The conversation began with an advisor stating, "Drew, I've created a monster." This wasn't the typical way a discussion starts with an experienced retirement plan advisor, but it underscored a significant issue.
The "monster" referred to an outdated, inefficient and unsustainable service model that had been implemented many years ago when the advisor first started working with retirement plans. This model had not evolved with the growing and changing nature of the advisor's practice. Recognizing that change was necessary, the challenge was clear: how to transition to a more effective and sustainable service model. While starting from scratch wasn't feasible, it prompted a valuable discussion on how to build a service model that is adaptable and tailored to the needs of a growing retirement plan practice.
Let's explore a more customized approach, moving away from a one-size-fits-all model.
An effective client service model typically revolves around ensuring that clients receive exceptional service and support throughout their interactions with a trusted financial professional like you. And for the financial professional it creates scale, enhances efficiency, and increases client retention. Here are some of the key components to consider.
Not all plans are alike, which is why a one-size-fits-all service model approach is a recipe for disaster. An effective segmentation model should consider the following;
Clearly and intentionally communicate your service model, detailing what it covers and what it doesn't. Don’t fall victim to the assumption trap.
Set boundaries and don’t overpromise.
Establishing a well-structured service model requires thoughtful planning and clear communication within your team. Consider the following strategies to enhance effectiveness:
When evaluating your service offerings, it's important to consider which responsibilities align with your core value proposition. For tasks outside of this focus, outsourcing the following capabilities can be a strategic move:
Most advisors don’t fully embrace the vast resources and capabilities of a good recordkeeping partner. Your partners can be a great source of tools/resources/personnel. Consider leaning on them for the following resources:
Often, the elements of a strong service model that Plan Sponsors recognize are the visible ones, like annual plan reviews and employee education. Give them a look behind the scenes so they can fully understand your service model and how it benefits them.
Consider documenting the following behind the scenes moments for annual review:
Use metrics such as client satisfaction scores, retention rates, and resolution times to measure the success of the client service model. This data provides insights into areas for improvement.
Be flexible and adaptable to changing client needs and market conditions. A rigid approach can cause you to miss opportunities to better serve clients. An effective service model should evolve with changes in clients, their needs, and the market.
Integrating these elements into a cohesive client service model can create a positive client experience that fosters loyalty, enhances your reputation, and drives business growth. Here at Sentinel, we welcome the opportunity to partner with you to bring a successful and sustainable service model to life.
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