/ by Craig Rosenthal

Your Clients are My Prospects

Your Clients are My Prospects

At one point, every client was a prospect. That prospect took the leap of faith to leave their existing retirement plan advisor and hire you. This is why you must always remember that your clients are not guaranteed.

From cold calls and email campaigns to networking functions, your clients are constantly being marketed to. With every attempt, they need to actively choose you. What actions are you taking to ensure they are hanging up the phone, deleting the emails, and rejecting the sales meeting? Essentially, they are bombarded with opportunities to select a new retirement plan advisor; therefore, are you providing sufficient and meaningful interaction for them to confidently stay with you?

 

Silence is a Killer

As your clients are being solicited, prospecting advisors are creating tiny moments of doubt, poking questions that make your clients stop and wonder, are we getting the best service? Are our fees reasonable? … Read More

/ by Craig Rosenthal

Retirement Plan Trends: 3 Ways Advisors Can Keep Clients Informed

 

When you live in an economy with historically low unemployment rates, the competition for top talent can be fierce. From student loan repayment programs to onsite day care to enhanced retirement benefits, employers are becoming more creative when offering incentive plans that persuade quality employees to choose them. It’s an employee’s market. Therefore, employers need to know what employees’ value and retirement plan advisors can help by knowing the important trends and keeping their retirement plan client’s informed.

Here are three ways retirement plan advisors can discuss competitive total rewards practices that recruit, reward, and keep great employees.

Offering an employer match

The average employer match is 4.7% of salary, which is a record high, according to Fidelity.[1] As an advisor, this could be an opportunity to discuss your clients’ current match formula and compare it to the national average and/or industry specific averages. When smart employees are comparing benefits, … Read More

/ by Craig Rosenthal

How Advisors Can Address the Top Employer Retirement Plan Headaches

How Advisors Can Address the Top Employer Retirement Plan Headaches

For employers, managing a company retirement plan can bring many challenges. From meeting compliance deadlines to tracking investment performance and fee reasonableness, it can feel like your head is spinning out of control. As mentioned in our last blog article, Steps to De-Risk Your Plan Advisory Practice During 2019, lawsuits have steadily increased over the last decade and can cause unwanted stress and chaos for plan sponsors. Advisors should pay close attention to these three plan sponsor stressors.

Top 3 Retirement Plan Headaches:

Lawsuits
DOL Audit Failures
Missing a Compliance Deadline

Lawsuits

In 2017, 307 criminal investigations were closed for offenses that were related to employee benefits plans. Nearly a third of those individuals were indicted.[1] In the current litigation environment, nearly any plan is subject to a fee claim.

ERISA class action settlements reached nearly $1 billion in 2017.[1] Plan sponsors are … Read More