When I was an active 401(k) advisor, I created a “Fiduciary Risk Review” that helped us open more doors, and close more business.
It was a different offering than what most advisors were using.
It included a questionnaire that asked plan sponsors a set of 30 question...
10 to identify if their plan is meeting success as defined by the DOL
10 questions to identify if they're meeting success by Participant's standards
and 10 Plan Sponsor success questions.
By going through this simple questionnaire, and providing a fiduciary risk assessment report - we were able to offer tremendous value by giving plan sponsors a report card of what they were doing well - and suggestions for improvement in areas they weren’t sure about.
Here's a sample of my old report's questions and summary report: