Industry Leader Interview, with Russell Hooker, EVP Nova 401k Associates
Dawn Hynes Question:
What other ways can TPAs be relevant with advisors, with sponsors? Are you thinking legislatively, educating them on Secure 2.0? What are some other ways can TPAs be thinking about doing that?
Russell Hooker Answer:
Dawn one of the things you are doing here is embracing this whole social media approach. I’ve seen more and more TPAs start engaging in that. It has to be in small bit sized consumable tidbits. So, I think that’s the secret. It is not inundating them with too much code section and acronyms but to give them something that they can go out and be in front of a client.
The same thing is with your wholesalers, keep them abreast of other (sales) angles out there to go pursue related to things we talked about earlier, the Secure 2.0, increased taxes and maybe the bigger relevance in a cash balance opportunity. Just trying to educate your consuming public, whether its your clients or advisors.
Here at Nova, we have a series of webinars just directed at the clients to keep them informed. They are designed to both train and educate. Those are type of thing you can do. I don’t want them to hear from somebody else first. You want to be their main source for whatever they are consuming around plan design and upcoming prospects.