The 401k Advisor Advantage MassMutual Provides

Advisors can highlight capabilities related to a number of plan sponsor needs

401k, retirement, 401k technologyHighway sign seen on the Mass. Pike near Springfield.

If you’re looking to sharpen your retirement plan service skills, MassMutual is here to help. Doesn’t matter if you’re a “two-plan Tony” or talented specialist, the Western Mass.-based investment behemoth has a new website with something for everyone.

AdvisorAdvantage+ is a practice management website for advisors who support retirement plans, and is a web-based tool to help advisors create a value proposition to differentiate themselves in the marketplace.

Advisors can also access Planisphere, a new web-based prospecting tool created by Larkspur Data Resources to market their capabilities to local employers.

“MassMutual is an advisor-centric firm, which means we are committed to helping advisors enhance their capabilities and grow their retirement plan business,” Tom Foster, head of strategic relationships for retirement plans for the company, said in a statement. “Our new website offers a broad range of practice management tools to help advisors in all markets, from those who support a handful of small-business plans to specialists who cater to the needs of midsize and larger firms.”

Advisors can also access MassMutual’s proprietary tools and resources to obtain fiduciary support, gauge the health of the plans and whether participants are on target to reach their goals (PlanALYTICS), ascertain the economic value of retirement plans (Viability), and promote financial wellness (MapMyBenefits) and benefits management (BeneClick!).

The tool enables advisors to create customized value propositions to introduce themselves to retirement plan prospects and differentiate their services and capabilities. The value propositions can be customized to address specific plan sponsor needs and allows advisors to upload their photo and company logo.

As part of effectively articulating their value, advisors can highlight their capabilities related to needs analysis for plans, investments, employee education, fiduciary oversight, plan provider due diligence, prescriptive solutions, and their mission.

According to Foster, advisors can also include other pertinent information that may help to differentiate them from the competition.

“MassMutual’s research finds that many advisors who serve the retirement plan marketplace struggle to succinctly state a value proposition when pitching their services to clients. It’s an opportunity lost,” Foster said. “MassMutual’s tool can help advisors better position themselves for success.”

Before introducing themselves to new prospects, advisors need to target employers with retirement plans that are need of improvement, Foster notes. Planisphere can help advisors identify employers that may benefit from their plan services and guidance, he said.

The tool “is a powerful search engine that connects to a national database with easy-to-access information and analytical capabilities about employers and their retirement plans.” Advisors will need to be registered to sell MassMutual retirement plans to access the tool.

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