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March 25, 2014

What is Your Expertise Worth?

by The 401k Study Group ®

BitCoinFlickr

One of the most frequent questions I field from Advisors is; “What should I be charging for my services”? In years past we would have recommended choosing an hourly rate based on your services.

In competitive situations trying to undercut the current Advisor may not be the best strategy. We are not advocates of racing to the bottom on price.

In an attempt to take the guess work out of fees and services Pulse Logic has built an Advisor Fee Benchmarking Service. By polling over 400 Advisors/Quarter and putting it on the web you know have a place to go to see where you fall on the price/services spectrum compared to other Advisors with varying levels of experience. You have the ability to place basic plan details into the site and generate a multi-page report that you can use internally.  We have had members of the group use it with Plan Sponsors both to document fees/services and in a few cases use it to increase the fees they are charging.

Membership in The 401k Study Group allows you to access the site with a simple username and password. If you do not have a username and password let us know. If you would like to compare how your fees and services stack up, take a look!

Not a Member?  Not a problem.  Visit our site http://www.the401kstudygroup.com and Sign Up!

Photo Credit to Zach Copley via Flickr  CC 2.0

 

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