How to keep your shiny new executive benefits program running like a dream
I bought my Jeep Wrangler brand new, 22 years ago (through my credit union’s car buying service, by the way). It’s dark green with a tan soft top and big tires. With just under 200,000 miles on the original engine, it continues to serve me well. Maybe there’s something to be said about how cars were manufactured two decades ago versus today, but I guarantee you that my zealous service schedule with the same trusted mechanic is why my Jeep is still running beautifully today. Mr. Nagesh knows my vehicle, what sort of adventures the Jeep gets into, and regularly reaches out when it’s time for servicing.
When a credit union retains their key leaders with an executive benefit plan, whether it’s a 457(f) or Split Dollar plan, it feels like getting a brand new, shiny car. And it should! The credit union has secured its future and the executives continue to drive results knowing their efforts are appreciated. If that shiny car is neglected, it will lose power and performance. That is to say, if your executive benefit plan no longer performs as expected, it quickly loses its retentive power. If it’s even possible to retool the plan, it will likely come at a hefty cost and/or diminished benefit to the executive.
The strength of your succession plan lies in your executive benefits program. Developing and implementing the program is the easy part; long-term servicing is where the real work begins. Think of servicing as protecting your monetary and human capital investment. There are several considerations for selecting a suitable servicing partner. Expertise, infrastructure, long-term capabilities, industry resources, financial strength, and staffing are just a few areas to evaluate.
Alas, Mr. Nagesh only specializes in automobiles, but join our upcoming webinar to learn what to look for in a potential servicing partner for your executive benefits program. My colleagues Matt Jakubowski and Kraig Klinkhammer take an objective view of key differentiators and how to navigate beyond the marketing fluff to the real nuts and bolts of a vendor’s capabilities. They will share case studies of common issues that you’ll want to avoid. NAFCU (now America’s Credit Unions) is hosting “Vendor Selection: How Servicing Can Make or Break Your Succession Plan” on January 18 at 2:00 pm ET. If you can’t make it, register anyway so you’ll receive a link to the recording. Register here »
