These are three commitments we make to every client and these are the same pledges which have enabled our continuing growth:
- We will consistently deliver service with absolute quality.
- We will provide specific recommendations, solutions and day-to-day administration which recognize that the needs of each client are different.
- We are committed to responsive and effective long-term relationships.
Commitment to Quality
We have grown to 135 employees and currently service engagements covering approximately 1040 plans with over $33 billion in assets and 370,000 participants by doing what we say we will. We have distinguished ourselves from our competitors with our broad base of knowledge, technical skills, experience and our unquestioned commitment to quality service. We will put significant fees at risk based on our performance.
Whereas most retirement plan administration firms have attempted to leverage themselves by employing relatively inexperienced administrators to service their client accounts, we have a decidedly different approach. We are one of the few firms that require all of our client work to be reviewed and completed by experienced and knowledgeable consultants.
As retirement plan consultants our services are different than those of a plan administrator. Our services focus on anticipating situations, rather than simply reacting to them. We employ imaginative, creative and practical approaches to meet client needs and address new developments in the rapidly changing employee benefits field. We are not a vendor. We partner with our clients in the pursuit of a long-term relationship that is beneficial to both of us. We fully realize that our clients’ success will determine our success.
It is perhaps a paradox that our success depends on building solid client relationships and retaining clients for the long term yet we don’t have a “client management” function or title at NWPS. Instead, we believe that the people best suited for building relationships with our clients are the people actually working on the plan. We are organized into multiple service delivery teams responsible for all aspects of plan operations for each client they work on. This team has responsibility for everything from payroll loads and daily trades to answering both client and participant phone calls to compliance testing and reporting. This team is responsible for the success of each client’s plan.
Competitive Fee Structure
Through the use of skilled consultants, we are able to provide our clients with the highest quality service, at a fee level that is competitive with that of other firms that employ less experienced administrators. Our competitive fee structure results from the greater efficiencies we achieve in using knowledgeable professionals and our extensive use of advanced technology.
Another key to our success is independence. We have no brokerage or insurance company ties and we do not sell investment products. We are compensated on a fee-for-service basis which allows us to focus on administration and consulting without the distraction of how our clients invest their funds. We believe we are uniquely positioned in the marketplace to have no conflicts of interest and to be a true client advocate.