Summary:
With respect to benchmarking, there are two different spectrums: time and value. If it is fast and low value, it probably won’t lead to your desired results. These kinds of benchmarking “tools” could include googling “how much does my 401(k) cost?” and using the 401(k) Book. If you have a time intensive but low value benchmark, it will be in-depth and have great insight, but there’s no proposal and it does not lead to any change. Then you switch gears and get a high value benchmark, but it is very time intensive. Tools such as custom spreadsheets and provider analyses lead to desired results, but take up way too much of your time. What you’re looking for are high value benchmarking tools that give you your desired results and don’t take much time to produce. This is where the RFP Express tool comes in to play.
The RFP Express will bring you the same value as the provider analysis with side-by-side fees, investments, and services. This is for your live bidding process. These can either be instantaneous or take 2-4 business days depending if you need a custom quote. If you need your annual benchmarking done, you need to check out Prism and Prism365 here that will give you your reports in minutes.
If you want an instant proposal tool that has all of the top providers for you to benchmark your fees against, this is the tool you need. It has the ease and timing of PlanFees with an apples-to-apples format of Provider Analysis. This tool includes 3(38) products, PEPs, etc. with a few dozen data points. These reports can be input to your sales process or every 3-5 years with current clients.
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Contact the RPAG Support Team at support@rpag.com to learn more about RPAG and get help with our platform, suite of services, next-gen technology, or anything else!