An efficient and conflict-free plan advisor service.
Plan Advisor Search and Due Diligence
Our comprehensive Advisor Due Diligence Service offers step-by-step guidance around the analysis and selection of the plan advisor. We document the entire process for you so that you can feel secure in your decision and fiduciary obligations. As one of the most experienced advisor search consultants in the US, we provide expert guidance in a full advisor search and an advisor assessment. We will handle all aspects of the search from a kick-off meeting all the way through to your selection.
Plan Advisor Spotlight
Retirement Playbook, Inc.’s Plan Advisor Spotlight is a first-of-its-kind plan advisor assessment service. It bridges the gap between simple advisor fee benchmarking and a full in-depth Plan Advisor Search. The service includes a streamlined Request for Information (RFI) process along with a highly efficient tool that are ideal for plan sponsors who want to apply best practices for reviewing plan advisor fees and services as part of their fiduciary responsibility.
To satisfy the fiduciary responsibilities of ERISA and the Department of Labor (DOL) fiduciary regulations, plan sponsors will need to periodically review all plan-related fees, which typically includes plan advisor fees. Our streamlined RFI process enables plan sponsors to easily document that they have conducted this fiduciary review by utilizing the technology and the conflict-free approach provided by Retirement Playbook, Inc.
Let Plan Advisor Spotlight help by:
- Providing data points to determine value of Advisor fees and services.
- Assisting Committees on carrying out their fiduciary responsibility by reviewing and documenting Advisor due diligence.
- Quickly assessing available plan advisor options.
- Evaluating if a more robust review of your advisor is needed.
- Providing a range of pricing and service models to get you on the fast-track for learning what is possible for your plan.
Plan Advisor Spotlight gives you the expertise and process to easily conduct a review of advisor fees and services compared to the marketplace. It is best suited for plans that want the assurance their plan advisor is providing excellent value.
We created this search tool in response to requests by employers. It’s a concentrated RFI rather than the full RFP Plan Advisor Search project. Specifically, employers wanted to know if their current advisor was still the right fit. They asked us to check the marketplace to confirm services, fees, and value. Many employers were not ready to change advisors; however, they wanted to confirm that their advisor was still the best fit.
Additionally, some retirement plan committees started the advisor due diligence process and just needed extra help once they got into the “weeds” of the analysis and interviews. They wanted a streamlined process that would guide them through the complexities of an advisor search.
Lastly, many plan sponsors and decision-making committees sought our expertise to evaluate retirement plan advisors. So, we developed Spotlight™ to offer expert-level advice to plans of all sizes.
There is cost and there is value. We believe there isn’t a valid way to assess quality based on fees alone. It doesn’t work for cars and it doesn’t work for advisors.
So, we expanded on the desire for employers who wanted a sanity check on advisor fees. We added questions and assembled facts that draw out the quality and services. The technology tool asks employers to evaluate the incumbent advisor’s services compared to other advisory firms. This way the employer can determine if the value for those fees is reasonable.
We are about the facts and nothing but the facts. We help plan sponsors get to the heart of the matter, so they aren’t swayed by a sales pitch from advisors.
They say that success in life is determined by the questions you ask. We help employers ask the right questions and then we organize it so it is easy to see the differences between advisors.
You (the employer) make the decisions. You decide what is valuable to you – or not. We do the behind-the-scenes work.
We have an online platform for completing the RFI Spotlight™ which makes it incredibly easy for employers to view and compare all advisor responses.
That’s a great question and the results have been company specific. After going through the Spotlight program, some employers found that their current advisor provided excellent service and value. They added this report to their plan’s fiduciary file and slept better at night knowing their plan advisor was providing excellent value. Others have utilized the program and found information to negotiate a lower advisory fee. Some employers have requested in-person visits from the senior leadership of their advisory firm while other employers have decided to interview and evaluate the advisor candidates who participated in the Spotlight program. Some employers have asked us to deepen our engagement and have requested we complete our more robust Plan Advisor Search project.
We think more focus should be placed on participant support. Advisors should have a process in place to educate employees and move more participants on a path towards retirement readiness. This can be done in partnership with the recordkeeper.
The reality is if employees don’t have enough saved for retirement, their fallback strategy is to keep working. There are real employer costs associated with that strategy from increased health insurance premiums to technology to career stagnation’s. Many are beginning to feel that it would be smarter to give participants more basic and broad based financial wellness tools, which help to avoid potentially higher costs later down the road.
Hands down, intellectual capital. Use the advisory firm to discuss ideas about how to make your plan better and let them prove to you they can.
Yes. We can compare any advisory firm you would like. It is important to note that we do not ask for or accept compensation from advisors to be in our reviews. This is critical to an ethical approach as we do not want to serve anyone else’s agenda other than that of the plan sponsor.
The Spotlight program does contain information on a wide array of advisory firms, and we welcome the introduction to include a new qualified retirement plan advisor to the robust database.
For a full advisor search, we can include any firm you want without limits.
Fiduciary protection. Get the best process from your advisory firm, free of conflicts. It’s no fun going to jail or paying a big fine (or so I’ve heard). Best to avoid all that by having a fiduciary process in partnership with your fiduciary advisor throughout your retirement plan committee meetings.
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