Are you capitalizing on this 401(k) plan sponsor value-add? – Carosa

They never saw it coming. They were so focused on getting it just right, they never looked up to see what was heading directly at them. Instead, they wanted only to make sure their customers were happy, their shareholders were satisfied, and their employees were productive.

So when the DOL came calling, how were they to know what “i’s” were dotted and what “t’s” were crossed. That bureaucratic paperwork didn’t generate revenue. It didn’t pay the employees. Yet, there they were. Caught unawares.

And that’s just one example. There are plenty of others that 401(k) plan sponsors might find themselves too busy to discover (see “5 Top Education Topics 401k Plan Sponsors Need To Ask About But Don’t,” FiduciaryNews.com, July 2, 2019).

But they can discover them. With a little help from their friends.

An easy strategy might be to provide plan sponsors with a reading list to help them keep up on things. Of course, this presumes that plan sponsors have both the time and the interest to peruse these vital sources of current information. You can lead a horse to water, but you can’t make him drink.

Somehow, though, that metaphor might not fly at your next client meeting.

How about this for a metaphor: Feed them intravenously. After all, as the expert in the room, you’re like a doctor administering to a patient.

If you think of it in these terms, you’ll want to mimic what your family doctor does to keep up on the latest. Read, read, read. And go to conferences.

It’s your job to be thinking all things 401(k) on a 24/7 basis. That’s why you’ve signed up for daily news updates from BenefitsPRO. That’s why you’ve registered with FiduciaryNews.com to receive the free weekly update of the prior week’s most compelling (and relevant) articles in your email before you get into the office every Monday morning.

Keeping up with the fiduciary Joneses is your challenge. It ought to be easy. Like I said, it’s in your job description. But keeping yourself up to date is only half the battle. It’s the other half that finishes the equation and answers the question that titles this column.

How can you utilize your knowledge to make it clear you’re adding value to 401(k) plan sponsors? First, you need to remind them what their job description says. It’s all about customers, shareholders, and personnel. If “401(k)” can be found anywhere it’s buried deep inside the fine print of some inside page. It’s simply not in the forefront of things, and that’s OK. The executives in charge of the 401(k) have more a more critical mission.

But they can’t ignore the company 401(k). Fundamentally, they know that. And they do their best at knowing what they need to know.

More precisely, they do their best at knowing what they think they need to know.

This is where you come in. You study the industry. You see what other plans are doing. You see what’s coming before it’s even on the horizon. That’s your plan sponsor value add.

So tell plan sponsors to get back to work. That’s where they add value.

Freeing up their time to do this is how you add value to them.

READ MORE:

A 3-word fiduciary rule — Carosa

The ‘Fiduciary Rule’ versus the ‘Rule of Fiduciary’ — Carosa

Do you have the ‘knows’ to be a fiduciary? — Carosa