Increasing Plan Profitability 301

Stairs to improving plan profitability

It may have been a few years since the last time you rolled out of your dorm bed and headed out to class for a lecture that was followed by a hands-on lab. But grab your backpack and cross the quad over to RPAG Hall for the first of a 2-part engagement on how to increase profitability in the sub-$10m plan space!

All retirement practices want to go up-market. The reality is that 95% of all qualified plans are $10m or less. That is a LOT of opportunity. The challenge is working in that space profitably, particularly when so many time-consuming activities are required. The big question is always, “When can I afford to engage with a plan sponsor and with what level of service?” There are solid answers to this, but you must set a deliberate strategy and employ specific tactics to be able to add to your bottom line.

View the workbook here.

• Part I: The Lecture - Practice Management Coach Randy Fuss, of Cuna Mutual Group, will join Jeff Cheshier for the classroom portion of this series. Randy and Jeff will introduce several of the levers that plan specialists have at their disposal to tune their profitability in the small plan space. At the end of the session, we will assign homework to help our students prepare for the lab engagement that will follow.

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