How can you utilize your knowledge to make it clear you're addingvalue to 401k plan sponsors? First, you need to remind them whattheir job description says. (Photo: Shutterstock)

They never saw it coming. They were so focused on getting itjust right, they never looked up to see what was heading directlyat them. Instead, they wanted only to make sure their customerswere happy, their shareholders were satisfied, and their employeeswere productive.

So when the DOL came calling, how were they to know what “i's”were dotted and what “t's” were crossed. That bureaucraticpaperwork didn't generate revenue. It didn't pay the employees.Yet, there they were. Caught unawares.

And that's just one example. There are plenty of others that401(k) plan sponsors might find themselves too busy to discover(see “5 Top Education Topics 401k Plan Sponsors Need ToAsk About But Don't,” FiduciaryNews.com, July 2, 2019).

But they can discover them. With a little help from theirfriends.

An easy strategy might be to provide plan sponsors with areading list to help them keep up on things. Of course, thispresumes that plan sponsors have both the time and the interest toperuse these vital sources of current information. You can lead ahorse to water, but you can't make him drink.

Somehow, though, that metaphor might not fly at your next clientmeeting.

How about this for a metaphor: Feed them intravenously. Afterall, as the expert in the room, you're like a doctor administeringto a patient.

If you think of it in these terms, you'll want to mimic whatyour family doctor does to keep up on the latest. Read, read, read.And go to conferences.

It's your job to be thinking all things 401(k) on a 24/7 basis.That's why you've signed up for daily news updates fromBenefitsPRO. That's why you've registered with FiduciaryNews.com toreceive the free weekly update of the prior week's most compelling(and relevant) articles in your email before you get into theoffice every Monday morning.

Keeping up with the fiduciary Joneses is your challenge. Itought to be easy. Like I said, it's in your job description. Butkeeping yourself up to date is only half the battle. It's the otherhalf that finishes the equation and answers the question thattitles this column.

How can you utilize your knowledge to make it clear you'readding value to 401(k) plan sponsors? First, you need to remindthem what their job description says. It's all about customers,shareholders, and personnel. If “401(k)” can be found anywhere it'sburied deep inside the fine print of some inside page. It's simplynot in the forefront of things, and that's OK. The executives incharge of the 401(k) have more a more critical mission.

But they can't ignore the company 401(k). Fundamentally, theyknow that. And they do their best at knowing what they need toknow.

More precisely, they do their best at knowing what they thinkthey need to know.

This is where you come in. You study the industry. You see whatother plans are doing. You see what's coming before it's even onthe horizon. That's your plan sponsor value add.

So tell plan sponsors to get back to work. That's where they addvalue.

Freeing up their time to do this is how you add valueto them.

READ MORE:

A 3-word fiduciary rule — Carosa

The 'Fiduciary Rule' versus the 'Rule of Fiduciary'— Carosa

Do you have the 'knows' to be a fiduciary? —Carosa