With changes come opportunities—and if you’re a 401(k) advisor, the new “Conflict of Interest Rule” is a HUGE opportunity. This new regulation has opened doors and created a platform for dedicated retirement plan advisors to shine.
“FIDUCIARY” BECOMES A HOUSEHOLD NAME
We in the retirement plan industry are familiar with this word because we have been servicing our clients in this capacity for years. However, average Americans are now starting to say, use, and understand the definition of fiduciary.
Let’s take a moment to really appreciate the opportunity at hand: the purpose of the new rule is for advisors to act in the Best Interest of the Client—yet in order to NOT act in the client’s best interest, advisors need an exemption. Talk about a marketing field day. Why would smart, educated plan sponsors ever hire a conflicted advisor who needs to be exempt from acting in the plan sponsor’s best interest?
Advisor: “Is your advisor acting in your Best Interest?”
Plan Sponsor: “No, they are using an exemption.”
HOW CAN YOU CAPITALIZE ON THE CHANGES?
Advertise – Promote that you are a fiduciary advisor and have been working in your client’s best interest since XXXX (insert year).
Update –How long have you been working with plans? What designations do you hold? How is your team structured to professionally service retirement plan clients? Update your website, company overview, and team biographies to highlight your company and your team’s years of qualified experience.
Share – Leverage the power of social media. You understand how the new rules are going to affect plan sponsor and advisor relationships—talk about them. Write an article. Share it via social media (LinkedIn, Twitter, etc.). Become the voice that your prospects, clients, and centers of influence turn to when they have questions and need help.
You have the choice to view the new rules as a business obstruction or an opportunity. For the retirement plan specialist, we see them as Golden Marketing. You have the expertise, experience, and know-how to stand out from newbie fiduciary advisors. Now is the time to shout from the mountain tops.
WANT TO MARKET, BUT DON’T KNOW WHERE TO BEGIN?
Step 1: Create your ideal lead list
Step 2: Research how you’re professionally connected to prospects
Step 3: Lean on your existing relationships
Step 4: Create a marketing calendar
Step 5: Keep marketing – consistency is key
Step 6: Meet with prospects and WOW them with your experience, quality of advice, and results
Step 7: Grow your retirement plan book of business
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 on-going awareness campaigns. 401(k) Marketing is based in San Diego, California. Check us out at www.401k-marketing.com.
Check out Retirement Plan Marketing In a Box for simple and easy 401(k) marketing calendars, presentations, infographics, newsletters, and other awesome plan sponsor-facing content. Stand out from the competition, invest in quality marketing, and grow your 401(k) book of business.
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.
