5 tips to build strong relationships with financial professionals
In today’s retirement landscape, connection matters. For third-party administrators (TPAs), forming productive relationships with financial professionals can help improve outcomes for shared clients. These partnerships can also help open the door to future growth for your firm.
But building such connections isn’t always easy, especially in a remote or hybrid world. So how do you become the TPA financial professionals want on their team? Here are five simple strategies to help.
- Lead with your retirement plan expertise
Financial professionals wear a lot of hats. While many understand the basics of retirement plans, they don’t always have time to keep up with new rules or regulations.By sharing your specialized knowledge through timely email updates, webinars, or even a quick call, you can help them stay informed. Better yet, you can help them feel more confident when talking with clients. Over time, you become a trusted resource. This can often lead to opportunities like more meeting invitations or increased referrals.
- Make it easy for them
Financial professionals are more likely to work with a TPA who makes their lives easier.Be clear and concise when requesting information, respond quickly to questions, and follow through on what you promise. These simple habits show you’re reliable and that you care about making their job easier. Consistency and dependability go a long way in showing that you’re a partner they can count on.
- Share opportunities—not just tasks
Strong partnerships go both ways. When you come across sales or referral opportunities that align with a financial professional’s focus, pass it along. Doing so demonstrates that you’re invested in their success, not just your own.Just one referral can make a difference. It shows you’re invested and may lead to them sending new business your way in return.
- Work together in client retention
Winning new business is only step one. Keeping it takes partnership.Once you have a new client, stay in close contact with the plan’s financial professional. Keep communication open, especially if issues come up. When you work as a team, it helps avoid surprises and shows clients that you both care about their business. That kind of teamwork helps build trust and long-term loyalty.
- Expand their network, and yours
Retirement plan success takes a team. You’ve likely built a strong network of CPAs, ERISA attorneys, actuaries, recordkeepers, and payroll providers. Introducing financial professionals to these contacts can help them strengthen their own network and possibly deepen your relationship.Helping financial professionals build their network reinforces your value. It also shows that while you may not have all the answers, you know where to turn when the situation calls for a different kind of expertise.
It starts with shared values
Solid relationships are built on respect. Look for financial professionals who share your approach and values. Do they treat clients the way you do? Do they communicate in a style that works for you? Do they take a long-term view?
When you find the right fit, you create more than just a partnership, you build a team. A team that works better together, putting you in a strong position to become their TPA of choice.
Helping build your relationships
Contact your TPA distribution director (PDF) or local Principal representative today.