PLANADVISER - September/October 2017 - 66

practice management
Keeping Them Happy
Tips for how to retain sponsors' business
W
hen plan advisers ask sponsor clients for their feedback,
this can call forth compliments that validate
an advisory firm's service model and working
style. But sometimes sponsors give negative feedback about
an advisory firm's services. Daniel Peluse has learned to
welcome not just sponsors' compliments, but their occasional
criticisms, too.
" Be open to that critique, and understand that every
client's needs are different, " recommends Peluse, director
of retirement plan services at Wintrust Wealth Management
in Chicago. " We struggled with that early on. We
thought, 'Here is our service model, and if it doesn't work
for a sponsor, there isn't much flexibility.' But we've learned
since then to adapt our service model to a client's needs. We
want critiques from our clients: That's how we've improved
our service model over the years. "
Strengthening Relationships Informally
Peluse utilizes quarterly meetings as an informal checkin
point with sponsors, to discuss their satisfaction with
Wintrust's services. " We ask, 'What's working? And what
isn't?' " he says.
Wintrust also gets valuable feedback from sponsors by
asking them to refer possible new sponsor clients. " We typically
start that conversation by giving a little background
on the potential client we are looking to work with, " Peluse
says. " Then we say, 'We think that we do this-whether it's
financial wellness education or something else-really well
for you. Would you feel comfortable talking to this potential
client about the work we've done with you?' Once the client
agrees, then we can dive deeper into where we add the most
value on that service. "
Every time Hilb Group Retirement Services (formerly
Cornerstone Retirement Advisors) sees clients, " We say,
'Hey, is there anything else we can do to help you?' " says
Jim Sampson, director, retirement advisory services, in the
Warwick, Rhode Island office. Sometimes that uncovers
opportunities for the adviser to solve problems, such as a
recent issue with a recordkeeper, which a sponsor client
spent time, trying to resolve. " We said, 'Why didn't you just
call us? That's what we do,' " he says. " We tell them, 'Call us
for everything. Even if you think it's a dumb question, call
us.' "
Checking in informally with sponsor clients also has
given Sampson opportunities to ensure they recognize
the services being offered and take advantage of them. He
recently spoke with one who mentioned that a provider had
offered to come on-site and do an employee financial wellness
program for a fee. " The sponsor asked, 'Is that something
that's worthwhile for us to purchase?' " he recalls. " I
said, 'No, because we do that, too, and it's included in our
fee. You're already paying us for that.' The response from
66 | planadviser.com september-october 2017
Art by David Huang
http://www.planadviser.com
PLANADVISER - September/October 2017

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