Increase Market Opportunity
A TPA can increase market opportunity
A third party administrator can use their expertise to expand your business into new markets. Rather than just looking for “vanilla” or “cookie cutter” plans, a TPA’s expertise will allow you to provide custom solutions to problems. This enables you to sell a solution instead of a product, all the while making your operation more versatile, personable, and well-rounded.
In addition, TPAs can advise your client when there are solutions required beyond the 401(k) or 403(b). You may have a small client looking for large deductions. In this case, a defined benefit or cash balance plan may be the answer.
In preparation for an array of scenarios, you will want a TPA whose knowledge base runs deep. This will ensure that your clients are being guided down the right path at all times.
TPAs are always up-to-date on current trends in various marketplaces. They can alert you to what investment providers are currently offering. This ensures that you bring the most fitting solution to your prospects, thus increasing your chances of closing the deal.
Most importantly, a TPA can streamline the sales process by reviewing a prospect’s current plan design (or lack thereof) and provide you with tailored solutions. This allows you to differentiate yourself by bringing tangible solutions to a sales meeting.
The extra expertise a TPA brings to your team will help deliver more personalized solutions. They can give you the edge you need to serve additional clients with complex problems that may be outside your area of expertise.
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