In the retirement plan business, I’ve watched too many plan providers obsess over competitors—who’s stealing clients, who’s lowering fees, who’s suddenly offering “cutting-edge” solutions. But here’s the truth: if a plan sponsor is happy with their provider, they’re not going anywhere. Period.
When a client makes a change, it’s not because someone dazzled them—it’s because something wasn’t working. Service was slow. Mistakes piled up. Communication was nonexistent. Whatever it was, the client felt neglected or underserved.
Changing plan providers is a hassle. No one does it for fun. So if you lost a client, take it as a sign that something needed fixing—on your end.
Instead of worrying about what the competition is doing, focus on keeping your clients happy. Return calls. Solve problems. Be proactive. Show them you care.
Because in this business, it’s simple: happy clients never leave.
