{"id":1111,"date":"2018-06-27T11:12:59","date_gmt":"2018-06-27T16:12:59","guid":{"rendered":"https:\/\/www.rixtrema.com\/blog\/?p=1111"},"modified":"2020-01-09T14:10:11","modified_gmt":"2020-01-09T19:10:11","slug":"how-to-enhance-your-401k-plan-practice-as-a-retirement-plan-advisor","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/how-to-enhance-your-401k-plan-practice-as-a-retirement-plan-advisor\/","title":{"rendered":"How to Enhance Your 401(K) Plan Practice as a Retirement Plan Advisor"},"content":{"rendered":"

There are a few keys to enhance\/optimize your 401k practice. Today we will take a look at four components that will streamline your business towards success if utilized correctly.<\/span><\/p>\n

Consistency<\/span><\/h4>\n

Too many people dabble in the 401k market and wonder why they have limited success. 401k prospecting is like an exercise routine. If you do it on a regular basis, you will see results. If your efforts are sporadic, so will be your success. Set aside some time each week to reach out to prospects with a targeted message that applies to their specific needs. Don’t worry if you’re not an expert – you will be. Be sure to read our latest article on prospecting tools that work:\u00a0Use Portfolio Crash Testing & Unorthodox Prospecting Techniques to Win Clients<\/a><\/span><\/em><\/strong><\/span><\/p>\n

Diversification<\/span><\/h4>\n

One of the best ways to enhance 401k plan practice as a retirement plan advisor is to become an expert in a few different fields and offer his expertise as add on value in the services he provides. For example, the adviser can help a plan sponsor to set up automatic enrollment within the company which does not have it based on the Choice Architecture using different default features for the plan contribution ensuring that a new employee will enroll in the plan and starts to contribute to it from the first day of work. Helping to design such a process will require proper fund selection which can be provided by advisor based on his research and expertise. Overall, an advisor who will be able help the plan sponsor \u00a0to solve the problem, will more effective in optimizing his own retirement practice.<\/span><\/p>\n

Capitalize on your\u00a0strengths<\/span><\/h4>\n

Identifying your best target market is vital. Before doing that though, you must identify your own strengths and weaknesses. Use a prospecting database to find plans where your strengths can really be leveraged to enhance plan performance. Maybe you specialize in finding low-cost investment alternatives, or employee education or reducing exposure to fiduciary liability. It’s easy to find plans that need help in these areas. All you need are the right tools.<\/span><\/p>\n

Prospecting properly<\/span><\/h4>\n

Finally, be sure to follow up on a regular basis. Put together a drip campaign and stick with it. Most plan sponsors won’t be ready to work with you after your first contact. Prospecting (for any kind of client) is all about being in the right place at the right time. Wayne Gretsky once said, “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” Anticipate your prospects’ needs and make sure you’re there when they’re ready to make a change.<\/span><\/p>\n

Explore powerful financial advisor tools Larkspur-Rixtrema has to offer with a personalized tour:<\/em><\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

There are a few keys to enhance\/optimize your 401k practice. Today we will take a look at four components that will streamline your business towards success if utilized correctly. Consistency Too many people dabble in the 401k market and wonder why they have limited success. 401k prospecting is like an exercise routine. If you do… <\/p>\n

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