Insights

Change in the retirement industry often requires a reexamination of the assumptions driving our growth strategies. In a shifting, saturated market, we must constantly reexamine retirement resources so we can recognize when our long-held beliefs no longer benefit our clients. The following misconceptions may be hindering the growth of your firm.

Winning new clients can take a lot of time, energy and even money—so, finding ways to minimize your costs while maximizing growth in your practice is key. The most successful retirement plan advisors are utilizing tools and resources up front that allow them to zero in on high probability wins and take low probability opportunities out of the equation. How can you identify those “best” prospects? We’ve identified five smart tips that will help you step up your retirement plan prospecting game.

Amid endless competition and the ever-growing needs of existing clients, Retirement Plan Advisors are faced with navigating a newly volatile financial landscape. Thriving in this world requires setting yourself apart. But with increasing demands on advisors’ already limited time, and sponsors hungry for meaningful guidance and support, it can be difficult to know what to focus on. 

Changes in the retirement industry landscape often require a reexamination of the assumptions and beliefs that drive our growth strategies. In a shifting, saturated market, we must be able to recognize when what we once held true no longer serves us or our clients and prospects. This reflection is vital in order to ensure not only our own success, but that of the people and organizations we serve. This is especially true in the search for new clients. 

In April 2020, as part of a developing relationship, an advisory firm, “Advisors, Inc.,” met with a manufacturing organization to discuss the retirement plans they were currently offering to their employees. In those discussions with the organization’s senior leadership, frustrations surfaced regarding an existing defined benefit (DB) plan. While not yet engaged to advise on the retirement plans, Advisors, Inc. was asked for its thoughts.