Expand Your Business With a Personal Board of Directors

Managing your retirement plan business can be a lot easier when you have a personal board of directors in place.

We’re not talking about the board that a public company is required to have. This is a team of personal and professional partners who can help you grow your business. Some may help you meet prospects, complete sales and manage services for your clients. Others might act as a sounding board for new marketing ideas or even personal issues.

These partners can:

• Provide resources you don’t already have
• Open doors to more opportunities
• Introduce you to prospects outside your business sphere
• Create and include you in joint marketing plans

While you may think of some members of your board as mentors, keep in mind that these are two-way relationships. Everyone on your board stands to benefit from working together. More established professionals can learn from people who are new to the industry, for example.

Through networking, you may already have a circle of people to consult. As you build a board of directors, pick people you trust and who consistently have your best interests in mind.

Working together with the right partners multiplies the opportunities for you and everyone on your board. Choosing people who bring value to your relationships can only strengthen your business.

At The Standard, we’re all about building partnerships. We include this strategy in our annual business plans. Reach out to your retirement plan consultant and let us help you build your board.

Ready to build your board? Start with these three pillar partners:

1. Third-party administrators: TPA partners have in-depth knowledge of plan design. Think about inviting them to help you close business.

2. Recordkeepers: Recordkeepers, such as The Standard, can help with prospecting and put you in touch with potential board members.

3. Defined contribution investment only providers: DCIOs offer content that may help employers meet SHRM continuing education requirements. Reach out to your DCIO connections to learn more.

Comb your network and add these trusted partners to your board:

• CPAs
• ERISA attorneys
• Other advisors
• Wholesalers
• Service specialists
• Corporate contacts
• Mentors

For financial professional use only.