As a modern consumer living in the digital age, we all have choices. Like most savvy buyers, we first notice the appearance of that option because we live in an image based society where looks really do matter.
If you’ve ever house hunted, you’ve come across pieces of property that are visually unstimulating; however, the inside might be a different story. But let’s be honest, because the appearance of the property is not up to par with your standards, you probably would never go inside.
As a 401(k) advisor, you most likely have seen your fair share of finalist meetings. Have you noticed that lately, those ‘BIG Ws’ are getting harder? Want to know one of the secrets to closing more business and increasing your 401k plan business?
Hint: It starts with your appearance.
401(k) plan sponsors are researching your firm, they will Google you, check out your LinkedIn profile, and of course, visit your website. Think of the results of that search as your digital storefront. At any point that decision maker can easily move their curser to the top right of the page and simply – close out.
However, if every time a plan sponsor visits your digital storefront and they find constant, engaging, interesting, and trusted information – not only will you have more inbound leads, you’ll also experience a shorter sales cycle because you have digitally demonstrated experience and built trust. Simply stated, you’ll gain more retirement plan clients.
Marketing can either help or hurt your brand
Every touch point either increases or decreases the credibility of your firm. Each time your prospect experiences your brand you are introducing them to what their professional experiences will be like and what it will be like for them to be your retirement plan client.
For example, if your website is ‘older’ looking, one might think that you don’t embrace technology. If your “executive overview” is a Word document, one might think that you don’t have pride in your business. If your finalist presentation is a mismatch of different slides mixed together, maybe the retirement plan committee is thinking you’re disorganized. Each interaction is a direct reflection of your brand.
Your external image can work to open more doors, increase referrals, and boost your business – or it can hurt your business. The better you look, the better your clients and centers of influence look. So, why not look amazing?
Let’s not cheapen our offering
As you know, our industry is highly complex with ERISA, DOL regulations, IRS rules, broker-dealer requirements, FINRA oversight, SEC oversight and RIA requirements, and now with the Conflict of Interest Rule, it’s even more complex. Yet, as retirement plan experts, you have the knowledge, skills, and experience to genuinely help plan sponsors follow a prudent documented fiduciary process – and more important, increase participant outcomes.
By investing in your professional image, you’re working to strengthen the entire retirement plan industry. You are elevating the expectations of plan sponsors. When your brand is on-point, you may find the ability to increase your fees. Plan sponsors recognize your value, and they are willing to pay a premium to work with you, a professional retirement plan advisor.
If it’s been a while since you have reviewed your professional image, take a moment and gather all of your current marketing materials. Then look at them, or share them with a trusted professional (maybe your local regional vice presidents (RVPs) or your home office team) and ask their option. They have seen a lot of marketing materials, and most likely can give honest feedback. Lastly, if you find that your materials need a renovation, that’s okay, the internet is editable.
An old adage is to buy the ugliest house in the nicest neighborhood. Most people don’t want to live in the ugliest house. Instead they want to buy that house (at a bargain) and then renovate.
Apply the house analogy to your 401(k) plan practice; when you have the nicest house, more people will want to visit, view your offering and, ultimately, you’ll command the best price. Therefore, when you have the best retirement plan advisory office in your neighborhood, more plan sponsors will want to visit your office, view your offering, and ultimately, give you more 401(k) plan clients.
About 401(k) Marketing
We believe the retirement plan industry can do better. Our clients are the best professional retirement plan advisors and TPAs in the business. They care deeply about saving America’s retirement future. We are proud to share their voice through industry writings, professionally-designed marketing materials (including websites), and expert content collateral. We support in promoting their businesses through on-going awareness campaigns. 401(k) Marketing is based in San Diego, CA.
Check us out at www.401k-marketing.com.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
