PROVIDER & FEE BENCHMARKING
Uncover gaps in your service. Negotiate better fees.
You’ve certainly thought about cost. But how much is too much and what are you getting for your money? How does your plan stack up against other similar-sized plans in your market? These are prudent questions to ask, but the research required can be a drain on your time.
We’re here to be sure that your providers are offering you appropriate products and services for your dollars, and its our goal that you never pay more than you should. We help you uncover inefficiencies. And then we provide you with the ammunition to renegotiate better fees and/or better services, or to make a provider switch.
Selecting the right plan provider isn’t merely critical to your plan’s success. It’s a vital function of your fiduciary responsibility. You’re required to adhere to a fiduciary standards of care. Point Oak understands and serves as your advocate. We help to facilitate, monitor, and strengthen your provider relationships.
In addition, the DOL expects you to monitor the costs of your 401(k) program and conduct a benchmark at least every three years to determine the reasonableness of fees. So, we benchmark your plan every year via a custom, documented “Live Bid” benchmarking service that meets the requirements set forth by the DOL. With over 450 data points reviewed per bidder, our benchmarking analysis is among the most accurate in the industry. This is what we do:
- Benchmark three key areas: Fees, Investments, Services
- Draft and manage the RFP process for potential alternative providers.
- Compare the cost and quality aspects of your current service provider against other bidding providers.
- Create leverage to negotiate with your current provider and uncover critical areas where your plan might be underserved or overpriced.
- Ensure services and fees you’re paying for are in line with the marketplace.
- Increase data accuracy that can beat standard industry benchmarks. Our Live Bid process relies on your specific plan information when we benchmark, not average plan demographics.