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Focus on what the competition isn’t

competition

When I started my law practice, I started to look at what the competition was doing and I decided to do things differently. Other ERISA attorneys charge by the hour, they charge for every phone call, and I just didn’t want to nickel and dime clients potential referral sources. Helping plan providers on the house by providing articles and answering a question went a long way.

 

As a plan provider, you also need to stand out among the crowd. Look at what other competing plan providers and do things differently because the competition is usually focusing on one area. If I’m a financial advisor, I’d focus on participant education/enrollment meetings. If I was a third party administrator, I’d focus on communication with the plan sponsor. I think those are areas that many providers aren’t, just a free suggestion.

 

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