Earlier this week we opened up Advisor Week on the blog by sharing a little background on the relationships that ADMIN Partners has with financial advisors. In today’s post we want to expand on that insight by looking at the benefits advisors receive when teaming up with a TPA, like ADMIN. From education on the administration of a plan to assistance in the sales process, a TPA can provide a slew of advantages to the advisor. Here is a look into those benefits:
Nelson Mandela once said “Education is the most powerful weapon which you can use to change the world.” Well, we think that education is also a pretty good weapon when it comes to retirement plans. No matter what type of plan an advisor is working with (401(k), 403(b), etc..) the rules and regulations set forth by the IRS and DOL are constantly evolving. In fact, we have also seen an uptick of regulations changing on a state by state basis which can make things more demanding on the advisor. With this in mind, ADMIN Partners has worked diligently to ensure we are producing educational materials in the form of seminars, videos, marketing materials and social media updates that keep advisors informed on developments within the industry. Advisors can use ADMIN as a resource of knowledge to ensure they are working well within the parameters of the rules and regulations surrounding retirement planning.
In our last post, we touched on the topic of referral sources and how ADMIN has used referrals from advisors in order to develop our business model. These referrals have also allowed us to establish long-lasting relationships with advisors all across the country. We have also expanded on the advisor relationship and founded a solid rapport with over 60 investment firms throughout the U.S. The bonds between advisors, investment companies and TPA have led to growth in business for everyone involved as the referral agreement is shared between all parties.
Of all the ways an advisor can benefit from working with a TPA, improvements to his/her sales process is probably the most important. Giving financial advice to an employer and the participants of a retirement plan is an advisor’s expertise. With that being said, most advisors are not as experienced when it comes to plan administration and the necessary efforts needed to keep a plan compliant. This is where working with a TPA benefits an advisor the most. TPA’s were created to handle these aspects of a retirement plan so adding a TPA to the relationship when presenting to a Plan Sponsor ensures all aspects of their retirement plan is covered. A TPA can talk to the plan about the design of their document, the requirements of the Plan Sponsors, and the necessary year-end filings for those plans subject to ERISA. ADMIN Partners has always worked closely with our advisors during their sales process and this working relationship has proven that working together yields results. Did someone say dream team?
Want to know more about how ADMIN Partners can help you, a financial advisor, build your book of business? Contact our Sales Manager, Greg Verna, at 856-382-3501 to learn more!