Like many of you, I used traditional benchmarking tools to provide my clients with an annual fee benchmarking report. However, when I really wanted to know how the market was pricing my clients, based on their unique demographics, I would gather proposals from multiple recordkeepers and develop a benchmarking study. I did this for a few reasons. First, to see if my clients were pricing out better than the current market. Second, to use the information to renegotiate with the existing recordkeeper if they were still doing a good job but misaligned with the marketplace. And third, to recommend a formal RFP, if necessary. I would then write up a recap summarizing the project, the results and any recommendations which I would cover in a committee meeting and then store in the client’s fiduciary file for documentation purposes. This module allows you to create this type of client memo in under 60 seconds and pairs well with existing proposal request platforms (e.g., Benetic, FI360, RPAG, 401kplans.com, etc.). It’s simple, transparent and efficient.