Jill Williams, QPA, QKA
Most TPAs operate as a practice; groups of administrators have their clients and they service them the way that they always have. Over the last 10 years, competition and fee compression has signaled a change in the industry. With TPA Division offices in South Carolina, North Carolina, and Ohio, Pentegra’s technology has enabled them to adapt and to grow in both the core TPA business, as well as its fully-outsourced 3(16) Plan Administrator services despite the challenges.
“We started out as three separate offices but now we are able to leverage every resource across the organization to meet the needs of our clients. We have clients across the country spanning all aspects of the qualified plan market,” explains Jill Williams, Regional Vice President, TPA Division. “Prior to the introduction of common technology, such as PensionPro, and structuring by office it was really a challenge for account managers and their support staff to switch gears between all the products and various administration types they handled. Technology and client-centered functionalization has eliminated that. The changes we’ve implemented have allowed us to adjust resource needs across our locations while maintaining service and productivity levels.”
Getting the most out of your resources is a challenge that all companies face. Pentegra abandoned assigning work using standard methods, such as office location or caseload size, and have moved to a revenue-based model. This approach ensures that clients receive the time and service they need. Rather than giving account managers plan count targets, or weighting plans by complexity or product, assignments are based on revenue targets. Williams states that “the goal is to align each account manager or team around the idea that clients pay us to do a job. We are better focusing on the resources our clients entrust to us to do what we do, rather than on an internally focused counting of widgets.”
“Many of us in the TPA division have been in the industry for a long time, and I, personally, have been doing this for 30 years now. I am a big fan of clarity and alignment of goals. PensionPro is helping us to balance the right amount of process and control while remaining responsive to the needs of our clients and partners.”
As Pentegra looks to grow, the TPA division will balance core TPA compliance engagements with an expanded focus on full 3(16) Fiduciary Services and Multiple Employer Plans. Pentegra’s focus, alignment, and technology ensure that its bright future will combine responsiveness, efficiency and flexibility to meet those needs.