Once you’ve identified your prospects, maximize your opportunity to close every sale. Well-defined growth targets will help keep you on track. It’s also important to invest in the sales experience from end to end, from building relationships outside of the RFP process to well-designed onboarding programs.
After the business has been won, you need to be proactive about educating clients, anticipating their needs and offering solutions at every level. Increase the engagement of senior management by helping them set goals and priorities for their organization’s retirement plan. Expanded offerings that include products such as health savings accounts (HSAs) also provide an opportunity to cross-sell complementary strategies and create more durable client relationships that can withstand future leadership changes.
For employees and plan participants, increasing participation and deferral rates through ongoing education are the biggest keys to success. Ensuring plans include all the basics, as well as tailored educational messages, can help keep participants engaged.
Education also plays a role in proactively managing plan committees. Keeping administrators aware of your strategic value creates context for the fees and services you offer. Finally, developing and deploying satisfaction surveys allows you to complete the feedback loop and gain insights from all stakeholders.
Operations and Human Capital
Align your clients, colleagues and processes with your business objectives and expertise to make your practice soar. Getting there requires that you fine-tune your client list and service model for maximum profitability, including establishing pricing criteria for new clients. If client relationships aren’t profitable over time, you should be open to revising service agreements or refining your client list to yield the greatest long-term benefit for your business.
To get the most from your team, all team members need well-delineated roles and responsibilities. Develop a diverse and complementary team and offer employees opportunities to sharpen and expand their skills while improving their performance.