For me, one of the worst things that any business can have is a sense of complacency; I have spent too many years working at places that were just way too complacent in their work, where so much time was devoted to proclaiming how everybody was so wonderful and so great. If I am so complacent in business where I think I’m so wonderful, I’m going to retire or ask someone to put me down like Old Yeller.
I don’t think any retirement plan provider can afford to be complacent. The industry is consistently changing and any change breeds more competition. Unless you’re a payroll provider TPA or one of the large consulting companies like Buck or Towers Watson, you can’t afford to hire a top-notch marketing firm. If you’re like me, you weren’t taught marketing in school. So when I say that TPAs as a whole have lousy marketing, it’s not an insult because most professional firms have lousy marketing because of a lack of resources. Heck, most law firms have lousy marketing and there are quite a few TPAs who have excellent marketing. As a whole, it needs improvement.
