Close the Sale: TPA and Advisor Joint Service Model

Close the Sale: TPA and Advisor Joint Service Model

The best sales presentations I ever participated in as an Advisor were those where all members of the sales team; TPA, product Wholesaler and myself were in-tune with each other’s message and effectively communicated to the plan sponsor how we would work in concert to serve them and the plan participants.

I encourage TPAs and their Advisor partners to create a joint service model which effectively communicates to the plan sponsor and the plan participants the activities delivered to them throughout a given year. The calendar is the structure for your joint service model, because both your firm and the Advisors activities are calendar based.

Meet with your Advisors, and ask them to outline their specific initial and ongoing service activities with frequency, including:

  • Initial Trustee Meeting
  • Develop Investment Committee
  • Develop Investment Policy Statement (IPS)
  • Develop Education Policy Statement (EPS)
  • Employee Education: Group and One-on-One
  • Monthly Check-up Call to the Plan Sponsor
  • Quarterly Investment Management Reports
  • Annual Survey of Employees
  • Annual Trustee Meeting

Now combine the top activities you deliver for the plan sponsor throughout the year with those listed by the Advisor. Customize the service model based on information gathered during profiling. The written version is then combined with a visual calendar highlighting dates or periods with the service activities you each are delivering throughout the year.

A joint service model can increase sales and retention of plans for both your firm and the Advisor. The better you and the Advisor can communicate your partnership and shared responsibility to serve the plan, the easier it will be for the plan sponsor to decide to hire you. Close those sales!

Contact me for a sample Advisor Service Model for use in building your joint service model,

September 17th, 2015

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