Why Adding a Third Party Administrator for 401K Allows Your Business to Grow

by | Oct 24, 2018 | Retirement

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Are you a financial planner or advisor? If so, you know just how important every interaction you have with your clients is. Yet, it is very difficult for you to have time to manage it all. For those who are looking for opportunities to grow their practice, it can seem impossible. How can you make even more time for new clients without limiting the quality of service you provide? You can do that with a third party administration for 401k clients.

How Does It Work?

When you hire a third party administrator for 401k accounts, you hire a company to handle the leg work for you. In short, you still remain in control over your accounts. But, you allow these professionals to do some of the busy work for you. For example, they can handle the onboarding process for your new clients. This takes this task out of your calendar of things to do. They can also help to field and support your customer’s questions and needs. These professionals work with you to handle many of the tasks you just do not have time to handle.

What Can This Do for You?

In nearly every situation, it allows you to have more time to do the things you need to do to advance your company. This means working to onboard more clients, but it also means having the time to build relationships and to create a better product and service level for your customers.

To become the go-to provider for any type of financial service, you need some support. When you bring on board a third party administrator for 401k accounts, you give yourself the time necessary to get the work done the way you want and need to do it.