Contrary to Popular Belief, Compliance is a Great Friend of Sales
You’ve just received a request for information (RFI) from a new potential client. How many of the questions involve items related to compliance? What kind of answers do you think will win the business? What’s in your RFI?
An effective compliance program will always help you win business. The success of any business largely depends on public image. Public problems, unresolved complaints, court cases, and breaches – these types of issues may decrease the public’s trust, and sales will eventually drop. By taking proactive steps to ensure legal, regulatory and internal policy obligations are met, compliance programs help keep costs down, improve operations, and create higher employee retention.
The result of an effective compliance program is a positive image for the business, which creates consumer trust. Even within the workplace, compliance programs help create a positive environment where employees thrive. Compliance with safety rules and anti-discrimination laws make employees feel safe. Policies, procedures, and employee training ensure that employees are empowered with knowledge and direction to do the right thing. This leads to efficiency in operations and consistent results.
The Retirement Services sales team at Millennium Trust relies on Compliance to help the firm prevent, detect and proactively solve issues. Compliance is about doing things right. “We have a strong internal partnership and trust with our compliance team,” said Terry Dunne, SVP Managing Director, Retirement Services. It is through this partnership and guidance that we extend confidence to our business partners and clients. When we formulate RFP responses, we can easily reassure companies that by working with us we will go above and beyond in our service and provide a superior experience to former retirement plan participants.
The material in this blog is presented for informational purposes only. Millennium Trust Company performs the duties of a directed custodian, and as such does not sell investments or provide investment, legal or tax advice.