I’ve been in the institutional retirement industry for two decades. Over that time service expectations haven’t really changed. I’ve observed this from both sides of the transaction, as a service buyer and as a service provider. For me, the big key is delivering value.
What is Service?
The definition of service is the action of helping or doing work for someone. Often the work is associated with providing a helping hand. At the end of the day, you’re providing your client a valuable service and you’re doing it to advance their project or business. This is a good place to start your thinking.
Providing Service — The Chameleon Approach
Early on in my development, while at Fidelity, one of my supervisors suggested that I learn to be a chameleon to optimally relate to my client and provide them with the service they expected, and needed. Being a chameleon is hard, it requires skills on many different levels, and it takes practice. Lots of practice. But practice makes perfect.
As you practice, you learn to be nimble, and flexible. You learn to serve each and every need. You learn to solve a problem before it becomes an issue. You also learn that the way you serve one client is not the way you serve another.
Different circumstances call for different approaches. Soon you develop the ability to change to almost any color.
What is Value?
The definition of value is the relative worth of something in money, utility, or importance.
One example of value is buying artwork. When I look for art for my home, I want something that is attractive, and will add an element of culture, but at the same time will also provide me with a return on my investment. So, I take my time and look. I look for something that catches my eye. I look for my valued piece.
A couple of years ago I purchased a beautiful hand-embroidered piece that required almost 800 labor hours to craft. It’s beautiful, eye catching, and cost me $1,500, which is a big amount for my budget and caused me to take a huge gulp when purchasing it. Yet, I also know that its street value is almost $8,000. Now that’s value.
Offering a Service and Delivering Value
At face value, your client hires you because of your reputation, your experience, and your expertise; but they keep you because of the value you deliver.
Here are what I feel are the vital components of delivering value.
- Client Focused. You need to zero in on exactly what your client needs and wants. That may mean more than what is in the terms of a contract. Plus, it may change over time. You are delivering value when you can apply your expertise to every aspect of your client’s changing needs.
- Solutions Oriented. With that intense focus on the client, you’re going to find issues and concerns that are outside the scope of your agreement. Don’t just point them out to your client offer them solutions on how to address them. This is not only delivering value but also growing that value.
- Efficiency Driven. The more efficient you and your team work, the more quickly things get done. This further results in cost savings. All that builds your reputation and provides real value to your client. See my comments on Doing More With Less.
- Agile and Adaptable. As noted above with my chameleon example, you have to be nimble and flexible to respond to changes. That includes client changes, organization changes, regulation changes, and the list goes on.
- Committed to Success. All this shows that you’re committed to your client’s success. When that happens, you’re part of their team, making a difference, and truly delivering value.
How Do We Apply?
Just because you don’t have any issues at the moment with your retirement plan, doesn’t mean that everything is running on all cylinders. Often times you don’t know what you don’t know.
Of course, the best person to identify and call attention to an issue is someone internal. Yet if you have an employee that isn’t familiar with retirement plan complexities, something could slip through the cracks.
Have you taken a couple of steps back to evaluate your service providers? Who does what? How do they help you manage risk? How often do you see them? Do you have the time to do this?
If you don’t have time to evaluate services, does it mean that you should not?
Remember, although it is only one plan, it breaks down into accounts for hundreds of employees.
We Provide Service and Deliver Value!
Abacus Retirement Plan Consulting can make it happen for you and your organization. We are a consulting firm that provides high-touch yet cost-effective support to plan sponsors. We serve as your dedicated resource, relieving you of the immediate administrative burden and freeing you to focus on other, more pressing matters that need your dedicated attention.
We can tackle your most urgent issues, working alongside your staff as well as collaborating with your plan providers and consultants. We’re detail oriented and love to solve problems and ensure that your plan is operating at a peak level and that critical processes are in place.
Abacus RPC, Services:
We provide retirement plan consulting services in five key areas:
- Special Projects / Project Management – We can handle your special business projects such as remedial measures, mergers and acquisitions, or due diligence activities.
- Annual Compliance Support – These include all the plan management responsibilities that occur each and every year.
- Administrative and Operations Review – We analyze and audit all details of your entire plan administration, helping you avoid costly noncompliance surprises.
- Retirement Plan Oversight – Once your plan is running smoothly, we focus on keeping it that way through oversight. Plus, our experience provides insight into the key items that need periodic updates.
- Internal Operations Support – We can manage or provide guidance on all facets of daily administration.
You can learn more about our services at Abacus Services Offering.
Let’s Talk!
Give me a call or send an email.
You can reach me at 817-690-5430 or erika.chavez@abacusrpc.com
Erika M. Chavez, Principal
Abacus Retirement Plan Consulting LLC