401(k) advisors can learn quite a bit from software companies—both about the procedures they put in place and the outcomes they look to achieve.
Let’s start with alpha and beta, two terms we know but, in this case, not in the risk/return sense.
Alpha is the development or creating phase. Beta is when they roll out a software product version to a limited number of users. The beta version is still in testing, and not considered final.
Software developers are learners, not perfectionists. Ask any programmer if their software is perfect and you’ll probably get a hearty laugh. Perfection is never their goal because it’s unattainable.
We can all attest that software isn’t perfect. No matter how much effort goes into designing and developing, it’s not enough. Programmers learn, then modify. It’s an endless cycle. They understand beta and know modifications are inevitable.
However, some 401k advisors strongly dislike the beta concept. We want to figure it out—now.
Perfectionist advisors often struggle with creating new processes and procedures. They constantly tweak, yet struggle with feeling that it’s never good enough.
We must understand that creating anything is a process. Successful retirement plan advisors intuitively know this, and therefore enjoy a learning mindset.
They view any new project as a good start, knowing the final version may look significantly different. Whatever you launch today will not look the same 12 months from now. As you work the campaign, you’ll learn, think, and then modify what you’re doing.
Think back to a client or prospect event you previously hosted. Are you still hosting the same event? If so, does it look identical? Of course not. Even if the event works, you continue to make changes. You learn, think, and then modify.
Client events are beta events. Marketing programs are beta programs. Team meetings are endless beta cycles. That’s normal, because business, like life, is constantly changing.
Ross Marino, CFP, CPFA, CeFT, contributing editor to 401(k) Specialist, is the founder and CEO of 401(k) Rekon | Excel 401(k). He can be reached at rmarino@rekonintel.com.
Ross Marino, CFP, CPFA, CeFT, is the founder and CEO of Advisor 2X | Excel 401(k) and Transitus Wealth Partners. He can be reached at rmarino@rekonintel.com.
