Service is what separates qualified plan providers from qualified plan partners.

Today, most plan sponsors know that investments are not materially different from one product to another.  Furthermore, the last several years have seen technological advancements that result in very little difference among the features retirement plan providers offer as well.  While there are still pockets of pricing disparity (both higher than average and lower), that too is becoming increasingly rare.  The only true difference is service.

We know that qualified plans are not your business.  They require constant diligence to monitor a variety of complicated limitations and procedures imposed by State and Federal agencies.  For many small and mid-sized employers, these requirements can often be a deterrent to offering such important employee benefits.  We welcome the opportunity to take as many responsibilities associated with these plans as possible off of your shoulders.

We do not expect you to handle operational duties which we can handle for you.  Our clients come to see us as their “back office” personnel dedicated to managing day to day plan activity in their best interests.  We do not design processes around efficiencies beneficial to us.  Nor do we allow the fund families or financial consultants involved with our plans to do so either.

We know it can be confusing when everyone says they provide quality service.  This puzzles us too when we see examples of how they quantify it.

-          A happy smile

-          A friendly voice

-          Returning phone calls within a reasonable amount of time

These certainly do no harm.  In fact, they are all laudable elements of a good working relationship.  But they are evidence of common courtesy, which itself is only one (albeit primary) aspect to outstanding service.  We go beyond that to promote a commitment to responsibility, accountability, and empathy.  Can you see these qualities in the service you receive today?  Not sure?  Ask yourself a few questions.

-          Does your current administrator respect you, your interests, or your time?

-          Are you provided with materials when requested, or an understanding of why you need them and a legitimate attempt to meet those needs?

-          Do you receive reports, or communication on the health of your plan and how well it is meeting the objectives you set for it?

-          Does your current administrator inform when you fail compliance testing, or when you might if you don’t take appropriately recommended action?

We are happy to share how our clients answer these questions.  If you are interested, please call (317) 558-8000.

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