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Protecting Your
Retirement Plan Business
ADOPTING A STRATEGIC
approach to acquire, retain and protect clients is
essential to growing your business. Have you developed
meaningful, long-term strategic tools to retain clients,
and is your retirement plan solutions provider on board
to help you employ those strategies?
A provider who offers a
comprehensive range of services and support can help you
protect hard-earned plans.
Don’t make the mistake of spending time, energy and
money on marketing efforts to garner new clients while
ignoring valuable existing clients.
A
provider who works closely with you can help cultivate
the strong, long-term relationships necessary to retain
and grow your book of business. Your provider can be
your closest ally in passing along critical information
about what clients believe is important to the success
of their plans. Regular communication with your provider
and your clients allows you to stay on top of the plan
and its ongoing needs.
“Our provider offers us insights into the attitudes and
behaviors of plan sponsors, and we use that knowledge to
provide a higher level of service to our clients," said
Neal Sachs, a financial advisor with Smith Barney in
Torrance, California. "Our record keeper helps
strengthen our relationships with our plan sponsors
because we truly work in partnership with them."
The partnership with your retirement solutions provider
should consistently add value to your clients. Your
provider should deliver:
-
a dedicated account executive who serves as a single
point of contact for day-to-day business concerns
and provides personalized service to you and your
clients.
-
continuous and consistent service enhancements that
meet the changing needs of your business and your
clients’ plans.
-
proactive communication, such as e-mail alerts,
to keep you and your clients informed of plan events
that are scheduled to happen or have just occurred.
By
tapping into the strengths of your provider, you are
seizing a powerful opportunity to grow and sustain
business well into the future.
Remember that it costs less to keep an existing client
than it does to gain a new one. Be a resource for your
clients by sharing ideas and contacts that might make
their jobs easier. Know your clients – pay attention to
triggers that may push them to seek change. Welcome
feedback and suggestions from your clients so you may
determine how better to serve them. And be sure to
share the feedback you receive with your provider to
make sure your clients’ needs are being met on every
level.
By
working in partnership with your provider to protect
your business, you can reap the rewards of building a
stable base of loyal clients. |
