ATTENTION 401(k) PLAN ADVISORS: With the finalization of the conflict of interest rule, you just lost a major competitive advantage, “I’m a fiduciary advisor.” Since the majority of advisors are now required to be fiduciaries, it raises a serious challenge—how do you differentiate? By addressing the following three areas:
- Experience
- Quality of Advice
- Results
Experience
You didn’t get into this business yesterday and ERISA takes years to learn, study, and gain familiarity – PROMOTE THIS! Over 94% of advisors identify themselves as non-retirement specialists; that means there are lots of opportunity to shout from the rooftops that you do specialize in retirement plans.
How can you promote?
Let’s start with the basics. The first action item is to update your website. Make sure your website talks about your retirement plan experience; whether it’s on the front page (our preference) or a tab within the site. Make it known that you know how to support plan sponsors, investment committees, and participants.
Quality of Advice
If you really specialize in retirement plans, you have invested in—and have access to—retirement plan tools and resources. This is not common. Make sure your clients and prospects know that you have investment screen software, service provider RFP tools, fee benchmarking reports, and other retirement plan-specific resources that work to reduce plan sponsor liability and increase participant outcomes.
How can you promote?
Do you have a capabilities brochures? When was the last time it was updated? That’s where we would focus. Your marketing material should show real, tangible examples that the plan sponsor and investment committee would experience if/when they engage with you. Marketing materials are a great way to show, and tell, plan sponsors what you do, how you do it, and the quality of your advice.
Results
Over time, this will become more and more important–what are your results? How are you moving the needle to get employees on-track for retirement success? As a focused retirement plan advisor, there is a HUGE chance that you have some amazing client success stories– so PROMOTE THEM! It’s an excellent way to showcase how you affected positive change and got participants to take meaningful action. I bet, right now, you can think of two clients off the top of your head where you genuinely made an impact…and I bet your smiling. You did that because you’re awesome.
How can you promote?
Think of those two client examples and write a case study. Talk about what the plan was like before you worked with the client. Then write what it was like to go through the process to improve the plan. Lastly, finish the case study about how you impacted participant outcomes. Remember, people like images and graphs, so use infographics to engage the reader.
For better or for worse, the retirement plan advisory world has changed. The silver bullet differentiator is gone. Now it’s time to redefine your authentic self and to promote your experience, quality of advice, and results.
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.
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.
