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THE WORKING RELATIONSHIP
between a financial advisor and a retirement plan
solutions provider has the potential to be much more
valuable than a vendor-client exchange. A provider who
offers a comprehensive range of services and support can
help an advisor acquire, retain, and protect retirement
plan business, even in a volatile marketplace.
Consider your current provider. Do you have a vendor or
partner relationship? As you’re preparing for a
presentation to a potential client, do you know your
provider’s strengths and weaknesses, and do they know
yours? If you’re down to the wire on winning a plan and
the client has last-minute demands, is your provider in
the trenches with you? Being fully aware of each
other’s capabilities enables you to present a truly
unified front and increases your potential for winning
business – together.
Advisors may spend a lot of time, and lose a lot of
production, trying to compare and navigate the myriad
service options that are available today. By working
with providers who are willing to educate you on their
full spectrum of services, including pricing and even
competition, you can develop a relationship that
delivers financial rewards for years to come. Rather
than limiting yourself to one provider for all plan
scenarios, choose the provider from your list of
partners who is the best fit for any given client.
“Our staff has been on a first-name basis with our
provider’s staff for the past seven years,” said Edward
Schwartz, President of Gregory J. Schwartz & Co., Inc.
in Bloomfield Hills, Michigan. “We are fully versed on
their offering, including record keeping,
administration, consulting, pricing, and technology.
Not only do we know what they offer, we also know who
they offer in terms of sales savvy and can match
strengths when we have the opportunity to propose and
present.”
What differentiates a partner from a vendor?
Familiarity
–
Are you a number in your provider’s database, or a
familiar partner whose needs will be met by a
professional who knows you and your business? If you
have multiple plans with a provider but someone on the
other end of the telephone line struggles to figure out
who you are every time you call, you may be stuck in a
vendor relationship.
Responsiveness
–
Can you reach your sales partner after normal business
hours if needed and count on him or her to respond to an
opportunity? Having a dedicated point of contact for
your entire book of business can mean the difference
between winning and losing plans.
Reliability
– Do you know what to expect from your provider, and can
you count on your provider to produce what has been
promised? If the proposal arrives on time, your
questions are answered completely and in a timely
manner, and the presentation goes off without a hitch
because you and your provider discussed the agenda in
advance and supported each other’s positions… you may be
enjoying the rewards of a partnership.
Communication
– Are you kept in the dark following the sale? A
partner will make you aware of what is happening with a
plan and will involve you as much or as little as you
want to be involved. A partner’s service after the sale
should include working to keep all parties in the
communications loop and saving you valuable time.
Your selection of a service provider can be based on
cost alone, but switching vendors in a constant search
for the cheapest price will never deliver the benefits
of a consultative partner relationship. Do your
homework, ask for references, make a due diligence
visit, and simplify business acquisition with a true
retirement plan solutions partner.
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