The tool, which is called the J.P. Morgan Plan Design Guide, helps advisers create road maps for plan sponsors regarding plan design. The guide is based on proprietary research—from a sample of 300 plans across a wide range of sizes—into the primary factors that influence plan design decision making.
The guide offers a more objective way to evaluate plan effectiveness relative to a precise group of peers with similar retirement plan preferences and characteristics, allowing plan sponsors to identify opportunities to improve participant outcomes via strategies that match their philosophy.
“[Advisers] can use it actually as a leaping off point to do that kind of deep-diving analytics that plan sponsors value,” Donn Hess, head of product development at J.P. Morgan Retirement Plan Services, told PLANADVISER.
The tool leads advisers through a simple series of questions that help them understand the client’s strategy, find options around the plan structure and narrow the list of which options look best. The tool can be used both for current and prospective clients, Hess said.
“Retirement plan advisers play a critical role in encouraging plan sponsors to think and act strategically about plan design,” he said. “This tool provides a framework to enhance that conversation.”
The tool is being offered to all advisers, not just those at J.P. Morgan. It is available online at https://www.jpmorganfunds.com/cm/Satellite?pagename=jpmfVanityWrapper&UserFriendlyURL=topic&topicId=1310480863755.