/ by Craig Rosenthal

The Keys to Doubling Your Business are Right in Front of You

 

Did you know it can cost five times more to attract a new client than it does to retain an existing one?[1] Many believe that the key to business growth is new sales. However, don’t miss out on your biggest opportunity to grow by building on the relationships with your existing clients.

Keeping Happy Clients

The top two reasons plan sponsors hire advisors are to help with understanding how well the plan is working for employees and how to improve it.[2] They want to know that their retirement plan is working to financially prepare participants for retirement.[3]

To illustrate plan performance metrics, advisors could track financial preparedness, provide ideas to enhance contribution rates, and host regular retirement plan committee meetings. They are all great ways to deliver immense value, demonstrate your involvement and expertise that will ultimately increase participant outcomes. However, you don’t want to conduct a … Read More

/ 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

Secrets to Building a 401(k) Book of Business

Secrets to Building a 401(k) Book of Business

Prospecting for 401(k) Clients

Whether you are starting out in the 401(k) industry or a seasoned professional – it all starts with an accurate prospect list. Who are the key decision makers that you can connect with so that you can share your story and earn their company’s retirement plan business?

Thankfully, in our industry, we have a huge advantage: the Form 5500. As you may know, the Department of Labor (DOL) requires plan administrators to file this annual form by July 31st. It is available to anyone looking for plan information and can add value to your prospect list. The form holds crucial contact information such as decision makers names, addresses, and phone numbers as well as valuable prospecting data points such as total plan assets, annual contributions, number of participants, and much more.

To get started, you will want to identify your target market. Start with the familiar and work outwards. Below are … Read More