Third-party administrators have a new option with the addition of a dedicated website providing tools and services to help TPAs run their businesses.
The website, TPAessentials from John Hancock Retirement Plan Services, "can help TPA firm owners run a successful business and provides them with easy access to resources that can add value for their clients," according to JHRPS.
The move comes as TPAs are demanding more in both the technology and service areas from retirement service providers.
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A survey last year from Chatham Partners found that while the majority of TPAs are a satisfied lot, content with their primary retirement service providers, the ones who aren't happy are really unhappy.
JHRPS's new TPAessentials program and website, available to TPAs who complete a program application, provide a number of options that might sweeten the moods of those unhappy TPAs.
Resources include online tools, continuing education webcasts, and professional service subscriptions and discount programs, and are organized in four categories: operational efficiency, industry education, business practice optimization, and marketing support.
In those categories are such aids as training and tools to help TPAs develop their knowledge base, generate sales, identify opportunities, measure their success and streamline workflow.
The website also offers access to the latest tool added by JHRPS: the TPA Service Exchange.
The exchange offers TPA business owners the opportunity to generate additional revenue by promoting the services they offer for outsourcing to other TPA firms. "By using this resource," the company said, "TPAs can partner with each other to broaden their service offerings."
JHRPS may have accurately taken the pulse of TPAs; in that study last fall, 57 percent of TPA respondents said that the top factor in their choice of providers is the functionality of the TPA website.
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