Are most of your plan participants invested in the QDIA, or are they taking the time to select their own investment allocations? For those who are going at it alone, do you think they are properly invested?
We’re starting with these questions because many advisors feel frustrated with participant misallocation blunders.
Would you agree that most participants would be better off simply investing in the QDIA or a managed account? After all, they’re designed in their best interests.
When speaking with advisors about this topic, we hear stories like, “My brother-in-law told me to get into international,” “I don’t want to lose money, so I’m in all cash,” and “I evenly selected all the investments,” as common participant responses.
We then hear the advisor sigh with disappointment. Does it sound familiar?
The moral: just because your plan participants can select their own investments doesn’t mean they should.
We believe the same is true for advisor marketing. As a retirement plan expert, you understand the complexities of our industry: plan design, investments, ERISA compliance.
But do you know how to package it in a way that will attract plan sponsor interest? When it comes to marketing, why are advisors trying to DIY?
Take a step back. There are many different types of marketing, which we place in three categories: foundation, reputation and influence.
For now, we’ll discuss foundation marketing and its parts, as they are the literal foundation of your marketing strategy.
Mission statement
Your firm’s mission statement should always come from you. It should feel organic, natural, and true to your passion as a retirement plan advisor. It is your “why.” That being said, if you need help (maybe writing isn’t your thing), then partner with a firm that will listen. Your mission statement is in there.
Website
Do you know how to code? Do you study the Z movement of the human eye? How does color influence emotion? Are you up to date with the latest trends in website design? These are all attributes of good digital designers. Find a partner who can take your language and apply it within your website to look, sound, and feel like your firm.
Brochures
A PDF Word document is not a brochure (there I said it). A brochure is a visual story. It should showcase your professional services (fiduciary investment advice, plan design education, benchmarking, financial wellness partnerships, and more). It is a well laid out step-by-step visual conversation with the reader.
As a quick example, one of our clients is an avid surfer (his SoCal culture), so we created a brochure that started with a guy waxing his surfboard (setting up a plan), paddling out into the water (thinking about plan options), catching a wave (evaluating options), relaxing on the beach (contemplating next decisions), and leaving the beach at sunset (confidently selecting a plan to move forward).
In Southern California that imagery works really well, and it resonates with the local plan sponsor community. His clients include some of the largest health-focused companies in our country, and they find that message (his message) speaks directly to them and their values.
When your marketing brochures are beautiful, you feel confident of the way it professionally represents you and your firm.
Throughout the creative process, you should discover the imagery, words, and the passion that speaks to your plan sponsor community and guides decision-makers through a visual conversation to answer why they should select you as their plan advisor.
Marketing that is done well is no easy task and can take considerable time. Creating your firm’s marketing can be a full-time job. Yet, when done right, your marketing has the ability to differentiate you as the only retirement plan expert within your community.
These are just a few examples; however, your marketing should always feel like you. It should be natural, authentic, and represent your values.
At times, yes, you can totally do it yourself. Other times, like your DIY participants, this causes more harm than good. Look at your materials and reflect on your own return on marketing investment.
Whether you are starting out or a seasoned industry professional, your marketing is a direct reflection of your professionalism.
Why not have beautifully written and designed content that highlights your retirement plan expertise, authentically represents your firm’s culture, and speaks directly to how you service clients?
Your marketing has the power to convert clients and centers of influence into raving fans, which turns into new client introductions, referrals and much, much more.
Thanks for reading and happy marketing!
About 401(k) Marketing
Our clients are the best professional retirement plan advisors, TPAs, and industry partners in the business. They care deeply about saving America’s retirement future. We are proud to share their voices through industry writings, professionally-designed marketing materials (including websites), and expert content collateral. We lend support by promoting businesses through on-going awareness campaigns. 401(k) Marketing is based in San Diego, CA.
Check us out at www.401k-marketing.com.