Getting a new retirement plan client is exciting. There is the proposal, the presentation, the promises about service, technology, responsiveness, and how everything will be better than what the plan sponsor has today. Everyone is on their best behavior because everyone wants the sale.
Then the paperwork gets signed.
That is when the real relationship begins.
I’ve seen plenty of situations where the sales process was terrific and the actual service was anything but. The salesperson promised accessibility, quick responses, and a dedicated team. Six months later, the plan sponsor is sending a third email trying to get an answer about a distribution or payroll issue.
A proposal is marketing. A relationship is execution.
The easiest way for a plan provider to lose credibility is to create expectations during the sales process that the service team can’t possibly meet. Maybe the salesperson promised something the platform doesn’t actually provide. Maybe they promised a level of attention that isn’t economically feasible for that size plan. Maybe the people servicing the plan never even heard what was promised.
None of that is the plan sponsor’s problem.
Providers need a better handoff between sales and service. Every material promise made during the sales process should make its way to the people actually responsible for the relationship. If something can’t be delivered, don’t promise it simply because you want to close the business.
There will always be another prospect. Your reputation is much harder to replace.
Plan sponsors don’t remember every feature in the PowerPoint presentation that convinced them to hire you. They remember whether you answered the phone when they had a problem.
Selling the relationship gets you the client.
Delivering the relationship is what keeps them.