All Aboard The RFP Express

Sr. Associate, Luke Vandermillen, Jr., shared his insight and tips on RFP Express. He revealed how the world of retirement planning is evolving, with a particular focus on fee benchmarking and RFPs. This blog post will touch on the key takeaways from Luke's presentation and the ways in which retirement planning professionals can utilize the tools and resources offered by RPAG to excel in their roles.

A Shifting Landscape

In his presentation, Luke Vandermillen emphasized the importance of staying ahead of the curve in the ever-changing world of retirement planning. As the industry continues to evolve, being able to adapt and efficiently use tools and strategies is essential for professionals. Some key themes that were discussed that can significantly assist advisors in their ability to serve their clients better and help attract new prospects are efficiency, scalability, and time-saving.

The Power of Data

RPAG has developed a comprehensive set of resources designed to help streamline the retirement planning process; beginning with data. Luke revealed that nearly 70,000 proposals and over 70,000 benchmarking reports have been run through RPAG.

He also highlighted a key statistic from a recent Fidelity plan sponsor survey, 51% of plan sponsors are actively seeking to change their record keepers. This shows the opportunity advisors have to help guide plan sponsors through the complex process of finding the record keeper that can help them meet their needs.

Creating a Prudent Process

Through his presentation, Luke encouraged advisors to establish a prudent process in order to help navigate our ever evolving world. Making sure you have a well-defined method in place is a defining characteristic for successful professionals. RPAG offers an extensive variety of tools that can further assist in ensuring clients and prospects receive the highest level of service. Here is a breakdown of the process that Luke recommended:

1. Obtaining Fee Disclosures: Start by obtaining the 408(b)(2) fee disclosure to gain insight into the fees associated with the plan.
2. Determining Fee Reasonableness: RPAG provides tools to evaluate whether the fees are reasonable based on industry standards.
3. Annual Benchmarking: Regularly benchmark the fees to ensure they remain competitive and appropriate for the plan.
4. Periodic RFPs: Every 3 to 5 years, take the plan out for a Request for Proposal (RFP) process to evaluate and potentially switch service providers.

Customizing Solutions

When creating a prudent process, it is crucial to consider factors such as cost structure, the plan's demographic, and who will pay the fees since each plan sponsor is unique and each have varying needs. The goal is to tailor a plan that aligns with the sponsor's specific requirements, and RPAG's suite of resources helps make this process more efficient.

Leveraging RPAG's Resources

RPAG offers a range of resources to streamline the process:

1. RPAG Provider Analysis: This comprehensive tool allows advisors to compare hundreds of fee data points, evaluate investment options, and assess service quality.
2. PlanFees Prism: This tool provides annual benchmarking, allowing advisors to compare their clients' fees to industry averages.
3. RFP Express: The latest innovation, RFP Express, simplifies and accelerates the RFP process, making it more efficient and cost-effective. It also enables advisors to request proposals from providers with unprecedented speed and ease.

Luke Vandermillen's presentation offers a glimpse into the exciting and dynamic world of retirement planning. As the industry evolves, we must learn to adapt, and RPAG provides all the necessary tools and resources to help excel in the industry. By creating a prudent process and leveraging RPAG's suite of resources, advisors can save time, improve efficiency, and ultimately better serve their clients and prospects.

To view the presentation slides, click here!

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