The Monday conference agenda at the 2022 NAPA 401(k) Summit in Tampa wrapped up with a general session featuring a high-profile lineup of panelists sharing the best practices they use every day that have helped make them elite in the universe of 401k advisors.
Alexander Assaley, of AFS 401(k) Retirements Services, LLC, Paul D’Aiutolo with UBS and D’Aiutolo, Malcom & Associates Consulting Group, Marcy Supovitz, of Boulay Donnelly & Supovitz Financial Services, and Patricia Wenzel with Merrill Lynch formed the panel, which was queried by moderator Steven Dimitriou of Mayflower Advisors.
What follows are some of the top takeways from the fast-paced session, admittedly somewhat paraphrased for clarity and length.
• Takeaway #1: Birthday boost, via Patricia Wenzel: Look up every single plan committee members’ birthday, and send them a personalized message. She prepares the messages in advance and sends them via delay using automation so they are received on the recipient’s actual birthday.
Wenzel said she sends about 100 to 150 per month, with personalized messages reminding recipients of how she may be able to help them (beyond the happy birthday wishes.
With the help of her staff, Wenzel also keeps a list of everyone who attends her education meetings, and if they are over 55 and have more than $100,000 in the plan, she adds them to her contact list.
“I brought in 22 private wealth management households last year, and five already this year,” Wenzel told the NAPA audience.
• Takeaway #2: Prospecting, via Alex Assaley: When it comes to prospecting for new clients, Assaley said his company is active on many fronts. “Very active in social media, sharing our story and building our brand,” he said, adding that his company is also very active with email marketing and networking events. But despite being well established, Assaley said he still makes a concerted and regular effort when it comes to cold calling.
“We target companies where we think there could be a great fit and try to get in contact with the leaders at those companies,” Assaley said. “You have to be disciplined and stay very accountable to yourself to do it.”
• Takeaway #3: Succession Planning, via Marcy Supovitz: “If there’s any one thing I could change, it’s very easy for me. I would have started succession planning a whole lot sooner. Anybody out there that doesn’t have a clear successor in mind, it’s never too soon to start,” Supovitz said. “The ideal scenario is to have an understudy waiting in the wings.”
She added that on the wealth management side, those client relationships are much more personal. “Who are you going to turn these people over to? You have to find a soulmate that has the wherewithal to buy in.”
• Takeaway #4: Learning to Say ‘No,’ via Paul D’Aiutolo: “Saying ‘no’ can be better than saying ‘yes.’ Saying no is one of the hardest things to learn. You are turning away revenue, but [learning to say ‘no’ earlier] could be the single greatest thing that I’d go back in time and change.”
Bonus tip from D’Aiutolo: Even if your business focuses on large 401k plans, it’s a good idea to keep some small plans. “I started in the small plan business. The small plans teach you everything you know. You have to keep a couple of small plans in your practice,” D’Aiutolo said.
MORE FROM NAPA 401(k) SUMMIT:
• How to Help Clients Attract and Retain Employees
• Jim Kelly Completes His Journey of Perseverance
• 3 Critical Cybersecurity Issues Advisors Should Know About
• Hackers Are Back and Targeting Participants
• Auto Everything (Except Decumulation)
• How to Offer (and Charge For) Student Debt Reduction Help
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.