401(k) Advisor: OPPORTUNITY, IS THAT YOU?

Updated: Jul 13


With change comes opportunity – and if you’re a 401(k) advisor, the new Conflict of Interest Rule is a HUGE opportunity. This new regulation has opened doors and created a platform for dedicated retirement plan advisors to shine.

“FIDUCIARY” BECOMES A HOUSEHOLD NAME

We in the retirement plan industry are familiar with this word because we have been servicing our clients in this capacity for years. However, average Americans are now starting to say, use, and understand the definition of fiduciary.

Let’s take a moment to really appreciate the opportunity at hand: the purpose of the new rule is for advisors to act in the Best Interest of the Client – yet in order to NOT act in the client’s best interest, advisors need an exemption. Talk about a marketing field day! Why would smart, educated Plan Sponsors ever hire a conflicted advisor who needs to be exempt from acting in the Plan Sponsor’s best interest??

Advisor: “Is your advisor acting in your Best Interest?”

Plan Sponsor: “No, they are using an exemption.”

HOW CAN YOU CAPITALIZE ON THE CHANGES?

  • Advertise – Promote that you are a fiduciary advisor and have been working in your client’s best interest since XXXX (insert year).

  • Update –How long have you been working with plans? What designations do you hold? How is your team structured to professionally service retirement plan clients? Update your website, company overview, and team biographies to highlight your company and your team’s years of qualified experience.

  • Share - Leverage the power of social media. You understand how the new rules are going to affect plan sponsor and advisor relationships – talk about them. Write an article. Share it via social media (LinkedIn, Twitter, etc.). Become the voice that your prospects, clients, and centers of influence turn to when they have questions and need help.

You have the choice to view the new rules as a business obstruction or an opportunity. For the retirement plan specialist, we see them as Golden Marketing. You have the expertise, experience, and know-how to stand out from newbie fiduciary advisors. Now is the time to shout from the mountain tops.

WANT TO MARKET, BUT DON’T KNOW WHERE TO BEGIN?

Step 1: Create your ideal lead list

Step 2: Research how you’re professionally connected to prospects

Step 3: Lean on your existing relationships

Step 4: Create a marketing calendar

Step 5: Keep marketing – consistency is key

Step 6: Meet with prospects and WOW them with your experience, quality of advice, and results

Step 7: Grow your retirement plan book of business


Thanks for reading and Happy Marketing!


About 401(k) Marketing

We believe the retirement plan industry can do better. Our clients are the best professional retirement plan advisors and TPAs in the business. They care deeply about saving America’s retirement future. We are proud to share their voices through industry writings, professionally-designed marketing materials (including websites), and expert content collateral. We lend support by promoting businesses through ongoing awareness campaigns. www.401k-marketing.com

About Retirement Plan Marketing

Retirement Plan Marketing is a product of 401(k) Marketing and is an ongoing turnkey marketing solution for retirement plan advisors. It is an easy-to-follow, consistent marketing program designed to get you noticed in your community and generate new retirement plan sales. When you deliver relevant plan sponsor content, you add value to your conversations and can work your way up to become known as the “go-to” retirement plan advisory office. www.retirementplanmarketinginabox.com

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We are passionate about marketing successful retirement plan advisors and TPAs.

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401(k) Marketing, LLC is not in the business of providing legal advice with respect to ERISA or any other applicable law. The materials and information do not constitute, and should not be relied upon as, legal advice. The materials are general in nature and intended for informational purposes only. All content, including any brochures or other materials designed for potential use with plan sponsors, fiduciaries, and plan participants, must be reviewed and approved by the compliance and legal department(s) of the Financial Professional and/or Third Party Administrators firm prior to any use to confirm that they meet the firm’s legal and compliance policies and standards. The Financial Professional, Third Party Administrator,  and his/her firm are solely responsible for the use of content and any materials included herein, and for ensuring that all services provided by the Financial Professional and Third Party Administrators conform to the firm’s legal and compliance policies and standards.