The tool, Nuveen’s newest addition to their 401(k)ollege program, will help financial advisers communicate the value of their services to clients through a financial picture of their retirement plan business. The 401(k)ollege Advisory Council, a group of retirement plan professionals, offered feedback to identify the issues surrounding plan profitability, resulting in a tool centered on the needs of retirement plan professionals.
The step-by-step nature of the tool offers four categories to use when determining what impacts a plan’s profitability:
- Plan assets;
- Plan revenues;
- Acquisition costs; and
- Plan support costs.
The Plan Profit (k)alculator also identifies potential areas of improvement that may enhance business results and plan results.
More information about Nuveen’s 401(k)ollege program can be found at their website.