Step Up to the RFP World

The answer to the RFP (request for proposal) challenge is clear: “Step Up! Make it Happen! You Can’t Not …” no matter what your function, if you are a true, growing professional in this grand, meaningful retirement industry.

Five diverse, experienced professionals at the NTSA 2023 Summit shared their activities in the session entitled, “Opportunity Knocks?: RFP – Opportunity or Threat?” Panelists, and the perspectives they offered, included: 

• TPA & Management: Sue Diehl, QPA, CPC, ERPA, TGPC, BCF™, President, PenServ Plan Services, Horsham, PA
• Association Leader: Nate Glassey, QKA, TGPC, CRES®, Executive Director, NTSA, Washington, DC
• Advisor & Management: Kent Schutte, TGPC, CRES®, President, EFS, Cambridge, MN
• Advisor & Management: Toni Whaley, CRES®, Financial Planner, Paladin Advisors Group, PlanMember, Elkridge, MD
• Retirement Product Leadership: Don Wiley, CRES®, National Director Affinity Relationship Management, Security Benefit, Topeka, KS

From war stories of “Battles Won – Battles Lost” to accessing the influencers, with a splash of SECURE 2.0, participants have a treasure load of ideas to put into practice now that the Summit is over.

Here are some take-aways that every NTSA member can apply and pursue:

1. Start with the coup d’etat: Add SECURE 2.0 advice specific to the situation of the inquiring entity. Here are some new things to consider.

• How can we use SECURE 2.0 to your advantage?
• Are you preparing for implementation of the new law?
• What does SECURE 2.0 mean to you?

2. Know what’s going on, currently, traditionally and trending forward. Step up and use this information to your advantage. Consider the following:

• benchmarks and where you stand
• competition strengths and weaknesses
• industry needs
• legislative changes on the state and federal levels
• consultant’s goals 

3. Nourish your influencer relationships: Before the RFPs float around, develop and grow connections with decision makers. Step up the presentation with teamwork. 

• Consultants: be on their radar with your specialties.
• ASBO: offer educational services to enhance their jobs.
• Superintendents: stage listening sessions with direct follow-up.
• TPAs: use advisors for references and engagements.
• Advisors: use TPAs for references and ‘outside the box’ ideas.
• Clients: use surveys to get testimonials.
• Legislators: listen, offer retirement policy platforms to better their works.
• ARA’s Own PSCA Annual 403(b) Survey: https://www.ntsa-net.org/news-resources/more-save-more-sooner-403b-plans . Know its findings in order to use them effectively.

Looking Ahead

Plan to attend the big celebration in 2024 of the 35th year for NTSA and its annual conference!

Kristine J. Coffey, CPC, CPFA, CRES, was  2019 NTSA President, 2014-22 NTSA Awards Chair, and a 2022 NTSA Bob D. Schiller Awardee.