Enhancing Client Engagement and Scalability Within Your Retirement Plan Business

Earlier this year, I wrote in PLANADVISER about a winning strategy for onboarding 401(k) plan sponsor clients. But as a retirement plan adviser, the journey to creating a truly scalable and profitable business—while ensuring client satisfaction—doesn’t stop at onboarding.

Now I consider the days between 61 and 90, pivotal in shaping the long-term success of your client relationships. This period is crucial for reviewing and adjusting retirement plans, soliciting feedback, enhancing communication and building relationships with plan sponsors and participants. Let’s explore the strategies that can help you achieve these goals and drive your business forward.

Plan Review and Adjustments

Rebecca Hourihan

By Day 61, your retirement plan clients have had time to engage with the onboarding process and start evaluating their experience. This is the ideal moment to delve into a comprehensive review of their retirement plan. Focus on understanding their current standing and potential areas for improvement. Discuss key metrics such as participation rates, deferral rates and asset allocation.

Ask questions like:

• Has there been any notable change in participation or deferral rates?
• Are employees actively attending education meetings?
• Are there any plan design or investment updates required? and
• How effective is the current recordkeeper?

The resulting discussions not only demonstrate your commitment to improving financial well-being, but also help tailor the plan to better align with their goals.

Soliciting Feedback

Feedback is a vital tool for continuous improvement and client engagement. Encourage open dialogue with your clients to understand their experiences and expectations. How satisfied are they with the plan’s performance so far? Are there areas in which they feel improvements could be made? Use this feedback not only to refine their current plan, but also to enhance your services across the board.

Create a structured approach to collecting feedback—perhaps through surveys or regular feedback sessions—and ensure that your clients know their opinions are valued and acted upon. This transparency builds trust and shows clients you are dedicated to meeting their needs.

Enhancing Communication

Effective communication is the backbone of any successful client relationship. Now is the time to refine your communication strategies. Ensure all clients are included in ongoing email campaigns, updating them with relevant information and insights. Establish connections with retirement plan committee members and engaged participants on professional platforms like LinkedIn. This not only keeps you at the forefront of their minds, but also strengthens your professional network.

Adapt to your clients’ preferred communication methods, whether email, phone calls or text messages, and maintain a regular communication schedule. This flexibility ensures that you are accessible and responsive, further solidifying your role as a trusted adviser.

Building Relationships

In addition to building relationships with plan sponsors, fostering connections with participants is equally important. These individuals are the beneficiaries of the plan, and their satisfaction can significantly influence the success of your services. Engage with them during education meetings and offer personalized guidance to help them make informed decisions about their retirement plans.

Furthermore, consider expanding your network by connecting with your clients’ centers of influence—such as CPAs, TPAs, business attorneys and bankers. These relationships can open doors to future business opportunities and referrals.

Day 91: Wrapping Up and Looking Forward

As you reach the 90-day mark, it’s time to reflect on the progress made and prepare for future growth. Host a wrap-up meeting with clients to celebrate successes, gather additional feedback and acknowledge their journey. This is also an opportune moment to ask for referrals—satisfied clients are often eager to recommend trusted advisers to their peers.

Focus on the simplicity and clarity of your onboarding process. Clients who have experienced a seamless and professional journey are more likely to explore other services you offer, potentially expanding your business reach.

Celebrate Success

Servicing 401(k) clients effectively between Days 61 and 90 can significantly enhance the scalability and profitability of your business while ensuring high levels of client satisfaction.

By reviewing plans thoroughly, soliciting constructive feedback, enhancing communication and building robust relationships, you lay a solid foundation for enduring success.

As you celebrate the completion of the initial phase, remember that each satisfied client is a testament to your dedication and a gateway to further opportunities. Embrace this period as a chance to refine your services, solidify client trust and propel your business towards sustainable growth.

Rebecca Hourihan is chief marketing officer at 401(k) marketing.