How Do TPAs Rate Their Own Retirement Providers?
Even doctors have to go to the doctor. So it makes sense that there are third party administrators (TPAs) that turn to outside parties for retirement plan services. And according to Chatham Partners, it turns out that by and large, TPAs want the same thing from those providers that their own clients often want from them: good service, ease of doing business and a functional website.
In its third annual TPA Satisfaction and Needs Assessment Study
, Chatham Partners gauged the views of 199 TPAs on 22 retirement service providers. Two-thirds of them are very satisfied with their retirement service provider; this compares closely with last year, when 68% were similarly happy. Just 11% are the opposite.
The quality of the service the retirement providers render their TPA clients and the ease with which the TPAs can work with them are directly related to how happy the TPAs are with their providers, Chatham says. Drilling down to finer details, the TPAs place an especially high value on support and plan installation services, as well as how well the service personnel function.
As with quality and ease of service, TPAs’ satisfaction with their retirement service providers was directly related to how functional those providers’ websites were. And this aspect of the providers’ service has importance beyond that, since the TPAs told Chatham Partners that it was the most important criterion in choosing a retirement service provider in the first place.