Ever wondered why sports teams where different colors? The answer is obvious – to differentiate. Think of how difficult it would be to identify your team members if both sides wore the same identifiers. Why does it feel like that’s exactly what happens in financial services?
According to Fidelity, 91 percent of retirement plans are serviced by a non-specialist. SHRM further finds that plan sponsors don’t understand the difference between “financial advisor” and “investment advisor.” Therefore, only through consistent advertising, marketing, and educating plan sponsors will companies learn the benefits that 401(k) or retirement plan advisor offer. It may seem obvious and trivial, but marketing and advertising are two of the most important things you can do for your business.
Here are four ideas to implement today that will help you get the word out:
- Update Your Website – Surprisingly, most retirement plan advisors do not promote their expertise on their website. Add language on your homepage about your passion for supporting plan sponsors and participants.
- Talk with Centers of Influence – Schedule coffee meetings with attorneys, benefit advisors, CPAs, and other COI. Then share how you help plans sponsors with their fiduciary responsibility, investment committee processes, and also how you engage participants to reach retirement readiness.
- Create a Plan Sponsor Brochure – As a specialized advisor, your marketing should promote your plan sponsor and participant services. It shouldn’t be cookie-cutter or borrowed language from generalists, but rather something unique that fits your brand.
- Host a Plan Sponsor Event – There is so much going on right now, from Tibble vs. Edison to the new definition of fiduciary to the importance of plan governance, and a million other in-betweens. This is a great opportunity to gather plan sponsors and talk about why they should work with a professional.
These are just a few ideas on how you could promote your retirement plan expertise. For more marketing tips and shortcuts, check out our upcoming webinar on Wed., February 24 at 2 pm ET: 9 Marketing Hacks.
About 401(k) Marketing
We believe the retirement plan industry can do better. Our clients are the best professional retirement plan advisors in the business. They care deeply about saving America’s retirement future. We are proud to share their voice through industry writings, professionally-designed brochures, and marketing collateral. We assist in promoting their businesses through referral networking and content marketing. 401(k) Marketing is a based in San Diego, CA. Check us out at www.401k-marketing.com.
Rebecca Hourihan is Chief Marketing Officer with San Diego-based 401(k) Marketing, a modern marketing agency for the retirement plan industry. The company supports clients through custom engagements, content marketing campaigns, sales material innovations, thought-leadership consulting, interactive workshops and speaking events. Its mission is to empower the retirement plan industry with high-quality marketing, ultimately inspiring Americans to become financially prepared for their future. Rebecca also hosts The 401(k) Marketing Podcast.
It would be great if there was a print options available instead of just Facebook, Twitter, Pinterest and Google. I have a trip coming up that will not allow me the use of electronic devices. I would like to print this article and read while traveling.
It should print from the ‘file-print’ function on most computers.