Survey Finds Communication Frequency is a Key Driver of TPA Satisfaction With Plan Sponsors
LOS ANGELES, CA, August 20, 2012 -- Transamerica Retirement Services today announced the findings of the 2012 Gregory Group Plan Sponsor Survey, an annual study of retirement plan sponsors that identifies performance improvement opportunities for third party administrators (TPAs) of 401k plans. In a report published by Transamerica entitled "Increasing Client Satisfaction in a Low-Margin World," the survey finds communication to be a leading driver of satisfaction for plan sponsors.
Among all factors influencing survey respondents' perceptions of value delivered by their TPA, frequency of communication proved to be one of the most important. In general, plan sponsors who indicated they received more regular contact from their TPA rated the quality of service from their TPA higher. Additionally, the survey finds that frequency of communication can impact satisfaction with a TPA both positively and negatively, Plan sponsors who indicated they are contacted quarterly by their TPA were most satisfied.
"This year's study focuses on drivers of client satisfaction, and shines a light on the important role of communications in regard to plan sponsor satisfaction of TPAs," said Deb Rubin, vice president and national director of TPA Services for Transamerica Retirement Services. "The survey shows that plan sponsors want face-to-face interaction for both an annual visit and during problem resolutions. This face-to-face communication is a significant benefit for plan sponsors who utilize the services of a local TPA. The TPA, in turn, has a dynamic opportunity to be aware of the client's business situation and to proactively help the client, resulting in higher satisfaction among plan sponsor."
The Gregory Group survey was commissioned by Transamerica and was developed to help TPAs understand what keeps clients satisfied. The report also offered action items and best practices to help enhance TPAs' business.
"TPAs provide unique value in today's competitive environment and Transamerica listens closely to what they say they need to be successful," said Rubin. "Transamerica is dedicated to the success of our TPA partners, and this survey is just one of many services we provide to help TPAs achieve their business goals."
More information on the survey is available to third party administrators by calling Transamerica at (877) 398-7526 Monday through Friday, 9 a.m. - 8 p.m. Eastern Time.
About Transamerica Retirement Services Corporation
Transamerica Retirement Services Corporation ("Transamerica" or "Transamerica Retirement Services"), which is headquartered in Los Angeles, CA, designs customized retirement plan solutions to meet the unique needs of small- to mid-sized businesses. Transamerica and its affiliates have more than 17,000 retirement plans totaling more than $20 billion in assets. For more information about Transamerica, please refer to www.TA-Retirement.com.
About the 2012 Gregory Group Plan Sponsor Survey
The Gregory Group's independent third-party research helps isolate key strengths, weaknesses, and gaps in delivery of client services by third-party administrators. By identifying the most important drivers of client satisfaction of TPAs, Transamerica provides these findings to help TPAs provide the best possible retirement planning solution for their clients.
Questions were rated on a 7-point scale with "7" representing the highest level of satisfaction. The report is based on 3,312 plan sponsor responses received during the first quarter of 2012. Transamerica Retirement Services is not affiliated with The Gregory Group.
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