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Effective Plan Review: Elevating Your Retirement Business

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�� Front Stage Advisors play critical roles as professional communicators.

�� The annual plan review is one of their most important communication tools.

�� Effective plan reviews enhance plan sponsors’ service and can make plan outreach more effective.

EXECUTION GUIDE


Training Curriculum

Effective Plan Review

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Becoming a Retirement Leader

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There are 320,000 client-facing Financial Advisors actively serving the investing public. All but a few of them collect less than 40% of their income from defined contribution (DC) plans. That leaves only about 4%—approximately 12,500 Financial Advisors—who have an active DC business. That means they receive more than 40% of their income from DC plans.

Regardless of where you are on the continuum, AllianceBernstein offers the tools needed to help you further build your retirement business and take it to the next level.

For more information about any of our programs, please contact an AllianceBernstein Retirement Specialist at 800.243.6812.

For financial representative use only. Not for inspection by, distribution or quotation to, the general public. 1

The Front Stage Communicator Front Stage Advisors focus their businesses on what really matters: building stronger relationships with plan sponsors and helping employees achieve their retirement goals.

As a Front Stage Advisor, you’ll act as a professional communicator. Your words and actions will help plan sponsors confidently navigate capital-markets cycles while continuing to enhance their retirement plans—and their employees’ futures.

Competitive Fees

Employee Satisfaction

Investments

Communication

HighParticipation

High DeferralRates

PLAN SPONSORSATISFACTION

The Value of Effective Plan ReviewsAn effective plan review—when used as the basis of an ongoing communication plan—does much more than keep Financial Advisors or consultants (we’ll refer to both groups collectively as “advisors”) in touch with plan sponsors. Effective reviews also help advisors:

�� Demonstrate how overall plan design aligns with a company’s goals

�� Show how capital markets affect the performance of plan investment options and lineups

�� Ensure that plan sponsors are meeting their fiduciary obligations

With the effective plan review curriculum, our goal is to help you design and implement your own plan review process—a process that will serve as your own communication cornerstone.

Introduction

The Effective Plan ReviewAn effective plan review process is one of the most important communication tools you can develop as you build

your retirement business.

2 For financial representative use only. Not for inspection by, distribution or quotation to, the general public.

Obstacles to Overcome Regular plan reviews are essential, but many advisors fail to make them a standard part of their client servicing. Some plans may go years between reviews, leaving plan design and investments to drift far out of balance or stop meeting the plan’s needs. There are many excuses for avoiding annual plan reviews.

It seems counterproductive to spend time on reviews: I need to grow my business. Many advisors integrate a new plan into their business and immediately start looking for the next one. But successful advisors make plan communication their first priority. Being an effective communicator helps your business grow. It’s a valuable part of your outreach efforts and essential to gaining referrals.

Organization is a challenge: how should I structure the meeting? Advisors must cover a variety of topics in every plan review. Developing and following a consistent structure can help you become more comfortable and efficient with the review process.

Plan retention feels like a waste of time: what good does it do? More competition to acquire new plans means less time to manage and retain existing plans. The lack of attention can make existing sponsors feel neglected and less satisfied. Bringing in new business takes enormous effort; keeping an existing plan satisfied is more straightforward. Allotting sufficient time to regular reviews and communication may be the most efficient growth strategy of all.

The Problem: Communication GapsAdvisors offer a variety of excuses for not performing regular annual reviews on their retirement plans, but the

bottom line is the same: weak communication can undermine your business.


Getting to Know Plan SponsorsSavvy advisors use the initial deep-discovery meeting to learn about plan sponsors and the plan integration process. Over time, the relationship deepens. Knowledge and understanding of the business increases, and the plan’s needs evolve. It’s critical to maintain ongoing communication and an effective plan review process to uncover those needs.

The review helps advisors keep track of major events that affect their plan sponsor clients and ensures that the retirement plan continues to grow and evolve along with employees. It also helps ensure that sponsors are meeting their fiduciary obligations and requirements under the Employee Retirement Income Security Act (ERISA) to monitor the overall plan and its investments.

