The Importance of a Strong Stewardship Review Process

In this quarter’s newsletter, we’re highlighting the importance of a strong stewardship review process. Carrie Meyer, Senior Client Success Manager, recently joined Micruity, bringing deep expertise in recordkeeping, retirement income implementation, and governance. We had the opportunity to share some key insights related to the client stewardship review process in our recent chat with Carrie:

Carrie Meyer,
Senior Client Success Manager

 

When implementing retirement income solutions, what is the main objective of the stewardship meeting? What are some of the key elements of the stewardship meeting?

The objective of the stewardship meeting is to provide a strategic discourse, distinct from the tactical elements of our partnerships and relationships. It serves as a platform to disseminate business updates and organizational priorities, highlight evolving product initiatives and enhancements, and review key metrics.

Some of these products/solutions have multiple stakeholders at different organizations. How are the various groups involved/participating?

Great question, as you mentioned on a regular basis, we work with folks across multiple functions and roles at our clients. These folks are very focused on the execution of their organization’s priorities. However, for the stewardship meeting, our audience consists of key decision-makers who are involved in setting or influencing their organization’s priorities.

What are some of the benefits of nurturing a stewardship process? How often should it take place, and how far into projects do you introduce the stewardship process?

The stewardship process begins during implementation to align with strategic priorities. An annual meeting is essential to discuss organizational priorities for the year. However, depending on partnership activity, a more frequent rhythm, such as quarterly or semi-annual meetings, might be more suitable.

How do you structure the feedback and input, and how can this be fed into the future product development and roadmap process?

The outcomes of these discussions directly influence our product development, roadmap, and capacity planning. For instance, if a partner shares a specific product focus for the upcoming year, we’ll assess where we can integrate that support into our product offerings and roadmap. Balancing our partner’s needs with our own product initiatives is a balancing act, these conversations facilitate a more precise alignment of priorities.

Share with us about your professional background and how leveraging a strong stewardship process has provided value in the past?

Relationship management has always been a core aspect of my career. My first job was in retail, and I’ve always believed clients are central to any business. By understanding their explicit and implicit needs and collaborating to address them, both organizations can achieve success.

 Any other takeaways, etc?

I can’t wait to meet with our partners!