Building relationships with financial professionals—five tips for TPAs

1 Share your retirement plan expertise

While many financial professionals have a good understanding of the retirement plan industry, they may not have the time—or the desire—to become an expert in the ever-increasing number of rules and regulations. Instead, they want to work with specialists who will keep them informed of changes and explain what they mean to clients. Fortunately, this is an area where you shine. If you haven’t already, consider creating a strategy for sharing legislative and regulatory developments, perhaps through social media, emails, or webinars. Helping financial professionals have more in-depth client conversations can go a long way in building trust. And you may find yourself getting invited to sales meetings—giving you another opportunity to demonstrate your expertise and deepen relationships.

2 Help financial professionals make the most of their time

Similarly, financial professionals with full plates are more likely to work with TPAs they can trust to get things done efficiently. They’re looking for partners who will help them manage their clients’ retirement plans so they can focus on their practice. This is another area where you likely excel. As you would in any relationship, be concise and clear when requesting information, respond promptly to questions, and deliver what you promised.  

3 Pass along retirement plan sales and referral opportunities

Financial professionals are continually looking for opportunities to keep their sales pipeline flowing. Talk to your key partners about their target markets and share leads that fit their criteria. It’ll be easier for them to keep you top of mind when you’ve sent referrals their way. And they’ll likely reciprocate by bringing you more business.        

4 Assist with retention efforts

Of course, earning the business is only the beginning. After that, it’s all about retention and showing clients how much they’re valued. And communication between you and a plan’s financial professional is key. Open and transparent communications can help keep minor issues from becoming major ones while demonstrating your commitment to providing an exceptional plan experience. The more you can convey that you have the financial professional’s back, the more you’ll function as a cohesive unit, which can lead to more opportunities.

5 Help financial professionals build their retirement network

If you’ve been in the industry awhile, you know it takes a community of specialists to help retirement plans run smoothly and deliver the desired outcomes, including:

• CPAs
• ERISA attorneys
• Actuaries
• Recordkeepers
• Payroll companies

And you’ve likely built a team of go-to experts. If you haven’t already, consider introducing financial professionals to this team. It’s another simple way to help forge and deepen key relationships that could pay dividends for years to come. It’s also a way to demonstrate that while you may not always know the answer, you can reach out to people who do.  

Stay true to your values as a retirement plan professional 

To have a thriving TPA-financial professional relationship, there must be mutual respect. So identify those partners who work best for you—the ones who align with your:

• Values and work style
• Clients’ values
• Overall team
• Business strategy

When you do that, you set yourself up to work with financial professionals who value what you do and won’t hesitate to bring you in on sales opportunities—making you their TPA of choice.