In an ever-transparent marketplace, clients and prospects expect you to articulate how your fees and services compare to other advisors. Fi360’s Fee Benchmarker® unlocks access to a unique and highly regarded database of retirement specialist advisors’ fees and services and provides you with a plan sponsor-ready report.
Our updated data set with over 315 practices, representing 1,268 staff members and 15,954 401(k) plans, has now been placed in the application! Many new reporting features are being launched with this release. The prior report was often referred to as being too simplistic. Using that constructive criticism and the remaining features that were available in the classic Fee Benchmarker® report, we’ve added the following new elements.
Annual Cost Variability displays the number of advisors reported within each cost range so that you can analyze the relative cost of your plan and see any dispersion across the data set.
Annual Cost Breakdowns illustrate how certain advisor characteristics may affect their cost.
- Business Model – cost can be impacted due to legal regulation, company overhead, and selling practices
- DC Assets Under Advisement – practice size can impact costs due to scalability and staff alignment
- Location – operating in different geographic markets can impact cost
- Average Frequency of Investment Reviews and Average Number of Education Days were added as additional variables that may impact cost.
- The ‘Scope of Services’ section was improved in two key ways.
- Service categories were added to make the table easier to read and digest.
- We added a few new columns including the average costs charged for stand-alone services and the % of advisors outsourcing a service to a 3rd party.
Not only is this release showcasing updated data, but the Fee Benchmarker® report generation process has also been updated/improved. Based off Client Support interactions, the most inquiries revolved around the toggle button for the ‘Use optional services to further refine peer group’ section.
The toggle option has been removed resulting in a more streamlined report generation process. As seen in the above graphic, the ‘Scope of Services’ section is now grouped by service category to make service selection and indication much quicker.
If you would like to download a full sample report, click here.