The Power of Collaborative Partnerships in Retirement Planning

Fred Barstein, CEO & Founder, TPSU/TRAU/40ktv with Teresa, HR Admin

In the realm of retirement planning, effective communication serves as the cornerstone for building robust partnerships.  Communication serves as a key factor amidst the evolving landscape of retirement strategies.  Fostering collaborative relationships among retirement plan advisors, Third Party Administrators (TPAs), record keepers, and plan sponsors is imperative and serves as the bedrock of successful retirement plan management, offering many advantages to all stakeholders.

Cultivating strong ties among retirement plan stakeholders fosters feelings of trust and confidence among plan sponsors.  This trust is essential as plan sponsors rely on the expertise of these professionals to navigate regulations, optimize plan performance, and fulfill fiduciary responsibilities.

Moreover, robust relationships facilitate efficient communication and problem-solving.  By fostering open dialogue, retirement plan stakeholders can swiftly address issues, minimizing disruptions to plan administration and enhancing overall effectiveness.  This collaborative approach ensures prompt resolution of challenges, providing timely support to plan sponsors when needed.

Furthermore, strong partnerships drive innovation and continuous improvement.  Through shared insights and best practices, advisors, TPAs, and record keepers can explore new strategies to enhance plan design and participant education.  This collaborative mindset fosters innovation, ultimately benefiting plan sponsors and participants alike.

In a recent discussion with Fred Barstein, CEO & Founder of TPSU at a TPSU program in Phoenix, AZ , Teresa, an attendee underscored the significance of engaging with knowledgeable experts who offer personalized support.  She emphasized the value of establishing relationships with advisors, TPAs, and record keepers who actively assist in navigating retirement complexities.  However, Teresa also highlighted the challenges that arise when experts fail to collaborate effectively, underscoring the importance of clear communication and coordination among all parties involved.

Read the Full Transcript Here:

Fred Barstein:
This is Fred Barstein with 401kTV, just completed a TPSU program in Phoenix, Arizona. I’m here with Teresa.
Welcome, Teresa.

Teresa:
Thank you.

Fred Barstein:
Okay. If we ask you a few questions.

Teresa:
Sure.

Fred Barstein:
So, one of the things you talked about today was experts, the good and the bad. That was what was working and not working. So, in terms of what was working, what’s your experience with experts that when it works?

Teresa:
When it works, working with the experts they’re a lifeline. They really help with understanding what needs to be done next, or if you’re just trying to figure out what you need to do. But it’s building that relationship, making sure it’s the right one where you can have some sort of contact. You’re not getting lost in some sort of black hole or telephone. They respond to your questions. They respond to email.

Fred Barstein:
Not an 800 number, right?

Teresa:
Right, not an 800 number. They come down once a year or twice a year, or something like that. So there’s a personal contact with you and your employees. It makes a world of difference for participants in the company.

Fred Barstein:
So it could be an advisor or a TPA, that kind of relationship?

Teresa:
Advisor, TPA, even the plan itself, that person.

Fred Barstein:
The record keeper?

Teresa:
Record keeper, because a lot of times it’s like, “I don’t know what to do, so I need some help.”

Fred Barstein:
Right. Let’s talk about that not working, so when that doesn’t work, what are the issues?

Teresa:
Some of the issues sometimes then it’s who do you go to get the answers and get what you need, resolved. And then sometimes it seems like the experts aren’t talking to each other and they’re like, “Okay, you need to actually, that’s a broker issue, or that’s actually a TPA issue.” I’m just really trying to get something figured out so I know what to do.

Fred Barstein:
Right.

Teresa:
And help somebody else out.

Fred Barstein:
That’s the worst thing. It’s like, “Well, that’s not my problem. You need to go there.” And you feel like, “Well, aren’t you supposed to do that for me?” And so if somebody… In your situation when you found yourself not with the right expert, what did you do?

Teresa:
That was still a challenge, and requested, actually a different contact person was a part of it, or if there was somebody who started, I got a relationship with, started to go to that person and ask for that person, and particularly in each topic first time. So, I built, it’s really a building relationship too. I was able to get through my questions because I knew this person help me out, figure it out, and work with me on it.

Fred Barstein:
Right because you can’t be the expert on everything.

Teresa:
I’m not the expert.

Fred Barstein:
That’s it. Well, great. A couple of things that you picked up today that you learned?

Teresa:
A couple of things I picked up today and learned was to really vet and look for your experts and look at fees and expenses that comes up with employees. And I’ve seen that before. So, there’s even more to it than I had thought. So that’s something that was like, “Oh, really, kind of look at that and make sure…” and education. People are screaming for education. They don’t understand what 401k is, retirement is.

Fred Barstein:
That’s right.

Teresa:
So need some education, whether it’s from an expert, myself, or somewhere.

Fred Barstein:
Right. Great. Well, good. Well, thanks for your time today.

Teresa:
Thank you.

Fred Barstein:
Thank you for watching 401kTV.

 

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