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Days 61-90+ | Part 3 of 3
As a retirement plan adviser, the journey to creating a truly scalable and profitable business while ensuring client satisfaction doesn't stop at onboarding. The days between 61 and 90+ are pivotal in shaping the long-term success of your client relationships. This period is crucial for reviewing and adjusting retirement plans, soliciting feedback, enhancing communication, and building relationships with plan sponsors and participants. Let's explore the strategies that can help you achieve these goals and drive your business forward.
Plan review and adjustments
By day 61, your retirement plan clients have had time to engage with the onboarding process and start evaluating their experience. This is the ideal moment to delve into a comprehensive review of their retirement plan. Focus on understanding their current standing and potential areas for improvement. Discuss key metrics such as participation rates, deferral rates, and asset allocation.
Ask questions like:
Has there been any notable change in participation or deferral rates?
Are employees actively attending education meetings?
Are there any plan design or investment updates required? Also, consider the effectiveness of the current recordkeeper.
These discussions not only demonstrate your commitment to improving financial wellbeing but also help tailor the plan to better align with their goals.
Soliciting feedback
Feedback is a vital tool for continuous improvement and client engagement. Encourage open dialogue with your clients to understand their experiences and expectations. How satisfied are they with the plan's performance so far? Are there areas where they feel improvements could be made? Use this feedback not only to refine their current plan but also to enhance your services across the board.
Create a structured approach to collecting feedback—perhaps through surveys or regular feedback sessions—and ensure that your clients know their opinions are valued and acted upon. This transparency builds trust and shows clients that you are dedicated to meeting their needs.
Enhancing communication
Effective communication is the backbone of any successful client relationship. Now is the time to refine your communication strategies. Ensure all clients are included in ongoing email campaigns, updating them with relevant information and insights. Establish connections with retirement plan committee members and engaged participants on professional platforms like LinkedIn. This not only keeps you at the forefront of their minds but also strengthens your professional network.
Adapt to your clients' preferred communication methods, whether that's email, phone calls, or text messages, and maintain a regular communication schedule. This flexibility ensures that you are accessible and responsive, further solidifying your role as a trusted advisor.
Building relationships
In addition to building relationships with plan sponsors, fostering connections with participants is equally important. These individuals are the beneficiaries of the plan, and their satisfaction can significantly influence the success of your services. Engage with them during education meetings and offer personalized guidance to help them make informed decisions about their retirement plans.
Furthermore, consider expanding your network by connecting with your clients' centers of influence—such as CPAs, TPAs, business attorneys, and bankers. These relationships can open doors to future business opportunities and referrals.
Day 91: wrapping up and looking forward
As you reach the 90-day mark, it’s time to reflect on the progress made and prepare for future growth. Host a wrap-up meeting with clients to celebrate successes, gather additional feedback, and acknowledge their journey. This is also an opportune moment to ask for referrals—satisfied clients are often eager to recommend trusted advisors to their peers.
Focus on the simplicity and clarity of your onboarding process. Clients who have experienced a seamless and professional journey are more likely to explore other services you offer, potentially expanding your business reach.
Celebrate success
Servicing 401(k) clients effectively between days 61-90+ can significantly enhance the scalability and profitability of your business while ensuring high levels of client satisfaction.
By reviewing plans thoroughly, soliciting constructive feedback, enhancing communication, and building robust relationships, you lay a solid foundation for enduring success. As you celebrate the completion of the initial phase, remember that each satisfied client is a testament to your dedication and a gateway to further opportunities. Embrace this period as a chance to refine your services, solidify client trust, and propel your business towards sustainable growth.
Thanks for reading and Happy Marketing!
About Us
401(k) Marketing is the modern marketing agency for the retirement plan industry. We are proud to support our clients through custom engagements, content marketing campaigns, sales material innovations, thought-leadership consulting, interactive workshops and speaking events. Our mission is to empower the retirement plan industry with high-quality marketing, ultimately inspiring Americans to become financially prepared for their future.
Retirement Plan Marketing is the solution for retirement plan advisors looking for an ongoing and scalable marketing process to generate awareness, streamline sales opportunities and earn more 401(k) business. This comprehensive, strategy driven marketing program includes digital content and sales material specifically designed to help retirement plan professionals attract the right decision makers.
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