5 Key Moments to Grow Your Business

Helping clients evaluate and choose a retirement plan provider is one of the most valuable services you can offer. And when you manage the process well, that’s good for your business. Successful matchmaking can set you apart from your competitors and help your business grow in many ways:

• Demonstrates your expertise
• Builds trust
• Strengthens current relationships and opens doors to new ones

Of course, your work isn’t over after you’ve made a successful connection. There are critical times of the year when your value could be put to the test. We call these events the 5 Moments of Truth and here they are:

1. Annual census
2. Compliance testing
3. Form 5500 and audit
4. Delivery of required notices
5. Measurement and strategic planning

For plan sponsors, these events can be pain points. For advisors, they’re opportunities to reaffirm your value by offering expertise and solutions. Think about scheduling relevant email campaigns, blog posts, special events or phone calls at these times.

Keep reading to learn about the first Moment of Truth — the annual census. Then review the other four to get more conversation starters before your next client meeting.

Annual Census

For some plan sponsors, the annual census creates confusion and extra work. Their problems can be magnified if they’re not partnering with a provider who focuses on meticulous data collection.

Ask these questions about their census experience to help uncover service or data accuracy issues:

• “Do you know the steps required to complete the census?”
• “Do you get the support you need from your provider?”
• “How does your provider collect employee data for the census? Is it collected year-round from all employees?”
• “Does your provider answer your questions quickly and accurately?”

The right provider can help streamline the annual census process. Introduce your clients to providers like The Standard who:

• Collect information on all employees — not just plan participants — throughout the year.
• Offer a system for validating and correcting payroll data that integrates with payroll providers.