PLANADVISER - November/December 2020 - 31

practice management
make sure it was delivering on everything it had promised
in the requests for proposals (RFP).
Customize the Process
The approach has had a demonstrable, positive impact on
customer satisfaction, as measured through both thirdparty
satisfaction surveys and anecdotal feedback. Sageview
has a standard checklist for all new clients but also tweaks
the list based on each individual RFP and client's needs.
The requirements of a large plan with a dedicated
human resources (HR) benefits contact may differ from
those of a midsize plan that is run through the finance
department, or of a small company building its first plan.
The onboarding process may also change as
the relationship progresses.
blueprint,
" We have
a
but we're
also
constantly looking inward to see what we
can change or do better, " Petrone says. " [Our]
managing directors working group is constantly
having those conversations and adapting to
create a better experience for the customer. "
These days, for example, many clients say
Proper Introductions
At Cafaro Greenleaf, part of the onboarding process is to
introduce the entire team to the new client at the first
meeting, so it knows with whom it will be working, then to
call the client monthly. For the first few calls, the firm invites
the plan provider to join in, Greenleaf says.
" That way we can assess whether there are any problems
we need to nip in the bud, " she says. " Keeping that communication
process open solidifies the long-term relationship
because you start to understand what the client's goals are. "
Often a recordkeeper and an adviser already have a
relationship, but other times they are getting to know each
other, too.
they come to SageView specifically for the firm's
participant education and financial wellness
offerings, so the firm may stress starting up such
initiatives as quickly as possible.
Advisers say the first step to a smooth onboarding
" Keeping that communication
process open solidifies the longterm
relationship because you
start to understand what the
client's goals are. "
" There's a 'getting to know you' phase, " when we're not
actually takes place during the RFP process, even before
the client has signed on. Getting sufficient information
about the client and setting clear expectations about what
your firm can realistically do-and how much that will
cost-can prevent a host of issues from cropping up when
onboarding starts.
Dulko says she begins creating a summary-of-terms
document after reading through an initial RFP, continuing
to add information from subsequent conversations with the
potential client. That process quickly shows her whether
the company is a good match for her firm's service offerings
and whether she needs further information or clarifications
from it in order to give accurate pricing estimates.
" You don't want the plan to feel like it's just been in a
bait-and-switch where it had a fun salesperson who said you
can do anything the client wants, then they close the deal
and you can't do those things that were promised, " Dulko
says. " That's an important part of the process. "
Kicking Off on the Right Foot
After signing the new client, Ashford Investment Advisors
presents the summary document to the plan sponsor at the
kickoff meeting. The firm uses that meeting to discuss how
and when the two entities will best communicate, plus to get
a sense of client priorities and collect any necessary data.
" It can be frustrating when we schedule a kickoff meeting
with a new client and not everyone attends, " Dulko says. " So
we emphasize how important it is for everyone to be there.
We want everyone's input, to make sure we're all on the
same page as we're starting a new relationship. "
familiar with the adviser, " says Phil Chisholm, vice president,
adviser research and insights at Fidelity Investments
in Smithfield, Rhode Island. " You just want to make sure
you're not stepping on each other's toes. "
To help new relationships start smoothly, Fidelity tries
to build dedicated partnerships with advisers, pairing them
with the same Fidelity implementation representative, so
they can acclimate to each other's methods and style.
" You want to build the same positive relationship with
other service providers as you do with your client to ensure
that everyone works together efficiently for the ultimate
benefit of the plan participants, " Dulko says.
Ongoing Communication
Going forward, Greenleaf says, her firm continues to check
in with the client, asking during the monthly calls whether
the firm is still meeting the client's goals and expectations.
" We ask it what we can be doing better, or if it is facing
challenges we can take off its plate, " she says. " That's our job:
to make sure we're understanding its challenges and finding
areas where we can add value. We're not a financial broker
who's just going to sell them something and walk away. "
The most successful partnerships between an adviser
and plan sponsor have clear, open lines of communication.
That may require some adjustments on the adviser's part.
" Clients have different ways they like to communicate, "
says David Swallow, managing director of consultant relations
at TIAA in New York City. " Good advisers know those
nuances and set expectations as to how often the client will
hear from them, and what it should reach out to them about. "
-Beth Bravermann
planadviser.com November-December 2020 | 31
http://www.planadviser.com
PLANADVISER - November/December 2020

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