One of the most frustrating experiences for a retirement plan sponsor is being bounced around between departments.<\/p>\n
That\u2019s a recordkeeping issue.<\/p>\n
That\u2019s a TPA issue.<\/p>\n
You need payroll.<\/p>\n
That\u2019s handled by distributions.<\/p>\n
Talk to your relationship manager.<\/p>\n
Nobody cares about your org chart.<\/p>\n
The plan sponsor hired a provider or group of providers to help administer a retirement plan. They shouldn\u2019t need an advanced degree in your corporate structure to figure out who can fix a problem.<\/p>\n
I understand specialization. The person handling compliance testing isn\u2019t necessarily going to process a participant loan. The person working in sales isn\u2019t going to calculate a corrective contribution. Large organizations need departments and defined responsibilities.<\/p>\n
The problem starts when those internal divisions become the client\u2019s responsibility.<\/p>\n
Good service means owning the issue even when you aren\u2019t the person who can ultimately resolve it. Instead of telling the client to call another department, connect them with that department. Instead of saying something isn\u2019t your responsibility, help identify whose responsibility it is. If multiple providers are involved, don\u2019t immediately point fingers at the recordkeeper, TPA, advisor, or payroll company.<\/p>\n
Help solve the problem.<\/p>\n
I\u2019ve seen relatively minor administrative issues turn into major client relationship problems because everyone involved spent more time explaining why the problem belonged to somebody else than actually fixing it.<\/p>\n
Plan sponsors have businesses to run. The 401(k) plan is important, but administering it isn\u2019t their full-time job. They shouldn\u2019t have to manage your organization on top of managing their own.<\/p>\n
Your internal structure exists because it makes sense for your business.<\/p>\n
That\u2019s fine.<\/p>\n
Just don\u2019t make your client navigate it.<\/p>\n
When a plan sponsor brings you a problem, the best response isn\u2019t, \u201cThat\u2019s not my department.\u201d<\/p>\n
It\u2019s, \u201cI\u2019ll help you get this resolved.\u201d<\/p>\n
<\/span><\/p>","protected":false},"excerpt":{"rendered":" One of the most frustrating experiences for a retirement plan sponsor is being bounced around between departments. That\u2019s a recordkeeping issue. That\u2019s a TPA issue. You need payroll. That\u2019s handled by distributions. Talk to your relationship manager. Nobody cares about … Continue reading