Are You A 21st Century Advisor?

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| By Roberta Hess
R
Roberta Hess
Community Contributor
Quizzes Created: 1 | Total Attempts: 111
Questions: 10 | Attempts: 111

Are You A 21st Century Advisor? - Quiz


Is your retirement-plan practice in sync with the times? Take this 3-minute quiz to find out.
Just enter your name and email to get started.


Questions and Answers
  • 1. 

    How do you benchmark your clients’ plans to evaluate service providers?

    • A.

      I use an independent benchmarking service to complement my work

    • B.

      I conduct my own benchmarking through RFP requests

    • C.

      I don’t perform benchmarking services

  • 2. 

    How involved are you with plan management and investment selection?

    • A.

      Act as a 3(21) co-fiduciary

    • B.

      Act as a 3(38) investment manager

    • C.

      I don’t accept fiduciary responsibility

  • 3. 

    What is your recommended default investment (QDIA)?

    • A.

      Target-date funds

    • B.

      Target-risk funds

    • C.

      Managed accounts

    • D.

      Cash or stable value

  • 4. 

    What investment platforms do you usually recommend?

    • A.

      Proprietary

    • B.

      Open architecture

  • 5. 

    Do you offer any standalone features to help participants better prepare for retirement?

    • A.

      Auto rebalance only

    • B.

      Auto contribution increase only

    • C.

      Auto rebalance and auto contribution increase

    • D.

      None of the above

  • 6. 

    Do you encourage auto enrollment as a plan feature within your practice?

    • A.

      Yes, I always recommend auto enrollment to my plans

    • B.

      Yes, I sometimes encourage auto enrollment based on participant demographics

    • C.

      Yes, in combination with auto contribution increase

    • D.

      No, I do not encourage auto enrollment for any of my plans

  • 7. 

    What percentage of your revenue comes from retirement plans?

    • A.

      Less than 50%

    • B.

      50-75%

    • C.

      Over 75%

  • 8. 

    What is the typical approach you take when building an investment menu?

    • A.

      Offer a core lineup of funds only

    • B.

      Offer a core lineup plus model/target date portfolios

    • C.

      Offer a core lineup, models/target date portfolios, plus a managed account solution

  • 9. 

    How do you communicate with plan participants?

    • A.

      Email

    • B.

      Web

    • C.

      Print (hard copy)

    • D.

      Social media

    • E.

      Mobile and text

    • F.

      Employee meetings

    • G.

      All of the above

  • 10. 

    How would you describe your planning method to help participants be retirement ready?

    • A.

      Accumulation focused (total dollar amount needed at retirement)

    • B.

      Retirement income focused (monthly income needed in retirement)

Quiz Review Timeline +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 15, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 06, 2013
    Quiz Created by
    Roberta Hess
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