MassMutual's Retirement Services Division has developed a comprehensive education-based fee disclosure training plan to get ahead of the curve when pricing transparency rules go into effect later this year.
At a recent conference, MassMutual detailed what it is doing to comply with fee disclosure rules mandated by Section 408(b)(2) of the Employee Retirement Income Security Act. The company has offered a series of WebEx sessions for advisors and third-party administrators to prepare them to assist and educate plan sponsors, advisors, TPAs and participants about changes in fee disclosure and what it means to them.
The training was calibrated to match each audience to the right level of training, based on expected client interaction. For instance, relationship managers completed two to three days of classroom training and role playing, and call center associates completed both Web-based and scenario-based classroom training to ensure they could be as helpful as possible. In addition to standard classroom and web training, MassMutual provided associates with an array of support tools to help them illustrate MassMutual's offering relative to fees.
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"MassMutual's world-class call center representatives, as well as account and relationship management teams, are fully prepared to respond to fee-related questions, as well as capture disclosure feedback from participants, sponsors and advisors on potential future strategic enhancements," says Tom Cremona, vice president of sales and client management for MassMutual's Retirement Services Division. "Every attendee at the Corporate Executive Board event was fully engaged on the subject. It's hard to remember a topic of such importance to the industry and at MassMutual, we recognized this early on and have taken numerous proactive steps to ensure that advisors, TPAs, plan sponsors, and participants have access to the information and resources they need to be fully informed."
Dennis Miles, vice president of sales engineering for MassMutual Retirement Services, added that, "Following first notice of the upcoming fee disclosure regulations, we worked diligently to prepare our educational approach to ensure we are ready to handle and succeed with this unprecedented change. Every client-facing associate in our organization has been trained on the subject of fee disclosure and we have been proactively discussing impacts with our advisors, TPAs, sponsors and participants. We are well-positioned to demonstrate that MassMutual's reputation as a world-class retirement services provider is well-deserved and affirmed by both advisors and plan sponsors."
MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Co. (MassMutual) [of which Retirement Services is a division] and its affiliated companies and sales representatives. MassMutual is headquartered in Springfield, Mass.
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