One of the easiest ways for a retirement plan provider to lose business is also one of the easiest things to fix: stop making the financial advisor chase you.<\/p>\n
I\u2019ve been in the retirement plan business long enough to know that mistakes happen. Testing gets complicated. Payroll data is wrong. A distribution gets stuck somewhere. Sometimes you simply don\u2019t have an answer yet. None of that bothers me nearly as much as radio silence.<\/p>\n
If an advisor sends you an email about a mutual client, answer it. You don\u2019t necessarily need the solution that day. Sometimes the best response is simply: \u201cI\u2019m looking into it and will get back to you.\u201d At least the advisor knows somebody is paying attention.<\/p>\n
The problem is when the advisor has to send another email three days later. Then another one. Then they call. Eventually, they\u2019re not chasing an answer anymore. They\u2019re questioning why they referred the client to you in the first place.<\/p>\n
Financial advisors put their reputation on the line when they recommend a TPA, recordkeeper, or other retirement plan provider. When your service stinks, it reflects on them. That\u2019s something providers sometimes forget.<\/p>\n
Responsiveness isn\u2019t a premium feature. It shouldn\u2019t depend on whether the plan has $2 million or $200 million in assets. It\u2019s part of providing service.<\/p>\n
I\u2019ve always believed that the retirement plan business is ultimately a relationship business. Relationships require communication. You don\u2019t need to have every answer immediately, and you don\u2019t have to be perfect. You just have to let people know you\u2019re there and you\u2019re working on it.<\/p>\n
There are plenty of providers looking for new business. If you consistently make an advisor chase you for answers, eventually they\u2019re going to stop chasing you.<\/p>\n
They\u2019re going to start looking for somebody else.<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" One of the easiest ways for a retirement plan provider to lose business is also one of the easiest things to fix: stop making the financial advisor chase you. I\u2019ve been in the retirement plan business long enough to know … Continue reading