When it comes to evaluating plan costs and services, every detail matters. During this session, we’ll pull into the pitstop and explore RPAG’s robust benchmarking suite, including RFP Express. Learn how to compare fees, assess plan providers, and showcase the value you bring to your clients with clear, data-driven reports. Whether you’re trying to attract new prospects or deliver additional value to existing clients, this session will equip you with the tools to dominate the advisory highway. Get ready to make benchmarking your competitive edge.
Summary:
To begin, Luke wanted to show the difference between RPAG and other advisor platforms. It's easy to point to the different technology resources but according to Luke, he believes it's the people that work at our office make RPAG so special. Our team is here to make sure that your business is successful and are here for any questions. On our platform, we had over 67,000 requested proposals and over 70,000 benchmark reports. With more than half of plan sponsors looking to change their recordkeeper, it's imperative to help them benchmark those fees and guide them through that process of changing over. Luke thinks that this is a fantastic opportunity to dominate the small plan market in terms of finding them the best record keeper, TPA, investment provider, etc.
When we benchmark, we first look at investment fees that are always paid for by the participants. While those are good low hanging fruit, you should also look at admin fees and how those are structured. Admin fees can either be billed to the plan sponsor or even be paid out of revenue sharing. It's important to look at how these fees are presented to a plan sponsor. We all know that 408(b)2 forms are all slightly different, and that recordkeepers can adjust the way that they charge fees, so going through a plan's fee structure should be a priority. Lastly, we look at the advisory fees to benchmark. You could be charging more money, but you're bringing extra services that other advisors don't.
How can RPAG help you with benchmarking those fees? We have a whole benchmarking suite with multiple solutions tailored to any scenario. Our longest standing resource, the Provider Analysis, is a live bid RFP where you take the current plan information with its fee and service structure with its current recordkeeper and comparing them to multiple other recordkeepers and getting proposals from them to receive the most accurate look at what the market looks like for this plan. Since it's difficult to create one for every plan that you have every single year, we created the PlanFees suite of resources to give you quick and easy reports to download in a matter of seconds for your retirement plan clients.
The PlanFees suite contains PlanFees Prism which is a total fee benchmarking report, Prism365 that benchmarks advisor fee and services, and lastly RFP Express that combines the live bid portion and aspect of the Provider Analysis report but has the ease and efficiency of PlanFees Prism.
Interested in learning more about the RPAG benchmarking suite? Book a Meeting with Luke today!
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Luke Vandermillen Jr. is the Director of Business Development at RPAG, with over six years of experience. His background includes several years as an Advisor Service Associate, where he gained deep insights into the challenges faced by retirement advisors. He is driven by a passion for innovation and industry trends. |
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