{"id":6908,"date":"2020-09-14T13:28:31","date_gmt":"2020-09-14T18:28:31","guid":{"rendered":"https:\/\/rixtrema.com\/blog\/?p=6908"},"modified":"2020-09-16T07:49:30","modified_gmt":"2020-09-16T12:49:30","slug":"3-pieces-of-wisdom-i-learned-from-interviewing-retirement-specialists","status":"publish","type":"post","link":"https:\/\/rixtrema.com\/blog\/3-pieces-of-wisdom-i-learned-from-interviewing-retirement-specialists\/","title":{"rendered":"3 Powerful Pieces of Wisdom from Retirement Specialists"},"content":{"rendered":"\n
<\/div>\n\n\n\n
  1. Attentiveness. Simple<\/a><\/strong><\/li>
  2. Educating Participants Matters<\/a><\/strong><\/li>
  3. Cost may be King<\/a><\/strong><\/li>
  4. I\u2019ll leave you with one more extra piece of wisdom. <\/a><\/strong><\/li>
  5. It all starts and hopefully ends with Marketing<\/a><\/strong><\/li><\/ol>\n\n\n\n

    So, in preparation for some neat new features, RiXtrema will be launching in the coming weeks, I interviewed some of our clients (retirement specialists). With a little additional independent research, I found some useful tips as to how advisors exploit a competitive advantage to convert leads into clients. Basically, I explored answers to two questions:<\/span><\/p>\n

      \n
    1. What does it take to win a 401k plan sponsor?<\/span><\/li>\n
    2. How do retirement advisors unseat an existing plan sponsor prov<\/a>ider?<\/span><\/li>\n<\/ol>\n


      <\/b><\/p>\n

      Attentiveness. Simple\u00a0<\/b><\/h2>\n

      \u00a0<\/p>\n

      It seems too simple to mention, but it never hurts to be reminded of the bare necessities. Employers want responsible and accessible retirement specialists. Maybe your service menu won\u2019t fit every one of your clients. So, you need to be actively listening and responding to their needs.\u00a0<\/span><\/p>\n

      \u00a0<\/p>\n

      One source empasized the importance of a thorough and succinct plan review – one for employers and one for participants. This is even more important for plans of less than $1 million in assets – who are just getting started and need some help along the<\/a> way.\u00a0<\/span><\/p>\n


      <\/b><\/p>\n

      Educating Participants Matters<\/b><\/h2>\n

      \u00a0<\/p>\n

      Educating employees and providing retirement advice is becoming an employer expectation. Many want their advisors to provide more frequent educational workshops discussing financial literacy or personal finance. Not only do educational seminars and one-on-one meetings boost 401k participation, but it can be leveraged to increase one thing many plan sponsors know nothing about: employer contribution.\u00a0<\/span><\/p>\n

      \u00a0<\/p>\n

      I wrote <\/span>previously about why participant contributions are important to a plan sponsor<\/span><\/a>. Boosting how much an executive can contribute to their 401k plan is one piece, but it is only one piece explaining why 47% of sponsors want their advisor to provide education semi-annually or more (MassMutual).\u00a0\u00a0<\/span><\/p>\n

      \u00a0<\/p>\n

      Click HERE <\/span><\/a>to read more about 401k educ<\/a>ation.<\/span><\/p>\n


      <\/b><\/p>\n

      Cost may be King<\/b><\/h2>\n

      \u00a0<\/p>\n

      At the end of the day, the cost concern is unavoidable. <\/span>MassMutual found<\/span><\/a> that 73% of plan sponsors want advice that could help lower costs.\u00a0<\/span><\/p>\n

      \u00a0<\/p>\n

      So, how do you tie all these things together?\u00a0<\/b><\/p>\n