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Wednesday, August 4, 2021

Case Study: How to take Prospecting to a New Level with Larkspur Executive’s Custom Trackable Marketing Letters (CTML)

Here at Larkspur-RiXtrema, we understand retirement plan advisors. Over 10K plan advisors use our software, which is about a quarter of all plan advisors in the country. We understand how busy you are and the challenges with getting a response from plan sponsors in growing your practice. When it comes to plan improvement, the plan sponsor’s attention span can be like a 10-year-old’s, because they are busy with running their business and have lots of competing priorities. So, getting their attention requires having something insightful to share with them and a good way to share this information. The 401kFiduciaryOptimizer and Larkspur Executive software packages provide novel and unique ways to analyze plans, and produce aesthetically pleasing reports with information that is designed to help get their attention. Our clients usually then share these reports via email or physical mail, and follow up with a phone call.

But we have been hard at work on something that will significantly increase your efficiency with a new feature called Customized Trackable Marketing Letters (CTML). In a nutshell, our CTML feature combines two crucial aspects of successful marketing:

  • Customization
  • Efficiency

Good customization is usually difficult to automate, but we have done just that.

Here is a quick summary of CTML. All users of 401kFiduciaryOptimizer and Larkspur Executive will now be able to email customized plan reports to sponsor executives with only a couple of clicks. Here is how it works:

  1. We help you set up marketing letter templates for plan sponsors. They will include dynamic parameters such as plan ratings and any red flags. These dynamic parameters will automatically insert the data for that specific plan into your marketing letter, saving you a ton of time! Here is a screenshot of various templates available to you. There are a number of templates that we offer and you can easily add your own, or combine them.
There are a number of templates that we offer and you can easily add your own, or combine them.

Once you pick a template, it will be ‘calculated’. That means that you can write a template once, refer to the key fields in the plan, and they will be brought in dynamically without having to do any manual work. Here is an example of a template where fields like Overall Plan Rating (@planscore), Admin Fees (@valueAdminExpRate) are pulled in automatically for any plan that you click. Once set up, you can send hundreds of highly customized letters with just a couple of clicks!

2. When you find a plan that you want to prospect, you simply click Send Marketing Letter, choose an executive and send your marketing letter with a couple of clicks.

3. If an executive opens the letter, we will notify you of that, giving you a great opportunity to contact them. In the screenshot below you can see that several marketing letters were opened, two on July 30, and two on  August 1. When an executive opens your letter, it is clearly time to contact them.

It is as simple as that. This can all be done from the browser, but we are also releasing mobile and desktop applications to help kick your marketing into overdrive.

The same marketing letter functionality is available to quickly print direct mail packages for any plan in seconds.

We have made growing your retirement plan business incredibly easy with our new Customized Trackable Marketing Letters. This is just the latest addition to our software platform to better provide financial planning software, retirement planning tools, and other retirement tools for financial advisors. In combination with our retirement planning software, 401k Fiduciary Optimizer, the CTML tool can take your marketing to another efficiency level. Please reach out to us at (212) 513-7070 to learn about this new feature, or any of our other financial planning software.


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