Identify the retirement plan solution that meets your clients’ needs

Understand the needs and preferences of potential retirement plan sponsors to find a plan that’s right for them. Follow these steps to gather the information you need to deliver the best retirement solution.

1. Gather the information

How to do it:

  • Prior to meeting, put together a list of key questions to ask, such as:
    • How many employees do you have?
    • What are the assets in the plan?
    • How much is being contributed to the plan every year (by employer and employee)?
    • If you have an existing plan, who is the provider?
    • What’s working/not working with the plan?

  • During the meeting, document 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
    • Letting them know that you will follow up within two weeks to present your proposal

2. Find the right plan type for each client

How to do it:

  • Consider the best solution for each prospect. Options may include:

    • 401(k) plans are open to all types of businesses and offer the most flexibility (in terms of contributions, loans and vesting, for example).
    • Solo 401(k) plans offer many of the advantages of a regular 401(k) for a company that does not have employees.
    • 403(b) plans are available to certain nonprofit organizations (for example, public schools and churches).
    • Money purchase and profit-sharing plans allow employer contributions only.
    • SIMPLE IRAs and SEP plans may be best for smaller businesses (those with 100 or fewer employees) that require an easy-to-use plan.
    • Payroll deduction IRAs allow employee contributions only.

  • If you have selected a 401(k), 403(b), money purchase or profit-sharing plan, learn more about Capital’s solutions, RecordkeeperDirect®, designed for simplicity and smaller plans, and PlanPremier®, with robust features for plans of any size.

Resources to use:

Comparing Retirement Plans (Brochure) — Explain plan features, learn contribution limits and obtain a glossary of terms.

Compare Recordkeeping Solutions — Determine which solution best meets the needs of the plan.

Compare SEP and SIMPLE IRAs — Demonstrate key features and differences between SEP plans and SIMPLE IRAs.

3. Price, compare and sell Capital Group 401(k) plans with a single resource

How to do it:

  • Visit Retirement Planalyzer®, a convenient, comprehensive resource to price, compare and sell 401(k) plans with Capital Group. This tool makes it easy to:
     
    • Compare solutions and share classes with an estimated fee quote of first-year plan costs or a detailed presentation, which highlights plan features and costs over time.
    • Create a fund lineup to propose or review in a report with returns, expenses and other details.
    • Order a formal retirement plan proposal, which you’ll receive in a day.
    • Customize any of these presentations with your information on the cover page.

Supporting products & solutions

401(k) and 403(b) Plans

Fiduciary Services

American Funds Target Date Retirement Series

Other resources

Create a Clear Value Proposition for Your Retirement Plan Practice

Deliver a Winning Retirement Plan Finalist Presentation

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