Are You A 21st Century Advisor?
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.
- 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)
Questions: 40 | Attempts: 48 | Last updated: Mar 21, 2022
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