The Role of the Plan Review in Becoming a Front Stage AdvisorEffective plan reviews are a central tool in your business for many reasons:

�� Building confidence in the investment strategies you offer and the plan’s design

�� Deepening the emotional connection between you and plan sponsors

�� Ensuring the suitability of the service provider and keeping sponsors and participants satisfied

�� Helping you understand plan sponsors’ needs and expectations

�� Uncovering changes in plan sponsors’ businesses so that you can make appropriate adjustments

�� Uncovering additional assets and opportunities within the plan

�� Creating referrals

Why Review Annually?Annual reviews should never be reactive—they should be done proactively each year. Reviews represent strategic, powerful opportunities to reconnect with each plan, educate sponsors and deepen relationships. Reviews also help advisors ensure that plans stay on track and are appropriate to the plan sponsor’s needs. Plus, advisors can assess if plan documents comply with ERISA and recently passed legislation.

In the following pages, you’ll learn more about the seven-step process for conducting an effective plan review. Based on your time constraints and the plan sponsor’s schedule, it may not be appropriate to go through all seven steps in one meeting. Instead, you may focus an entire meeting on reviewing the Capital Markets Outlook (CMO) and investment options. Another meeting might be dedicated to reviewing service providers in detail. Be flexible, but cover all the pertinent topics at least once a year.

The Path to Satisfied PlansThe Front Stage model emphasizes regularly scheduled activities and consistent, thoughtful plan communication. It’s based on the premise that high-quality communication leads to more satisfied plans. Front Stage Advisors are relationship managers who empathize with each sponsor’s emotions and concerns. If advisors can communicate a sense of confidence, the journey toward plan goals becomes more predictable and comfortable.

Advisors who communicate effectively have the potential to achieve higher client retention rates; much of this improvement stems from using a standardized communication model. We discuss this model, the plan review process and other communication tactics in this execution guide.

The Solution: Effective Plan Review A well-designed plan review process can fill communication gaps and lead to greater satisfaction among your plan

sponsor clients. It’s a critical step toward becoming a Front Stage Advisor.


Step 1: Prepare the Plan FolderCreate plan-specific folders that include any materials you created as you integrated the plan into your business. Here’s a list of information to include:

�� A copy of the original service agreement, which includes the establishment date

�� Original plan documents

�� The investment lineup (including the date it was implemented)

�� The goals of the plan

�� Investment policy statement, if applicable

�� A summary of employee demographics, including risk tolerance

These items define and document the plan sponsors’ history; they’ll help you put your recommendations into context. And they’ll form the foundation for your examination of a plan’s current situation.

Step 2: Gather Related DocumentsYou’ll also need:

�� A review of changes in the plan over the past year that you’ll update and expand on during the first part of the review

�� A performance and fee overview

Preparing for Your Plan Review Preparing carefully and systematically for each plan review helps you build credibility and secure the plan sponsor’s

confidence in your abilities and expertise. Follow these simple steps before each meeting.


Step 1: Discover Changes in the Business, Confirm Goals and Hear ConcernsFirst impressions matter. Be on time, happy to see the plan sponsor and fully prepared. The way you look, act and feel communicates how comfortable your plan sponsor can be with you. Consider using one of these conversation openers:

�� What’s been happening recently in your business?

�� Do you have any concerns that we should pay particular attention to today?

�� Has anything changed in your plan that I can help with?

�� Have you had any challenges or hurdles to overcome recently?

Start by asking, “Is there any particular issue you want to make sure we discuss today?” Spend a few minutes reviewing major world and national events. Throughout the review, empathize with your plan sponsor. Ask questions, and listen closely to the answers. You’ll soon have your chance to lead the discussion.

Starting the Business-at-Hand Conversation Once you’ve exchanged initial information, transition into the heart of the meeting’s agenda with one of these statements:

�� I’ve asked for this meeting because…

�� During the time we have, we’ve agreed to…

�� Before we go ahead, is there any issue you want to discuss?

As your plan sponsor shares information, phrase your responses as an invitation to share more, such as “Please tell me more about that.” Your plan sponsor will relax, divulge critical information and feel in control of the meeting.

Discover, Confirm, Hear

Discuss Next Steps

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CLIENT REVIEW7-STEP PROCESS

Review Fiduciary

Responsibility

Review Current Provider

Review Plan Investments

Build Relationships

Set the Next Meeting

The Effective Plan Review

Seven Steps to Deeper Relationships Developing a consistent structure for your plan reviews increases your confidence level and makes you more

efficient. We recommend the following seven steps.


