Extra Credit: Show Your Work So They Know Your Value

In the blink of an eye, 24 hours can disappear. Between the 5-8 hours of sleep, 8-10 hours of work and about 6 hours of extracurricular, the pace of life moves fast. With Monday’s good intentions and Friday’s to-dos, one week’s required tasks can easily be pushed to a future date. However, your 8-10 hours of daily work time needs to generate revenue. And, when you know how much your time is worth, your practice can be even more powerful because you understand how precious your time really is.

Front of the house & back of the house

In our previous article, “Love it or Hate it: Time Tracking is Important for Retirement Plan Advisors”, we unpacked the importance of time tracking. By monitoring how much time is allotted to your clients, you maximize the monetary value of your time.

Your work time can generally be categorized into two buckets: revenue generating and daily vitals.

Your revenue generating tasks could fall anywhere between:

  • Prospect meetings
  • Client meetings
  • Developing center of influence relationships
  • Marketing campaigns
  • Strategic business planning initiatives
  • Finalist presentations

Your day to day vitals are the daily activities that are necessary to be a professional retirement plan advisor, such as:

  • Preparing for client meetings
  • Servicing client plans
  • Generating reports
  • Learning about service provider offerings and investment options
  • Continuing educating about financial markets, regulatory changes and relevant retirement plan news
  • Client communications and touch points

When you do the extra credit work, you should get the points

Have you ever worked on a team project or group effort and somehow ended up doing all of the work? We’ve all been there. An ounce of credit would have been appreciated!

When you go above and beyond with your clients, you do so much “extra credit” behind the scenes that they don’t see. Your extra credit might look something like the following:

  • 3(38) Fiduciary Status
  • Building/Managing Model Portfolios
  • More Servicing/Meeting Hours:
    • Committee meetings
    • Education meetings
    • RFP and vendor due diligence
    • Consulting with a TPA for plan design guidance
    • Custom presentations

How can you bring this hard work to light and put value behind it? Time tracking your “extra credit” client tasks is a good start but getting your clients to see the value and pay your fee with a smile is a whole other ball game.

Don’t let your time (and fee’s) slip away

The Fiduciary Decisions Dashboard has not only the Meeting and Hours Tracker record your work and to keep you organized, but it also includes the Value & Fee Benchmarking report and FeeBuilder. Now you’re able to keep track of those extra credit items, report them to clients and confidently set your fees with the help of the Fiduciary Decisions’ benchmarking exercises.

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To learn how Fiduciary Decisions Business Management Dashboard and its Sales Funnel and associated tools can help you grow your business.

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FDI Tools That Can Help

Value and Fee Benchmarking Report, a peer-to-peer evaluation report that shows a comparison of the existing plan to other similar plans and can provide guidance on how changing certain plan features could help the employer offer a more competitive retirement plan benefit.

Our report follows a 5-step process that is fair and repeatable.

  1. Customize the Benchmark Group

    We use numerous factors to build a benchmark group from our proprietary database that is customized for each peer group using mathematical models designed to optimize the degree of accuracy.

  2. Review Service Provider Quality

    The DOL has noted in prior rulings that it is allowable to consider the Quality of the Service Provider when determining Fee Reasonableness. We provide a logical framework to analyze this issue.

  3. Assess Scope of Services

    We examine the scope of services being provided so plan sponsors can understand how the services they are receiving are impacting the cost structures of the service providers.

  4. Examine Value Delivered

    We examine the Value Delivered in terms of helping plan sponsors do their job as a Responsible Plan Fiduciary and to participants in terms of helping them save for retirement.

  5. Evaluate Fees

    Finally, we track and compare fees to the Benchmark Group and to FEEPOINT®. FEEPOINT is a proprietary fee calculation designed to account for fiduciary status, extra services and extra meetings that are not found in the typical plan.

Download a sample Value and Fee Benchmarking report

About Author:

Craig Rosenthal, Head of Strategy and Chief Marketing Officer

Craig is Head of Strategy and Chief Marketing Officer for Fiduciary Decisions. In this role, he is responsible for driving Product and Partnership strategy as well as the overall messaging and marketing for the firm.