Fee Benchmarking
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Provider benchmarking thoroughly evaluates your retirement plan provider against competitors, focusing on factors beyond just cost to assess the overall effectiveness and value for participants.
Why is fee benchmarking important in fiduciary planning?
Cost comparison
Analyze fees charged by your current provider (recordkeeping, administration, investment expenses) against competitors.
Fiduciary responsibility
Benchmarking helps ensure you're fulfilling your duty as a plan sponsor. It demonstrates you're actively seeking the best options for plan participants and their retirement savings.
Service offerings
Assess the level of service provided by your current provider. Do they offer participant education tools, online access, and efficient customer support?
Plan design optimization
Benchmarking helps you spot ways to enhance your plan design, such as adding investment options, adjusting contribution limits, or streamlining enrollment processes.
About our live bid benchmarking services
FieldGuide Financial offers live bid benchmarking services. What does this mean for our clients?
We manage the entire process for you, transforming data into a clear, digestible RFP. This facilitates accurate "apples-to-apples" bidding from vendors and ensures precise results.
Our comprehensive evaluation allows us to identify areas for improvement in terms of cost, service models, investment performance, participant experience, and plan design.
You can receive live bids, allowing you to have the information needed to go to your current provider and use that leverage to reduce costs.
We deliver extensive reporting that allows side by side vendor comparisons on costs, service models and highlights the key differences across all bidders.
