To watch the video, click here: https://loom.com/share/3038d945b91249a8b361c6b23a905136
Step-by-Step Instructions
1. Update Fees and Fee History 0:00
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Ensure that the fees and fee history for the plan are updated.
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Navigate to the 'Plans' section and select 'Fee History' to verify the updates.
2. Access Reporting Tools 0:10
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Go to the 'Reporting' section.
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Select 'Cost Management' and then 'Plan Cost Benchmarking'.
3. Create the Report 0:20
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Click on 'Create Report'.
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Choose the relevant plan and select the quarter for the report.
4. Select Report Types 0:32
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There are five different report formats available.
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It is recommended to select the top two reports for simplicity.
5. Generate the Report 0:44
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Click 'Save' to generate the fee benchmarking report.
6. Review the Report Overview 1:00
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The report will include:
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Average balance
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Plan assets
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Total profit
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Participant count
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The top section provides a total cost summary with a breakdown of fees.
7. Analyze Fee Ranges 1:22
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The report shows low, average, and high fee data.
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The 'Your Plan' box indicates where the plan's fees fall within these ranges.
8. Breakdown of Fees by Source 2:05
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If fee sources are set up, the report will show:
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Fees paid by plan participants through investment options.
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Any costs covered by the company.
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9. Visualize Fee Components 2:53
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The second page of the report provides a breakdown by fee components.
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Visual aids like bar charts help in understanding the fee structure.
10. Hiding the Average to Manage Optics 3:45
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If fees are higher than average, you can choose to hide the average data.
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Options include showing:
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25th and 50th percentiles
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50th and 75th percentiles.
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11. Finalize Report Presentation 4:18
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Adjust the report to show relevant percentiles based on the plan's fee structure.
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Ensure the report presents the data in a way that is favorable for client discussions.