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Top Mistakes Made by Retirement Plan Providers
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Top Mistakes Made by Retirement Plan Providers


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How are Retirement Plan Providers managing the services they provide to Plan Sponsors? See the challenges faced by many firms and learn how industry leaders compare.

How are Retirement Plan Providers managing the services they provide to Plan Sponsors? See the challenges faced by many firms and learn how industry leaders compare.

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  • 1. Top Mistakes Retirement Plan Services Providers Make Brendan O’Sullivan Director, Service Delivery Management Solutions ProcessUnity, Inc.
  • 2. Top Mistakes: Wrong Products & Services Most retirement services providers do not have a complete understanding of all the services they sell and to whom they sold them. The firms that are emerging as leaders in this business have indentified and invested in the services that they know are industry best practices. ©2012 ProcessUnity, Inc. All rights reserved 2
  • 3. Top Mistakes: Outdated Services Information Accurate and real-time information is critical to managing services and clients wisely. When companies use spreadsheets to manage services and clients, it is nearly impossible to have current information. Business changes quickly. While the what you deliver remains constant, how you deliver it evolves over time. Understanding your delivery variations and the cost to deliver them is essential to managing a business profitably. ©2012 ProcessUnity, Inc. All rights reserved 3
  • 4. Top Mistakes: Poor Descriptions of Services Companies without a definitive service catalog have inaccurate, poor quality descriptions of their services. If the company does not have good visibility into what they sell, how can they communicate their offerings to clients? ©2012 ProcessUnity, Inc. All rights reserved 4
  • 5. Top Mistakes: Islands of Relationship Management Lack of consistency and visibility between relationship management teams forces companies to reinvent the wheel for many client requests. Sharing best practices and client usage among teams is essential to increasing customer satisfaction and customer retention. ©2012 ProcessUnity, Inc. All rights reserved 5
  • 6. Top Mistakes: Managing a Multi-Million Dollar Business with Spreadsheets Services information is the Rodney Dangerfield of critical information at most companies. Client data is stored in CRM systems. Administration and recordkeeping systems house the data that shapes your decision making. Yet where do most companies store services information? In multiple spreadsheets - where data is distributed and rarely current. Without the ability to analyze your clients’ usage of your services, you are flying blind. A comprehensive service catalog gives the executive team, product management, client services and sales one common playbook from which to operate. ©2012 ProcessUnity, Inc. All rights reserved 6
  • 7. Top Mistakes: Not Knowing What Services a Client Uses How do people find what services your company delivers to a client? If the answer includes paper, the contract, a binder or a file cabinet there is a major problem. Industry leaders have their service catalog and client plans online and accessible by those who need it. We hear time and again about account review meetings that are exploratory instead of consultative because the account teams do not know exactly what services are deployed, in use, or what services the client values most. ©2012 ProcessUnity, Inc. All rights reserved 7
  • 8. Top Mistakes: Propose Unprofitable Services Sales and relationship management teams often propose unprofitable or non-standard services. Client services teams learn about these exceptions during implementation when its too late. A definitive service catalog will help ensure that best practices are proposed and why they are being proposed in each RFP, Re-Bid, and new business proposal. ©2012 ProcessUnity, Inc. All rights reserved 8
  • 9. Top Mistakes: Lack of Actionable Reporting Without the complete picture management cannot look at the business in new ways, eliminating the ability to innovate and differentiate. Business changes every six months and market leaders have the tools to navigate towards success. An easy to use, flexible reporting system gives leadership actionable data. ©2012 ProcessUnity, Inc. All rights reserved 9
  • 10. What is ProcessUnity? Click here to Meet Margaret – VP Retirement Plan Services and learn more about ProcessUnity ©2012 ProcessUnity, Inc. All rights reserved 10
  • 11. ProcessUnity Service Delivery Risk ManagementSDRM Benefits Contact• Standardization via a definitive service catalog. Brendan O’Sullivan• Improved client satisfaction and service Director, Service Delivery quality. Management Solutions• Improved internal management, timeliness, and visibility.• Streamlined end-to-end client 617-510-2980 acquisition, implementation, and service delivery process.• Ability to quickly deploy new products and services.• Reduced costs for service delivery.• Development of more compelling and competitive products and services.• Leadership position in emerging Service- Centric model.• Increased market competitiveness by demonstrating greater service quality and transparency. ©2012 ProcessUnity, Inc. All rights reserved 11