Are you tracking profitability on a per-plan basis? A new report finds that a growing number of advisors are.
Advisors participating in the nation’s retirement plan advisor convention brought a lot to the sessions, networking, and – once again, shared valuable insights via an exciting new medium: the NAPA 401(k) SUMMIT Insider.
There are lots of ways to pay attention to the bottom line, of course – and with competition and fee compression combining to put the squeeze on margins, keeping things in the black can be tough. One way is to evaluate profitability on a per-plan basis – and we asked this year’s Summit Insiders if they were doing so.
As it turns out, a plurality (37%) were, with another 24% indicating they did so “sometimes.”
However, nearly half (46%) of this same group indicated that a year ago, they were not doing so, while this year that was just 16%. Consider as well that nearly a quarter (23%) of this year’s respondents said “not yet” in response to the question of evaluating profitability on a per-plan basis.
See also: Why Advisors Pick – and Punt – Recordkeepers and TPAs Making Inroads with Advisors.
