the cost of educating plan participants

[Guest slogan]

I am interested in general information related to the cost of educating plan participants. I am trying to develop a pricing matrix to be used to analyze a teams cost. Are others charging for the use of educators? Can travel exenses be passed back to the client? What about ongoing education meetings with a company?

[Guest ChuckLakeshore]

I think it all depends on the relationship you have with your client. And by relationship I mean the total relationship your firm has with a client. Much of the time education/communications is a service provided at low or no cost because the main business of the firm is money management or benefits administration. I think you'd have to cost out education/communication services like any other service your firm provides: hours and expense.

However, the firm my have trouble selling the total package of services if you start charging clients for

education/communications and other firms don't.

I will tell you that firms that specialize in participant education normally pay presenters from $150 to $300 per day plus expenses. That's about what most benefits consulting firms charge per hour.

don't.

[Guest Anne V]

I've worked with some money management firms on these types of communications. While they typically offer communication services for "free," typically those services are covered (or rather, buried) in the money management fees.

If you're developing generic communication materials that can be used over and over with a number of clients, it may difficult to charge much for conducting employee meetings. However, if you're developing highly customized or personal communications (e.g., projections or personal statement) you may be able to charge a "market rate" for those materials.

Hope that's helpful.

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