Are you looking for a way to get your foot in the door and offer a fiduciary assessment (of sorts) to new 401k prospects? How about a way to document and measure all the work you do with plan sponsors and help bullet-proof your book by demonstrating a strong process is in place?
I recently spoke with Todd Harlow from Hero7 about a valuable resource they offer advisors called the Plan Governance Index (PGI™) Score and this article outlines my impression of that tool.
FIRST, A LITTLE BACKSTORY…
When I was an active 401(k) advisor, I created a “Fiduciary Risk Review” that helped us open more doors, and close more business.
It was a different offering than what most advisors were using.
It included a questionnaire that asked plan sponsors a set of 30 question…
- 10 to identify if their plan is meeting success as defined by the DOL
- 10 questions to identify if they’re meeting success by Participant’s standards
- and 10 Plan Sponsor success questions.
By going through this simple questionnaire, and providing a fiduciary risk assessment report – we were able to offer tremendous value by giving plan sponsors a report card of what they were doing well – and suggestions for improvement in areas they weren’t sure about.
Continue reading the full article here: https://401kbestpractices.com/resource-review-hero7-pgi/