THE WORD VALUE is defined as importance, excellence and usefulness—a lot of weight for a small word. Terms like “value proposition” and “value-added” have infiltrated our language, but are they living up to value’s hefty definition?  It’s time to examine how advisers can distinguish themselves and add value for sponsors and their participants.
 

One approach is to deliver creative, well planned, and in-person employee communications. Many plan sponsors have a written investment policy statement that shapes how they select and review investments for the plan. The investment criteria and written goals and objectives help sponsors to seek specific investment results. If the plan does not realize results defined in the policy, they make appropriate changes in order to achieve the written and expected results.
 

So what about a written communication plan/statement? Creating a written annual communication plan will define all the ways the provider, the plan sponsor and the adviser will communicate with employees during the year. Experience and industry data confirms most effective communication messages are delivered onsite and in person. While many easy and creative communication solutions are available, nothing takes the place of highly customized and personalized consultations. These consultations yield effective communications that truly meet the needs of participating employees. At the end of each year you should review the communication plan and any changes in employee behavior. Use this information to shape and deliver a new, customized communications plan for the coming year. This ongoing attention to your clients will create value for them and their employees¾and can help facilitate long-standing and successful relationships with all of your clients.

To learn more about TruSource and how we can help you customize a communication plan for your clients contact Frank Bruno at 714-437-4213, or consult with 401kExchange.

Return to Newsletter