Hear and Understand Concerns Don’t allow plan sponsors to struggle with expressing their concerns; take the lead and pursue the heart of the issue. Use concerns as opportunities to educate and reduce anxiety. Ask for and understand the sponsor’s viewpoint: there might be misconceptions or inaccurate expectations. First, address participant needs, such as financial security in retirement. Then pursue other concerns like the plan structure, specific managers in the fund lineup or asset-class returns.

Handling Difficult Topics Difficult topics are bound to come up. When the meeting conversation ventures into a difficult topic area, follow these guidelines:

�� Listen closely. Invite the plan sponsor to share all thoughts and feelings.

�� Accept feedback. Don’t resist, justify or refute (either verbally or with body language).

�� Speak with care. Wait until you’re sure you fully understand the issues.

Step 2: Review Fiduciary Responsibilities and Plan DocumentsThe defined contribution (DC) landscape is constantly changing, making it a challenge for plan sponsors to keep on top of their fiduciary responsibilities. In recent years, new legislation from the Department of Labor (DOL) and complex new rules have made it even harder to effectively guide a company’s retirement plan.

ERISA requires all DC plans to designate one or more fiduciaries in the plan document, either by name or by office. When conducting an annual review, make sure plan sponsors are still adhering to the ERISA standards of conduct for a fiduciary.

Start by reviewing the current fidelity bond. The ERISA standard requires that each person who handles plan assets must be bonded. A “narrow” approach to structuring fidelity bonds covers only a plan’s fiduciaries and its employees for fraud or dishonesty. The bond limit for each person required to be bonded is 10% of the plan assets handled. For plan years beginning on or after January 1, 2008, the maximum required bond amount is $1,000,000 for officials of plans that hold employer securities.1

Here are some other important items to discuss with the sponsor in this step of the review process:2

�� Plan documentation in compliance with ERISA and recently passed legislation

�� Adherence to plan documents

�� Employee eligibility and enrollment

�� Timely depositing of participant and employer contributions

�� Satisfactory reporting and testing requirements

�� Vesting schedules

�� Participant education and communication programs

�� Fiduciaries avoiding self-dealing and conflicts of interest

It’s important to not only discuss these topics with the plan sponsor, but to explain that there can be serious consequences for breaching fiduciary responsibility. These include possible civil penalties, criminal prosecution, imprisonment, personal liability for plan losses resulting from fiduciary actions, or potential fines and permanent prohibition from acting as a fiduciary.

1. US Department of Labor, Field Assistance Bulletin No. 2008-042. More detailed information on each of these items can be found in the AllianceBernstein guidebook Understanding and Performing Your Fiduciary Role.


Step 3: Review the Current Service ProviderAs an advisor, your role is to help plan sponsors ensure that their plans serve the best interests of their employees by remaining competitive, cost-effective and compliant. While you can choose from a variety of plan types and providers, the DOL expects that a thoroughly researched and thoughtful choice will be made and continually monitored.

Plan-management tasks such as recordkeeping, investment advice and trustee functions are often delegated to service providers. One of your roles will be to help plan sponsors understand all the fee disclosures they now receive from service providers as a result of the 408(b)(2) regulations. This is a great opportunity for you and the plan sponsors to review current service providers to ensure they’re providing the services in a manner consistent with their initial agreement.

Here are some topics to explore:

�� How are fees being paid? Is the plan billed directly, or are fees deducted from plan investments?

�� What are the actual recordkeeping fees?

�� What are the transaction fees (such as sales loads and redemption fees) and annual operating expenses (expense ratios, for example)?

�� Are there other ongoing expenses (wrap fees, mortality and expense fees)?

�� How do fees compare to industry averages for a plan of the same size with a similar number of participants? Are the fees reasonable?

�� What’s the direct compensation (compensation received directly from the plan) and indirect compensation (compen-sation received from any source other than the plan, the plan sponsor, the covered service provider, or an affiliate or subcontractor of the service provider)? Are there any conflicts of interest?

�� Review the service provider’s financial condition and quality of services.

