Recordkeepers and Third Party Administrators (TPAs) need to either scale up or innovate. The trend of consolidation in the TPA industry makes it increasingly difficult to compete against larger firms.
If you’re not in a position to acquire smaller competitors, it’s essential to leverage advancements in technology, improve your marketing strategies, and think creatively to stay competitive. You don’t necessarily have to match the size of the big players; instead, focus on developing unique differentiators in your approach that will help you stand out.
Otherwise, you risk becoming like the local hardware store or companies like Rickel’s and Channel when larger competitors like Home Depot expand.
