If losing clients, the Plan Provider should look within

The best way to keep clients is to look at what you’re doing as a plan provider and what is out there in the marketplace.

If you are a third party administrator (TPA) and the competition is having much success offering ERISA §3(16) administration, you might have to offer it yourself or allow a third party offer it (cheap plug here for my Austin 3(16) service).

If you are a broker and you have registered investment advisors touting their fiduciary status or a §3(21) or 3(38) service, it might be a good idea to partner up with Mesirow or a friend of mine, James Holland from Millennium.

The worst thing you can do is scoff at what is out there. Saying a §3(38) service is just marketing is missing the point and just attacking the service because you are losing clients to providers that offer isn’t going to get those clients back in the door.

It’s so easy to attack others, but you need to look within if you are losing clients to the competition.

Don’t be a deer in the headlights and don’t be like my old Managing Attorney and just think your way is the right way and that you’re better than everyone else. Happy clients never leave. Satisfied clients never leave. If you are losing clients, look at what you’re doing or not doing.

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