In a recent NAPA Net the Magazine article titled, “Client Engagement First Steps”, Mark Laughton adds his insight on the best ways to approach and get started with a new plan sponsor client.

Getting started with a new plan sponsor client is always a little nerve-racking. Being nervous means, you care, right? In this article, several advisors from across the country, including HUB’s Mark Laughton, share their tips for making first meetings productive from the start.  

Mark noted that in the early days of working with a new client, he likes to “geek out” on the plan documents to ensure the plan sponsors operations match up with the specifications laid out in the documents. When it comes to understanding the organization’s priorities, Mark shared that he tries to avoid asking simple yes-or-no questions. He finds that asking open-ended questions allows him to learn about the new client, gauge their mood and pressing issues. Finally, Mark highlights the importance of laying the groundwork for engagement for both the plan sponsor and employees. He mentions that raffle incentives and clear communication during introductory group meetings can lead to an increased engagement rate amongst employees – a statistic that can be impactful for the plan sponsor to see right off the bat.

“If the employer client agrees to provide raffle prizes like those, typically 60% to 75% of employees who attend a group meeting will take the assessment, and 20% to 30% subsequently will attend a one-on-one coaching meeting HUB.”

–Mark Laughton, Senior Vice President of HUB Retirement and Wealth Management – Sacramento, CA

The article also covers steps like scrutinizing admin fees, illuminating participant impact, sharing a plan health report, and reaching a game plan consensus. Regardless of the specific approach used with each new client, the general agreement among the featured advisors is that coming to meetings well-prepared, while remaining open and willing to listen, makes for a productive partnership that benefits all parties involved.

At HUB RPW, we are passionate about designing a retirement plan that takes into account the needs of both your organization and your workforce. We can assist you in providing a retirement plan that reduces administrative burden, caters to the needs of a diverse multi-generational workforce, and encourages higher plan participation. Learn more about our Retirement services here.

Read the Full Article on NAPA

Click here to read more