�� Review any participant comments or complaints about the recordkeeper’s services.

�� Assess whether your plan sponsor wants to continue with or replace the current service provider.

Step 4: Review Plan InvestmentsThink of your Capital Markets Outlook (CMO) as a way to interpret the world as it relates to your plan sponsor’s investment lineup. Update the CMO quarterly, drawing on your knowledge, your firm’s research and AllianceBernstein’s research.

This outline can serve as a guide to assembling your personalized CMO:

�� Start with a general overview.

�� Assess the US and global economies.

�� Review recent headlines and world events that have affected or could affect markets.

�� Present a more detailed performance analysis of the specific asset classes in the plan’s lineup.


Reinforce a Disciplined Approach to Investing An effective CMO connects capital-markets events with their effects on your client’s retirement plan. It can also be effective at sponsor and participant education meetings. For example, many investors don’t understand that even a well-diversified lineup will always have one weak part—or possibly more. The plan review is a good time to remind everyone involved of the value of a disciplined approach and a long-term perspective.

Investment Diversification Once the plan sponsor understands the impact of market events on various asset classes, review the investments in the plan’s lineup. Under ERISA, one of the requirements for fiduciaries is to prudently select and monitor 401(k) investments. If an investment policy statement is in place, it will typically spell out the plan’s investment goals and investment categories as well as outline the process for monitoring investment options and managers.

The plan’s investment options must offer broad diversification across asset classes to help minimize the risk of large investment losses and give participants the opportunity to build portfolios suitable for different goals and risk tolerances.

Many plan sponsors have chosen to use a two-track approach to their investments to satisfy this requirement. Track one employs target-date retirement funds, which allow participants to select a single fund based on an expected retirement date. Track two offers a selection of core individual funds, which cover major asset classes and allow participants to create their own mix of funds.

It’s important to review the number of funds the plan is currently offering. Researchers have begun to quantify the effects of choice overload on retirement plan participation,

and this work reveals that too much choice leads to less participation. For every 10 funds added to a plan, the predicted participation rate dropped by 2%.3

Investment Performance Analyze the performance of the plan’s investment options. Do they rank in the top half of their peer group? Are they meeting the criteria in the plan’s investment policy statement? Use the CMO to help interpret any short-term performance gaps, and reinforce that these are bumps in the longer road. Emphasize the long-term picture: the impact on the probability that the plan sponsor and employees will achieve financial success.

Investment Fees Transition the conversation to a review of fees on the investments. Understanding and evaluating the total fees that participants are charged is an important part of a fiduciary’s responsibility.

Start with the investment-management fees. How much are they? Typically the higher the fee, the more management, research and monitoring services there are associated with the fund. Management fees can vary widely, and it’s important to reinforce to the plan sponsor that higher investment-management fees don’t necessarily mean better performance.

While mutual fund investments in retirement plans typically are not assessed sales charges or front-end loads, it’s important to talk about 12b-1 fees. These ongoing fees are paid out of fund assets and may be used for a number of purposes: to pay commissions to brokers, to support advertising and other costs of promoting the fund to investors, or to pay service providers as part of a bundled services arrangement.

3. Sheena Iyengar and Wei Jiang, “How More Choices Are Demotivating: Impact of More Options on 401(k) Investment,” working paper, Columbia University, 2003


A Report Card on Plan InvestmentsAllianceBernstein can help you monitor the plan’s investments by running an Fi360 report. With this report, you can analyze the asset classes in the lineup, all investment fees and performance. The report includes a fiduciary score breakdown page that shows whether the investment option has:

�� At least a three-year track record

�� An investment manager with at least two years’ tenure

�� At least $75 million in assets under management

�� An allocation of at least 80% to its primary asset class

�� A current style-box placement that matches its peer group

�� One-year, three-year and five-year returns that place it in the top 50% of its peer group

�� A fund net expense ratio that places in the top 75% of its peer group

�� Alpha, beta and Sharpe ratio that place in the top 50% of its peer group

With the Fi360 report in hand, you can review the investment policy statement again and determine if the investments remain appropriate or require upgrading.

