In this digital session, we launch into the revolutionary world of PlanFees, a FinTech platform that has been empowering advisors and plan sponsor clients since its launch in 2020. With a mission to "benchmark better," PlanFees has successfully benchmarked over 30,000 retirement plans, creating more reasonable fees for sponsors and enhancing outcomes for participants. The spotlight of our discussion is on our benchmarking module, the Prism365 Advisor Fee and Services Report. This cutting-edge tool enables advisors to justify their fees and services by generating accurate, on-demand benchmarking reports in less than two minutes.
The PlanFees benchmarking universe relies on robust, diverse, and verified data aggregated from tens of thousands of live-bid pricing proposals from industry leaders. Users can customize reports based on plan type, assets, and participants, ensuring tailored insights. Additionally, we explore the Prism365 advisor fee and service benchmarking database, developed through surveys involving more than 400 advisors and covering essential fiduciary services. As a bonus, we introduce RFP Express, a tool that provides instant quotes from top recordkeepers. Join us for a session filled with insights, practical applications, and success stories, and discover how Prism365, along with RFP Express, can elevate your advisor excellence to new heights.
When PlanFees was first created, it began with the Prism Report which is a total fee benchmarking platform. Over time, the suite has expanded to include benchmarking of advisory services and a live bid analysis through RFP Express.
By breaking down and comparing total plan fees as well as advisory fees and services to a robust database, our clear and easy-to-digest format helps reveal areas of fiduciary concern and help clients make better business decisions.
Included within this suite of tools is the Prism 365 Report; which is a supplemental report focusing specifically on advisory fees and the services provided by advisors. It benchmarks the frequency of certain services and allows advisors to compare their service models internally and against industry standards.
During his digital session, Luke also included a demonstration of RFP Express, which streamlines the live bid analysis process. The platform allows advisors to input plan details and instantly receive real pricing quotes from various record keepers.
The tools aim to simplify the fee benchmarking process, provide insights into whether or not the fees are fair, and help guide advisors into making informed decisions about retirement plans.
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