Retirement Services Firms Best Practices

TPA Firm Best Practices: Firms Focused on the Future

Presented by:

Sarah Simoneaux, CPC

ASPPA 2009 Annual Conference

Industry Expertise Business Know-How Real World Experience

© Simoneaux & Stroud Consulting Services www.scs-consultants.com

“This is the first time in the history of business that you can be great at what you’re doing

today and be out of business tomorrow.”

- Ken Blanchard

& Terry Waghorn


Today’s Business Challenge


Today’s Session


The Value Proposition

Welcome to Nordstrom

We're glad to have you with our Company. Our number one goal is to provide outstanding customer service. Set both your personal and professional goals high. We have great confidence in your ability to achieve them.

Nordstrom Rules: Rule #1: Use good judgment in all situations. There will be no additional rules.

Please feel free to ask your department manager, store manager, or division general manager any question at any time.


Offer the customer the best possible service, selection, quality and value.

According to recent amendments made to Walmart's employee handbook, snowy weather is no longer an excuse for being late to work. Being 10 minutes or later for work three times you will earn a demerit, and if you accumulate too many demerits you could be terminated.


Saving people money so they can live better.


Opportunities


The Human Connection


Creating a Culture


The Real Problem: It’s All in YOUR Head!

"In most companies, people at the top know where they are going – but the employees struggling to get the work done are often in the dark about the company direction. If you don't tell them where you want to go, you probably won't get there. A written business plan allows you to do that." -Ken Ingham, President, Ingham Retirement Group

“I don’t understand why every plan I pick up is so complicated. Why don’t we have plans that are easier to administer?”

- Employee, TPA firm


Mission and Values Statements

OUR MISSIONABC COMPANY is dedicated to providing objective qualified guidance and investment tools for qualified retirement plan sponsors resulting in a secure retirement for plan participants.

ABC COMPANY focuses on creativity and flexibility in its services and fosters long-term relationships with its customers, referral sources and employees.

FLEXIBILITY We specialize in providing creative, “out of the box” services. We know that each plan is unique and should be designed and administered according to the specific needs of the client.

“The single biggest problem in communication is the illusion that it has taken place.”

George Bernard Shaw, author


Communication


Best Practice: Business Plan & Communication


Sustainability


The Real Problem: Being Reactive vs. Proactive

“We have had to waive our takeover fees for the last two years. How are we going to get our clients to appreciate and pay for the consulting services we provide.”

- Owner, TPA firm

“The owners say we’re overstaffed and have capacity to take on lots of new plans. I don’t know about everyone else, but I am really busy and I don’t think I have room for more plans.”



Best Practice: Articulate Competitive Advantage & Increase Industry Awareness


Quantifying Competitive Advantages


ASPPA Recordkeeper Certification


Finding/Keeping Good People


The Real Problem:Focus

“We do annual reviews and encourage credentials. That has always worked for us in the past.”

- Owner, TPA firm

“I am never sure day to day if I’m doing a good job. I only get feedback when things get messed up.”



Best Practice: Feedback Mechanisms


Model Employee of the Future: What are the Six Traits?

Technical skills

• Required certification and credentials

• In-house support

(2 hours/week: RPF, DC-1, DC-2, DC-3, DB)

• ASPPA’s institutional pricing: www.aspa.org/Document-Vault/Docs/EE/Institutional-Training.aspx

“Soft skills”

Management skills


Best Practice: Training

http://www.aspa.org/Document-Vault/Docs/EE/Institutional-Training.aspx


Recruiting

MANAGEMENT STYLE

As a manager of people or projects, Sarah will be:

• Broadly focused; her attention is on where she's bringing her team, and what goals she wants them to achieve, rather than on the specifics of how they will get there

• Comfortable delegating details and implementation plans

• Reluctant to delegate true authority; she will discuss ideas with others, and is open to their viewpoints, but will only change her mind when the idea better helps her overall goal

• Quick to follow-up on delegated tasks, generally asking more whether it's finished than how it was accomplished

• Constantly looking to improve performance and ability to compete

• Inclusive and team-building

• Direct and quick to voice her opinion of how things are going.


Predictive Index® (Excerpt) www.piworldwide.com

MANAGEMENT STRATEGIES

To maximize her effectiveness, productivity, and job satisfaction, consider

providing Sarah with the following:

• As much independence and flexibility in her activities as possible

• Opportunities to learn and advance

• Opportunities for expression of, and action on, her own ideas and initiatives

• Variety and challenge in her responsibilities

• Opportunities to prove herself, and recognition and reward for doing so

• Freedom from routines and repetitive details, balanced by accountability for results.


Predictive Index® (Excerpt)

Bookkeeper needed for pension administration firm. You will be responsible for handling all bookkeeping functions and implementing operations and process improvements in the department.Requirements: • 5+ years experience

• Proficient in Microsoft® Excel, Word, Outlook and Peachtree or Intuit QuickBooks

• 4 year degree preferred


Bookkeeper Ad #1


Bookkeeper Ad #2Ready for a new challenge? Make a difference and directly impact our small friendly team with improved processes, teamwork, and five star client management. Your results will be rewarded!

We are seeking a full charge bookkeeper who is driven by high standards of quality with a commitment to completing all tasks on time. The position requires a fast paced person balanced by a cautious and careful approach to their work. Strong follow through and following established procedures to get results are what you are all about. You are cooperative by helping others and do not have “this is not my job” mentality. Key accountabilities include developing expertise in our financial systems, creating a streamlined process so that information and reports are completely automated and establishing good rapport with our clients.

If you have a track record of consistent and accurate work and are interested in learning about pension administration, we want to hear from you.


SuccessFactors www.successfactors.com


SuccessFactors (Example)






Brainstorming Session Ideas


Technology

“The exponential growth of information technologies

is even greater: We’re doubling their power about every year…

As an example, it took us 14 years to sequence HIV; we recently sequenced SARS in only 31 days.”

- Ray Kurzweil, www.singularity.com


The Growth of Information Technologies

http://www.singularity.com/aboutray.html


Best Practice: Technology


Integrated Technology• Distribution systems (Web portal,

valuation system, investment firm, advisor referral database)

• Interactive web-based enrollment and distribution options (back-end data mining)

• Web based data in/out system (work in progress tracking, administrator notification, workflow management)

• Single integrated database solution


Partnership Opportunities


Partnership Opportunities

TPA Firm Best Practices: Firms Focused on the Future

Presented by:

Sarah Simoneaux, CPC

ASPPA 2009 Annual Conference

Industry Expertise Business Know-How Real World Experience


Date post:	12-Jul-2015
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Retirement Services Firms Best Practices

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