A Third Party Administration Sales Team gets a unique look at Advisor best practices and what works, fails and is trending. My team tells me that even in current day, we have many Advisors that are showing up for sales meetings and still do not have a service agreement or an overview that details their services to hand the decision makers. This is shocking to me!
This is something that simply cannot be overlooked. An Advisor’s chances at success will multiply 10x if they have an actual overview of their services in their possession. (I totally made up that statistic, but you know what I mean) Not only does this piece show that an Advisor is committed to this area of business, but it also can help the Advisor with increased comfort levels when answering the age old question “What do you do?”
What should a modern day service agreement look like, or what should it contain? Obviously, it should outline the services that you provide, but also a good idea is to include a custom area for frequency of services. As an example, maybe your larger clients might like the idea of 4 Fiduciary Review meetings in a year, where your smaller clients believe that 1 per year is sufficient. Create a service agreement that can be easily modified for all prospect types.
Make it unique, find something that you believe in that sets your 401k service model apart. Do you entertain plan participants by simultaneously juggling knives while giving an education presentation on the value of diversification? If so, add that to your service agreement. By the way, nobody said that this piece has to be boring black and white with your logo centered at the top. Have some fun with it and make it visually appealing and designed to have a connection with your personal brand.
You can access a free template of a service agreement by clicking on the below link. It’s simple but should give you a good starting point. If you already have a service agreement in place, maybe it needs to be modified to accurately reflect your current business model. Whatever the case, dont be left empty handed at your next 401k point of sale meeting, get an awesome service agreement in place and increase your chances for success 10x (again, totally made that statistic up).
Link to a free template example http://401kacademy.com/biz-plan/