Promote Growth and Retention
A TPA promotes growth and retention
Most clients and prospects are looking for more than a “one man band” when it comes to financial consulting. They prefer to see a team with a depth of expertise.
A third party administrator acts as an intermediary between you and your clients. They are skilled at handling administrative work. Your clients can contact them directly, resulting in seamless and efficient communication. Being spared from automated phone menus, your clients will appreciate such a deep level of service and personalization.
Foreseeing problems before they happen is another element in maintaining strong relationships with your clients. A TPA is a trusted confidant for both parties: the service provider and client. They will notify you when a client seems unhappy or dissatisfied, allowing you to fix the problem before it becomes an issue.
TPAs retain over 99% of their business annually. As they are “part of your team”, the client is likely to keep the entire team together. When compared to bundled products, this approach is likely to help you achieve higher retention rates.
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