Step 5: Discuss Any Changes and Next StepsAfter you’ve reviewed your plan sponsor’s fiduciary responsibilities, the current service providers and the investments (with the help of the CMO and Fi360), discuss the results with your plan sponsor. At this point in the review process, the meeting is likely to move in one of two directions: either the plan sponsor is happy with the current retirement plan, provider and investments…or something needs to change.

When the retirement plan is working well, the information you share in Steps 1–4 helps reassure the plan sponsor and supports him or her in recommitting to the strategy. Then, you can move ahead with the review process.

If the plan sponsor still has concerns, you may need to make changes to the plan. Discuss the changes needed, why they’re needed and the next steps for getting there. Set a clear timeline for implementing the changes, and connect the needed changes to the CMO or the original plan goals. Also, explain any actions the plan sponsor has to take; a clear, mutual understanding of the sponsor’s responsibilities is vital.

Here are a few examples of changes that might be required:

�� Revisions might be needed to the investment lineup; these should be made to address changes in the business or in participants’ risk tolerance, not short-term capital-markets movements. It typically takes a few days for the service provider to replace Fund A with Fund B. Plan sponsors need to ensure that participants and beneficiaries receive notice 30 days before the change.

�� A service provider change may be needed. In this case, discuss which new platforms have the features, services and fees the plan sponsor is looking for. You can then work with your AllianceBernstein Retirement Specialist or recordkeepers directly to obtain proposals.

�� The plan might need to change its design such as auto-enrollment or auto-escalation. These changes also require that participants receive 30 days’ notice. This notice will detail the features and instruct the participants how to opt out.

If any changes are made to the plan, it’s important that the plan meet the communication requirements, furnishing a summary of material modification (SMM) to participants.


Step 6: Build Additional RelationshipsThe completion of a successful plan review can present an opportunity to solicit referral business. Be sure to make the transition carefully, or you might squander the goodwill and trust you’ve generated. Try asking about other legal entities or important consultants in the plan sponsor’s life.

�� Who is the plan sponsor’s CPA or attorney?

�� How long has it been since the plan sponsor updated his or her group benefits (dental, medical, etc.)?

�� Is your plan sponsor working with any other advisors or consultants?

Conversation Starters You might find it helpful to start these conversations with tactical questions, such as:

�� Would you mind if I consult with your CPA to make sure she’s getting the information she needs?

�� How long has it been since you last updated your key-employee agreement? I’d like to consult with your attorney to make sure we’re working together effectively.

Assets with Other Advisors and Consultants You can also use this time to discover assets the plan sponsor has with other advisors or consultants. Stress the importance of knowing the business’s entire financial situation in order to appropriately manage its retirement plan. Once your plan sponsor understands the rationale behind your question, he or she may be more inclined to consolidate plans with you.

Examples of questions include:

�� Are there any other assets that I should be monitoring?

�� Are there any other accounts you’d like me to monitor for our next meeting?

Setting the Proper Tone Your tone should be similar to that of a doctor going through a diagnostic checklist. If it’s clear that your goal is to secure the best services for your plan sponsor, your dedication and thoroughness will inspire confidence. Of course, some plan sponsors will want to keep a portion of their personal assets and business assets with other advisors. Respect this decision—in the end, they’re likely to further consolidate their assets when the time is right.

The Proper Context for Referrals Many plan sponsors feel comfortable providing referrals, but not all of them understand how important referrals are to your business. You may need to enlighten them.

Don’t ask for referrals if the meeting has uncovered significant concerns or if the plan sponsor is visibly anxious. If, on the other hand, the plan sponsor has a positive experience, referral requests are perfectly acceptable. Let the mood be the deciding factor. If you feel comfortable and connected to the plan sponsor now, ask who among his or her circle of business owners might also appreciate your services.

Asking for Referrals Consider these sample statements as you ask for referrals:

�� The greatest compliment I can receive is the referral of a business associate, friend or family member. I always welcome a referral.

�� My business specializes in [explain your specialization/Unique Value Proposition]. If you know someone who isn’t fully content with their retirement plan, I’d be happy to help them.

Over time, you’ll grow more comfortable in asking for referrals. Here’s a tip: assume that every plan sponsor has friends and family members who would value your services. If you provide value to your current plan sponsors, you can do the same for their friends and families—and bring in new plan assets.


