One of the biggest mistakes retirement plan providers make is assuming that a quiet client is a happy client.<\/p>\n
Sometimes they\u2019re just quietly looking for another provider.<\/p>\n
Clients rarely wake up one morning and decide to fire their TPA, advisor, recordkeeper, or other plan provider for no reason. Usually, dissatisfaction has been building for months or even years. Emails aren\u2019t returned. Telephone calls aren\u2019t returned. Nobody proactively contacts them. Their longtime relationship manager disappears and nobody bothers to introduce the replacement.<\/p>\n
Eventually, somebody else calls.<\/p>\n
That\u2019s the dangerous part. Your competition doesn\u2019t need to convince a satisfied client to leave. They just need to find the client you\u2019ve been ignoring.<\/p>\n
Providers spend tremendous amounts of money trying to acquire new business while sometimes doing very little to protect the business they already have. They\u2019ll spend thousands on conferences, marketing campaigns, lead generation, and salespeople, but won\u2019t spend 20 minutes calling an existing client to ask how things are going.<\/p>\n
That\u2019s backwards.<\/p>\n
Client retention isn\u2019t complicated. Communicate. Be responsive. Fix problems. Occasionally contact clients when you aren\u2019t trying to sell them something. Make sure they know who their point of contact is. Most importantly, never give them the feeling that they\u2019re just another plan number in your system.<\/p>\n
You don\u2019t have to constantly wine and dine clients. You just have to remind them that you actually care about their business.<\/p>\n
Every retirement plan provider has competition. There is always another TPA, advisor, recordkeeper, or provider willing to take your client.<\/p>\n
If you take care of your clients, your competition has a difficult sales job.<\/p>\n
If you ignore them, you\u2019ve already done most of your competitor\u2019s work for them.<\/p>\n
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