Happy Friday, readers! This weekend’s newsletter focuses on the twin topics of client service and satisfaction. As advisers have moved away from commissions to favor fee-based service, their daily work is also moving away from assessing/conducting transactions in favor of more holistic client relationship management. According to industry research, to be successful, advisers need to regularly ask their clients about their goals and their futures—and to speak with them rather than at them. Every point of contact with a client can help make them feel valued, respected and cared for.
“The conversations we have with our retirement plan adviser are always about getting the plan to a better place,” said Joanna Farrere, senior vice president, human resources and administrative services at the Illinois Health and Hospital Association.
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According to Josh Cohen, a big part of PGIM’s strategy as a DCIO provider is to foster conversations across plan sponsors’ own organizations, “presenting them with a framework for frank and practical discussions between the HR and finance functions.”
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Though retirement plans can allow individuals to self-certify that they qualify for a penalty-free coronavirus-related distribution, should the IRS discover otherwise during a future audit, a participant can be subject to substantial penalties.