Retirement Plan Advising

Expand your practice with retirement plans

Published onOctober 23, 2020

4 MIN ARTICLE

Adding retirement plan business to your practice can help you retain assets, stabilize investment flows and increase ancillary sales. Follow these simple strategies to find good leads and establish relationships with new clients.

Step 1: Start with who you know
Step 2: Cast a wider net
Step 3: Start the conversation

Step 1: Start with who you know


How to do it:
Identifying retirement plan prospects is not as difficult as you may think. In fact, one of the best ways to start is by identifying people around you who can provide you with connections.

  • Reach out to current clients. Some clients may have discretionary authority over a company’s retirement plan. Other clients may be willing to refer you to their plan’s decision-makers.
  • Remind your family and friends. Let them know that you not only help individual clients, but you also help companies with their employee retirement plans.
  • Connect with centers of influence. Look for people who are in a professional role or have the community standing to help open doors to retirement plan sponsors. Officers or directors of your local chamber of commerce are good examples.
  • Don’t forget everyday contacts. From your local grocery store to your favorite restaurant — anyone you have contact with can be a potential retirement plan prospect.

Step 2: Cast a wider net


How to do it:

Consider subscribing to national databases such as FreeERISA.com, Larkspurweb.com and Salesgenie.com. They offer everything from retirement plan regulatory information to broader business data that can help you expand your prospecting horizons.

Step 3: Start the conversation

 

How to do it:
When a prospect turns into a solid lead, gather the information you’ll need to create a customized proposal.

 

Before you meet:

  • Create a value proposition statement, which outlines your role as a plan advisor and the services you can provide to the employer and to employees.
  • Put together a list of key questions that can help you identify possible areas of opportunity.
    • How many employees do you have?
    • What are the assets in the plan?
    • Who is your current provider?
    • What’s working/not working with the plan?
    • If you could change one thing about your current plan, what would that be?

 

When you meet:

  • Share your value proposition statement with prospects so they understand your commitment to the plan and what you will bring to the table as their plan’s advisor.
  • Write down the responses to your questions. Let prospects know that you will use the information to create a customized proposal.
  • Close the meeting by thanking prospective clients for their time. Leave your value proposition statement and let them know that you will follow up within two weeks to present your proposal.

 

Supporting materials

 

Create a meaningful value proposition statement

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