ERISA Plan Advisor capabilities, cost and service models can vary significantly. Your fiduciary duty to your retirement plan requires you to understand the fee and service model of your advisor as well as how it compares to other advisors that could potentially serve your plan. Plus, you want a good cultural fit.
You need a trusted partner who understands the landscape of ERISA Advisors to help you with this evaluation. That’s where we can help.
A benchmark of your advisor fees and service is a great place to start. This is a complementary service that we offer.
When was the last time you conducted a benchmark of your retirement plan advisor’s fees and service?
If you’re not sure, then the answer is … “It’s been too long.”
Let us offer you a complimentary plan advisor benchmark. This is at no cost to you and with no obligation.
At RFP 401k Advisor, we are NOT retirement plan advisors. Instead, we help plan fiduciaries like you conduct a prudent search for an ERISA plan advisor that fits your specific needs.
Our advisor benchmark is a no cost service we offer to you, in order to introduce the value we can bring to you as a plan fiduciary. This is an introduction to who we are and how we can help.
You should benchmark your recordkeeper and advisor costs and services annually. Your plan advisor should be benchmarking your recordkeeper fees annually. They should also be providing a benchmark of their fee and service. However, we can provide an independent benchmark for you as a confirmation.
Fee and service benchmarks confirm that your plan is not out of line. Best practice is to conduct a competitive bid for your advisor and record keeping services every three to five years.
Don’t know where to start?
No problem!
Reach out today and we can help.
Have questions feel free to give us a call:
“As the qualified plan industry evolves and legislative/regulatory requirements ramp up … plan sponsors have never been in more need of help or more liable as fiduciaries than right now. This service to plan sponsors is timely, appropriate & more necessary than ever.”
“Plan sponsor committee members are tasked by ERISA and other regulatory bodies with complex fiduciary and governance requirements. These requirements are very much subject to interpretation. The maze of “reasonableness,” in evaluating fees vs service is complex and confusing. RFP 401k Advisors provides a service that helps to understand these requirements and how to implement a prudent process for choosing an ERISA Advisor.”
"Working with Eric gave us confidence knowing that we would select the advisor best suited to our plan and participants. The process was very thorough, well documented, and we were involved in every step."
