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YOU’VE WORKED HARD
to win the business of a large retirement plan. Now how
do you keep the relationship solid for years to come? A
retirement plan solutions 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. While every
financial advisor-plan sponsor relationship is unique,
there are steps you can take to increase your chances of
turning the deal into a long-term commitment.
Start by carefully evaluating your current offering for
plans and plan sponsors.
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Are you fully integrated with your clients and your
solutions provider from a technology standpoint?
We
all appreciate any opportunity to save time and money.
If you can further utilize technology to increase
efficiency and minimize the resources needed for clients
to do business with you, make those upgrades a
priority. Real-time client data, reports and other
downloads should be available online from your
provider. You and your plan sponsors should receive
proactive e-mail alerts from your provider to keep you
abreast of plan events that have occurred or are
scheduled to happen.
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Are there new or improved services you can offer your
clients?
Your provider may offer enhancements or supplements to
the services your client receives. Online retirement
planning education, personal rate of return analytics,
and automated rollover services are just a few of the
offerings your provider may deliver. Any applicable
service that makes the job easier for you or your
clients is worth exploring.
- Have you discussed the client’s goals for the plan?
Do you know how the client measures success within the
plan?
“The most important element of client retention is
understanding what motivates the client,” says David
Camper, an RIA with Dixon, Hubard, Feinour & Brown, Inc.
in Roanoke, Virginia. “Our provider works closely with
us to set appropriate expectations and align our
collective services to support what our clients believe
is important to their plans.”
One size does not fit all when it comes to the goals and
needs of retirement plans. Communicating with your
clients and your provider on a regular basis allows you
to adjust quickly to changes in a client’s goals or
business plans. Having a provider who dedicates an
account executive to your plans and knows how you and
your clients operate can be a huge time- and
communication-saving benefit.
To
retain clients over the long term, set appropriate
expectations, deliver value, communicate consistently...
and enjoy the rewards for years to come.
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