Today, many people are realizing the importance of having a top-notch retirement plan. They want to be able to save for their future. They are just not as financially savvy as generations before them. They expect their employer to offer an employee benefit plan to fill in all of those gaps. And, it often falls on your shoulders, as a financial adviser, to really hand-hold your clients, so they make the right decisions. But, with lower margins, you don’t have time. That’s why it is time to turn to a third-party organization to handle your plan administration.
Why Personalization Is So Important
Talk to 20 millennials, and you will quickly learn they are all very different in terms of what they believe is important, their financial knowledge, and even what risks they are willing to take. As a financial adviser, you do not always have the time it takes to really get to know your clients. The problem is, they want you to. They want and even expect you to spend time designing and consulting with them about their options in an employee benefit plan. They need you to understand their concerns and find solutions to fit their individual lifestyle needs. It is not easy.
However, with the help of a secondary team to handle your plan administration, you can focus on keeping your clients happy and building your practices while the pros handle the administration needs. This type of balance is no longer an option for most financial advisers. They recognize the importance of offering customized and personalized employee benefit plan solutions. You may be hearing a lot of your clients ask for this type of help. When you hire a third party to help you with the plan design and consulting, you can better meet their needs.