Acting on an ‘Abundance Mentality’

Industry experts who have been headliners in crafting and leading collaboration to expand access to retirement plan coverage led a panel discussion at the recent NTSA Summit concerning forming partnerships and how effective that can be.

Panelists included Tamara Indianer, CRES, AIF®, CFP®, Regional Vice President, Northeast at Lincoln Investment; Adam Pearce CFP®, Retirement Professionals; and John Adzema, President, National Associates, Inc. Paul Haines of Lincoln Investment was the panel moderator.

Building Collaboration 

Arizona 403(b) Professionals, a group of NTSA sponsored companies who specialize in serving the K-12, 403(b) and 457 market, formed in 2014. Pearce, who became part of that group, told attendees that they emphasized building relationships and being generous, and spoke of having an “abundance mentality.” Even at the beginning, he said, everyone was very generous and helpful. “The more you give, the more you’re going to get,” Indianer agreed. 

Pearce also said that they made it a point to bring professionals from other companies with them when meeting with school districts in order to present a united front. Adzema agreed with that approach. “That really sends a strong message,” he remarked. 

School districts also liked the code of conduct the Arizona 403(b) Professionals prepared and follow, said Pearce. “We’re very sensitive to our marketplace in trying to meet their concerns,” he said. 

Indianer, who created the New England Retirement Education Group to assist schools with creating a collaborative environment for their employees to learn about and enroll in their retirement benefits, reported that she used the Arizona group and its formation and an inspiration and example. “We all played nicely together in the sandbox,” she said, adding, “We’ve really jelled as a group.” 

Indianer stressed the importance of having relationships with school district officials. Adzema suggested that the same principle holds with TPAs, remarking, “It’s easier for a TPA to support your group if you have a relationship with them first.”

Tips for Doing Likewise 

• Be deliberate about what you’re going to do, Pearce advised. “We created a culture and we did that deliberately.” And, he noted, that strategy has worked—now, advisors who had expressed skepticism help them.
• Take the Certified Retirement Education Specialist (CRES) program. Not only that, panelists suggested, call and invite people who learned about CRES. “The CRES list is a great place to start,” said Pearce.
• Work with local TPAs. “They have their finger on the pulse,” said Pearce.
• Be patient and take time, Pearce and Indianer suggest. “This isn’t going to happen overnight,” said Pearce. “You have to persevere,” Indianer added. 
• Work together. Indianer suggested going into schools together, and that at least two or three vendors should go together. Pearce remarked that the Arizona group made having a united front a priority from the start.

The Bottom Line

It’s important to discuss not what cannot be done, but what can be done, Indianer told attendees. Said Pearce, “By working together, we have much more to gain.”