ORANGE COUNTY, Calif., May 13, 2020 /PRNewswire-PRWeb/ -- PlanFees announced today the launch of a new fee benchmarking technology platform empowering retirement plan advisors and their plan sponsor clients to "benchmark better." In limited release until now, advisors have already created over 10,000 PlanFees benchmarking reports, saving time, facilitating better business decisions and enhancing outcomes for plan participants.
Until PlanFees, generating an annual fee benchmarking report was costly, time consuming and often kept advisors from more valuable business development activities. PlanFees improves and streamlines the traditional retirement plan fee benchmarking process by creating accurate, on demand and revealing fee benchmarking reports in less than two minutes.
The U.S. Department of Labor requires plan sponsors to collect, analyze and benchmark service provider costs on a periodic basis. The prevalence of class action lawsuits surrounding excessive fees continue to put the spotlight on retirement plan fees. By providing fee benchmarking services to clients and prospects on an annual basis, advisors can strengthen relationships and deliver a crucial component of any sound fiduciary process.
"PlanFees is the first platform that combines the accuracy of competitive live-bid data with the ease of use of a modern fintech application," said Jesse Taylor, cofounder and head of innovation. "With the continued trend of fee compression, advisors are looking to leverage new technologies that help scale their business and win new clients. In today's environment especially, providing clients with annual fee benchmarking is not only best practices, it's absolutely necessary for retaining clients."
Built with the guidance of industry leaders, the PlanFees benchmarking universe uses robust, diverse and verified data aggregated from tens of thousands of live-bid pricing proposals from the industry's leading advisors, recordkeepers, TPAs and investment managers. PlanFees users can create custom benchmarking reports, tailored to a plan's type, plan assets and number of participants.
To learn more about the PlanFees benchmarking platform, visit http://www.planfees.com.
About PlanFees
Launched in 2020, PlanFees solves the daily challenge that retirement plan advisors have in meeting their fiduciary responsibilities while also creating successful outcomes for their plan sponsor clients. PlanFees is a subscription based fintech platform that helps financial professionals grow their business using an accurate, on demand and revealing retirement plan fee benchmarking process. PlanFees partners with leading advisors, recordkeepers and TPAs to populate its robust database of over 60,000 retirement plans. To learn more, visit http://www.planfees.com.
SOURCE PlanFees
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