The number one reason businesses with existing plans changed providers was poor service, not fees.
When Anthony Warren, Partner and Chief Executive Officer started Trinity, he realized that the number one reason businesses with existing plans changed providers was poor service, not fees. Poor service can come in many different forms and through his research, Anthony concluded that it was often the result of poor communication.
In a typical third-party administration model, the Financial Advisor and Plan Sponsor may have one point of contact. However, that point of contact is often charged with doing everything associated with the retirement plan administration. This model bogs down the communication process as the other work is largely governed by deadlines that need to be met.
Anthony determined that the service model needed to change.
He decided that the primary responsibility for the Relationship Manager would be to communicate with the Financial Advisor and Plan Sponsor on a timely basis and the testing, distributions, filings, and other tasks would be handled by other departments within the office. Since 2006, we’ve been extremely successful with this service model, and it has been a major reason for our growth in new territories.