In his recent article in NAPA Net, Fred Barstein outlined reasons why working with a TPA helps advisors succeed in growing qualified plan assets under management in meaningful ways, especially in the under $5 million plan space:
• Improved close ratios
• Referrals
• Increased retention rates
• Third-party endorsements
• Expanded team capabilities
• Reduced workloads for advisors
• Support
• Flexible plan design
• Independent endorsement
• Education and training
Opportunities are many. Ninety-one percent of all 401(k) plans – a defined contribution marketplace that adds up to about $3 trillion – have less than $5 million. This plan selling season, First Allied Retirement Services’ retirement plan sales team is at the ready to help you identify, qualify, and close retirement plan business. Whether by helping you look at your existing book of business or reaching out to outside prospects, our sales consultants will help you all the way from quantifying client objectives to selecting the best custom plan design and appropriate investment vendor, from preparation of a compelling proposal to co-presenting with you and closing new plans. Our team is available to work with your client/prospect directly, discuss proposals with their tax advisors, and oversee a smooth implementation to meet the regulator deadlines. Our experience shows a dramatic improvement in close rates when proposals are presented together with a member of our sales team. Utilization of video conferencing and WebEx makes the experience more personal and interactive than ever.
Working on an opportunity? Trying to make sense of plan options? Need help identifying a competitive investment vendor? Want to focus on relationship management by outsourcing plan compliance and investment management functions to a third-party? Our team is ready to assist. Reach out to your consultant today:
Joseph Mulcahy jmulcahy@firstallied.com 925-627-8316
Julie Pelletier jpelletier@firstallied.com 925-627-8304
Nick De Fiori ndefiori@firstallied.com 925-627-8341
Rob Unger runger@firstallied.com 408-497-6287
Retirement Plan News 