You may have started your career as a wealth manager and picked up a couple of small retirement plans along the way from clients who run businesses of their own. But now you want to expand your practice and begin servicing more — and larger — plans. Here are some tips to sharpen your sword as you train to be a retirement plan ninja.
Isn’t it great when things work well together? Maybe it’s the way your desktop and mobile ecosystem synchronizes across all your devices and applications, simplifying and optimizing their utility. Or perhaps you have a service provider who thoroughly understands your business and integrates seamlessly with the organization. That kind of well-oiled, frictionless fusion can enhance productivity and make your life a whole lot easier.
The retirement plan space is exciting, challenging and highly competitive. The rewards can be considerable, but it can also take significant effort to achieve and maintain them. One of the best strategies for doing just that is to clearly define your value proposition and differentiate yourself from the competition. Here are three ways to position your advisory offering to set yourself apart, build your professional brand and grow your book of business.
You’ve built up a respectable wealth management practice over the years. And many of your clients are professionals who run companies of their own. One day, a business owner you advise approaches you about taking on their 401(k) plan and you’re intrigued. You’re excited to expand into this new and exciting practice area. You’ve always been passionate about helping clients achieve a successful retirement, and this is another way to do that. Yet there are ERISA compliance issues to contend with, participant education and engagement considerations and all your additional fiduciary duties — particularly when it comes to keeping fees reasonable and transparent. Didn’t you just read about another excessive fee lawsuit in the Wall Street Journal?
You already know PlanFees is an essential tool for benchmarking your fees when closing the deal with a new client — but the power of PlanFees can also help you retain those clients you’ve worked so hard to sign. Luke Vandermillen, New Business Development Associate at , PlanFees, loves collecting success stories from advisors across the nation. As a lead on the business development team, he’s always on the move with his ear to the ground, tapping into the real-life success stories he hears from retirement plan advisors across the U.S.
The new year traditionally brings increased focus on goals and priority setting — as well as greater scrutiny on time management as a tool to help maximize those efforts. As a retirement plan advisor, you’re well aware of the many demands that compete for your time and attention including — but not limited to:
A retirement plan advisor’s job is multifaceted and complex. And without the right information at your disposal, it’s challenging to communicate the breadth and depth of your services — especially compared to competing providers or for similar plans. But with Prism365, the newest PlanFees benchmarking module, retirement plan advisors can quickly, easily and accurately benchmark advisory fees.
Many people wonder — how big is the universe? According to calculations, the furthest visible regions from Earth are about 46 billion light-years away, making the entire...
As published in IRS News Release IR-2021-216, Nov. 4, 2021
Most retirement plan advisors are well-acquainted with typical outbound, outreach-based methods of generating leads, such as cold calling, traditional advertising and email. Inbound marketing, on the other hand, presents an alternative prospecting technique that can offer unique advantages and is highly scalable.