Benchmarking is a critical element of maintaining an effective and cost-friendly retirement plan. At the beginning of the process, we begin by benchmarking a client’s current plan to determine how competitive the plan is from a plan administrative, investment, and cost-effective perspective.
Following, we begin the vendor search process and utilize a program that breaks down fees, returns, and risks and offers simple comparisons. While the retirement plan provider review process can be time-consuming, confusing, and frustrating, we aim to make this step simpler and less stressful. We strive to help our clients eliminate the confusion and frustration of selecting a plan provider, and reduce the amount of time they must allocate to the evaluation of new plan providers. Through this benchmark review, we can determine if their plan needs to be updated, or if it is on track in meeting fiduciary obligations.
On an ongoing basis, we want our clients to continue to feel comfortable with what they are paying for the cost of their plan’s investments, record-keeping, and administration. To evaluate the competitiveness of their plan, we regularly conduct independent cost benchmarking and due diligence market analysis. This allows us to leverage a potential cost reduction for our clients from their service providers.