When an organization seeks the services of a Third Party Administrator (TPA), they are entering a competitive world of hundreds of firms, each vying for the same business. One of the ways TPAs will seek to differentiate themselves is through obtaining and maintaining licenses and certifications. The gold standard among these credentials is the Seal of Excellence from the Centre for Fiduciary Excellence (CEFEX). But how can your organization benefit from working with a partner who carries the CEFEX certification? Let's find out.
Ultimately, there are many benefits associated with working with a CEFEX-certified TPA. Here are the top six advantages you should know about:
1. Efficiency
A TPA that holds a CEFEX certification has already gone through a rigorous process maximizing their overall quality and efficiency, so you can be sure that your CEFEX-certified partner is working for you. Once they earn a CEFEX certification, the processes at the firm are well-established with guidelines in place for staff members to follow: this makes training, transitions, and troubleshooting much easier.
2. Documentation
CEFEX requires extensive documentation of all processes, changes, errors, and discrepancies, resulting in consistency and accountability. This ensures the availability of traceable records in case of any complaints or any potential litigation.
3. Increased Revenue
In tandem with number two, the CEFEX certification requires TPAs to design strategies with due diligence, leading to well-structured processes which in turn leads to fewer strategic mistakes. By proxy, these documented, repeatable processes are more likely to reliably generate higher returns over time, especially since these strategies are not reliant on timing, luck, or en vogue decisions. Creating a sound TPA that is more sustainable and able to retain experienced staff.
4. Employee Morale
When a CEFEX-certified TPA is handling your compliance work, you're hiring specialists within their defined roles and responsibilities, accountability of management, and training systems that allow for overall organizational success. All the foregoing help to contribute to a more satisfied team working for your benefit!
5. Customer Satisfaction
Like all good organizations, CEFEX-certified TPAs know that client confidence and trust is earned—it's not given. Because CEFEX demands their certified TPAs maintain efficiency, consistency, and dedication to service, there is a framework in place for partner success. Only then is that invaluable trust earned.
6. Commitment to Improvement
Among CEFEX's many requisites for maintaining certification are periodic audits, management reviews, and courses of improvement. Best of all, these courses of correction are based on collected data. Improvements are carefully planned, designed, and implemented based on facts and what the client needs, using a system of documentation and analysis to ensure the right decisions are made at the right time for the right client.
As you can see, there are many benefits available to you when you choose to partner with a CEFEX-certified TPA. After all, you, your organization, and your employees need reliable stewards who skillfully handle your retirement plan and ensure that everyone within your organization enjoys the success they deserve. If you're looking for a CEFEX-certified TPA, you're in the right place! Get in touch with the team at RPCSI and we can show you why our CEFEX-certification will contribute to your long-term plans.