Step 7: Set the Next MeetingSolidify the connection to the plan sponsor at the end of a successful meeting by scheduling the next meeting. Provide a simple service or check-in reminder, just as dentists and other healthcare specialists would. Let the plan sponsor know the type of reminder you’ll provide—whether it’s a note, email or phone call.

Also, let the plan sponsor know that you intend to maintain communication between meetings. Remind the plan sponsor that you might arrange a participant meeting after significant capital-markets events, or arrange a meeting with the plan sponsor when he or she has pressing concerns about some aspect of the plan.

Inviting the Check-In Invite and encourage the plan sponsor to stay in touch with you, but be proactive. Don’t wait for your plan sponsor to call when markets get rocky or when new DOL legislation comes out. Initiate contact to increase confidence and reduce anxiety. A 10-minute check-in call can be particularly effective.

As the relationship deepens, you’ll grow more connected to your plan sponsor and more familiar with his or her plan goals and concerns. Your calls will become shorter, easier and more to the point.

The Rules of the Review Your plan review should occur as part of a steady, established, predictable cycle of plan contact. Observe the following basic rules:

�� Focus on the big picture.

�� Check for suitability of the service provider and changes in the plan-design needs of the business.

�� Check for investment suitability and changes in the risk profile of employees.

�� Reconnect the plan sponsor to you, your business and your process.

�� Provide advice and give thorough explanations to build confidence.

�� Connect everything to the original plan strategy and goals.

�� Seek opportunities to expand the relationship.

�� Assume that friends and family of your plan sponsor will appreciate your service.


Your Next Steps

1. Build a Capital Markets Outlook (CMO). Borrow from the experts—don’t reinvent the wheel.

2. Define your ongoing communication plan: how will you educate new and existing sponsors and their participants?

3. Review and prioritize your retirement plans for contact: build a folder for each plan with all the necessary information.

4. Incorporate plan reviews into your weekly calendar with a systematic schedule and plan. Delegate the scheduling process and preparation where you can.

5. Execute!

How AllianceBernstein Can Help YouThis execution guide contains specific, tactical instructions that will help you implement and execute each part of the AllianceBernstein plan review model. You can use it as a desk reference and a starting point in designing your own review process.

As you work to refine your process and implement your own business model, you can also count on effective follow-up support from your AllianceBernstein Retirement Specialist. Specialists stand ready to assist you with your business, and they can provide additional tools that can help you reach your goals.

For more information about this, or any of our programs, please contact your AllianceBernstein Retirement Specialist at 800.243.6812.

This material was created for informational purposes only. It is important to note that not all Financial Advisors are consultants or investment managers; consulting and investment management are advisory activities, not brokerage activities, and are governed by different securities laws and also by different firm procedures and guidelines. For some clients, only brokerage functions can be performed for a client, unless the client utilizes one or more advisory products. Further, Financial Advisors must follow their firm’s internal policies and procedures with respect to certain activities (e.g. advisory, financial planning) or when dealing with certain types of clients (e.g. trusts, foundations). In addition, it is important to remember that any outside business activity including referral networks be conducted in accordance with your firm’s policies and procedures. Contact your branch manager and/or compliance department with any questions regarding your business practices, creating a value proposition or any other activities (including referral networks.)

It is important to remember that (i) all planning services must be completed in accordance with your firm’s internal policies and procedures (ii) you may only use approved tools, software and forms in the performance of planning services and (iii) only Financial Advisors who are properly licensed may engage in financial planning.


AllianceBernstein® and the AB logo are registered trademarks and service marks used by permission of the owner, AllianceBernstein L.P.

© 2012 AllianceBernstein L.P.

As an advisor, your ultimate goal is to build better outcomes for your clients. At AllianceBernstein, we share your commitment. We’ve put our research to work for our clients around the world:

�� Exploring the opportunities and risks of the world’s capital markets and the innovations that can reshape them

�� Helping investors overcome their emotions and keep their portfolios on track

�� Defining the importance of investment planning and portfolio construction in determining investment success

�� Providing tools to help advisors build deeper relationships that benefit their clients and their practices

Our research insights are a foundation to help you serve your clients. Speak to your AllianceBernstein relationship team to find out how we can help you.

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