offering a broader range of services or upping the frequency of the services you already provide. Use Prism365 to benchmark 15 advisory services and frequencies across five key performance areas to document your value to clients — and prospects.
Fast and accurate quotes. Gain a competitive edge with access to instant, exclusive pricing scenarios from top industry providers. You can get fast, accurate quotes from names you know and trust with RFP Express. Plus, receive custom pricing in 24 to 48 hours to provide a higher level of service and build your book. With the right tools, you can be even more responsive to your clients’ needs.
Professional practice management. RPAG stands apart among professional practice management resource providers. Its robust platform empowers elite advisors with fiduciary training, industry-leading expertise, research and insights, compliance and ERISA support, marketing and business development solutions — as well as access to custom TDFs and exclusive CITs to elevate their advisory services and deliver superior results.
An Evolving Relationship
Top advisors understand their clients’ unique organizational goals, challenges and aspirations, and they align their retirement plan strategies — and advisory offering — accordingly. They proactively seek opportunities to add value, whether by implementing innovative plan design features, providing tailored financial wellness programs or offering creative investment solutions. By going above and beyond the expected, you can elevate your role beyond that of a service provider to a strategic ally by driving tangible results for your clients’ long-term success.
