When a rock band goes into a studio to record an album, they start writing new songs. Some members of the band will start a riff that can become the next hit, become part of the album, or left behind as something that doesn’t get finished. Sometimes, the band will go back to some of their unreleased material, rework it, and release this unreleased stuff as a new album.
When it comes to networking with other retirement plan professionals, you need to know that you rarely get referrals that lead to clients right out of the block. Relationships with other providers take time and don’t necessarily lead to leads that directly lead to clients. Sometimes you’re given an opportunity that gets a phone call with a prospective call and nothing else. Some opportunities get cold and then get warm again.
The point is that when you network with other providers in this space, whether it’s a TPA, an ERISA attorney, or an auditor, it’s more than just an opportunity to get clients. Developing a network of highly competent retirement plan providers can augment your practice. Instead of hiring an ERISA attorney or an expert on plan administration, you can pick up a phone and call an expert, most of the time the advice is free. When you have existing and potential clients, a good relationship with plan providers can get you the help you need in managing your clients. They can help you with plan design issues, plan document issues, and spotting problems that can be nipped in the bid before causing the client potential harm.
Networking is about developing relationships; it’s not about the quick score. Referrals and opportunities can come indirectly as the result of relationships with these providers; you can be surprised how the power of the word of mouth works. Finding the right team of plan providers can help you in ways much more fruitful than just clients.