Case Study: Eliminate IRA Rollover Worries for Your Clients

The Ask

When your client asks “What do I do with the money in my 401 (k) plan when I change jobs?” we can create a hypothetical scenario where a prospect/client is about to change their employment and this is actually very real for all of us during our employment years. Changing a job can be stressful just by itself let alone when you need to think about all ensuing consequences like managing retirement money and can become unbearable. So, the natural question for anyone would be “What do I do with the money in my 401 (k) plan?”.

The Problem

The burning question of money management often pushes a person to seek professional advice. As a financial advisor you are the go to person who can assist with the rollover process. However, we are all very cautious and skeptical when it comes down to our money, especially those who worked so hard to save for retirement. So, how can you explain the process while demonstrating the benefit of doing it with your assistance? 

First of all you can do it by having a transparent process that can be easily explained and illustrated with infographics. To recommend a rollover that is in a client’s best interest, you first need to completely understand the client’s personal circumstances to properly position your proposal. This includes knowing about their complete financial situation, employment, current portfolio/retirement plan options, etc.

The Solution

For an advisor to be convincing and helpful, a proper tool is necessary in order to make a proper comparison of the current fees in the client’s current portfolio and what they would look like after rolling over. This includes both fund management fees and any advisor fees. It’s crucial for the client to have the complete picture of their investment expense when deciding to rollover. Besides the ability to compare the fees, you should engage a client in the process by narrowing down on the potential investment options based on the financial goals, risk appetite, years to retirement, etc.

All these vital and important questions can be answered with the IRA Fiduciary Optimizer tool. IRA Fiduciary Optimizer creates a comprehensive best interest report that will analyze investment fees, plan fees, advisory fees, benchmarking, risk tolerance and more! IRA Fiduciary Optimizer has built-in rollover wizard which takes in information about the original portfolio, information about proposed rollover portfolio, all associated fees with both portfolios, and other individual factors such as solvency & credit protection, RMD requirements, risk tolerance questionnaire, etc. The result of this process is the infographic report with which it is easy to explain the benefit of the rollover.

Below you can watch a short video about the IRAFiduciaryOptimizer.


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