TPAs & Financial Advisors are Natural Partners

Local Third Party Administration firms (TPAs) and financial advisors are natural partners in the employer retirement plan marketplace. They bring complementary skills to the partnership and a shared vision of service to their employer and employee clients.

Local TPAs and financial advisors:

  • Are passionate professionals who together enhance the probability of their clients achieving their goals.
  • Can have deep roots in their community through their family, friends, and organizations they’re involved with.
  • Keep their ear to the ground when it comes to the needs of their community.

The ability of the local TPA and financial advisor to personally meet with plan sponsors is a win-win-win for all.  The rise of digital communications makes business interactions easier and faster than ever, however many business owners still prefer face-to-face meetings.

Local employers, especially those with 100 and fewer employees, are used to working with local professionals, (attorneys, CPAs, PC Agents, Commercial Lenders) to help them run their business.  Those employers appreciate the benefits of delegating. For newer financial advisors, a local TPA’s connections to business owners, CPAs, and others can offer them a step up as they begin building their business.

Many TPAs rely on financial advisors and other sources for new business referrals.  When prospecting for new business, TPAs and financial advisors offer educational workshops for owners and key executives about the importance of employer retirement plans. TPAs also offer workshops specifically for advisor education, covering a wide variety of topics, from 401(k) plan sales and design to regulation updates.  

TPAs report a far higher close ratio with financial advisors when the TPA is present at the sales presentation.  And both have a vested interest in serving the employer and their employees in order to retain the relationship and assist the employer in maintaining a thriving retirement plan.  The service they deliver together produces good results for their community.

It all adds up that local TPAs and financial advisors are natural partners!

Interested in growing your 401(k) plan business? TriStar is your exclusive source for advisors in the Oklahoma City area who want to learn more about 401(k) plans and develop their prospecting skills with the 401(k) Sales Champion Workshop! Learn about what the 401(k) Sales Champion Workshop can help you achieve and sign up today!

By: Laina Davidson, Shannon Edwards, TriStar Pension Consulting

    Christopher Barlow, Founder and Managing Director of KnowHow 401(k)

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