401(k) Market Approach

ProsperSBC

Super Genius
100+ Post Club
106
Wisconsin
What is the best way you guys are getting appts. with decision makers about take over 401(k)s or new retirement plans for businesses with fewer than 50 employees? I am fully licensed life, health, 6 & 63 and am flirting with the idea to drum up more daytime activity. Thanks for your imput.
 
I'm curious what your competitive advantage is if you're looking to take over an existing plan.
 
Seriously, think about it from a time standpoint. Can you wait 1-3 years for a decision?
 
Everyone promises improved service. That's an intangible that is a tough sale. If you have a stable of documented testimonials and referrals you can make a stronger case. Otherwise, I would be surprised if you pick up clients in quick fashion.
 
Everyone promises improved service. That's an intangible that is a tough sale. If you have a stable of documented testimonials and referrals you can make a stronger case. Otherwise, I would be surprised if you pick up clients in quick fashion.


Thats sort of the purpose of my post, to figure out what is driving the sale of these takeover plans, not to get blasted without even stepping foot into the market.
 
I haven't worked the retirement market in some time, but based on past experience with retirement plans and large group plans, I can tell you the gestation period can be quite long as Mr Bill indicated. 1 -3 years is not out of the ordinary and some can take longer.

Basically an AOR is timing, luck and seizing an opportunity. When I have picked up clients by AOR some times it is just a matter of walking in at the right time. The rest of the time I just kept dripping on them in person, via newsletter, etc and one day something happened to get them pissed off at their current agent.

An intangible like "service" is more easily demonstrated than sold. Picking up a client by dripping on them is one way of demonstrating your commitment to service.

All that aside, I have probably picked up more clients over the years via AOR by being lucky than by persistent dripping.
 
I've effectively gotten out of the 410k market. So I'm no help. Find yourself a provider/platform who will ensure you minimize YOUR fiduciary liability is my advice.
 
I've effectively gotten out of the 410k market. So I'm no help. Find yourself a provider/platform who will ensure you minimize YOUR fiduciary liability is my advice.

Same here. Leave 401K to those who love to work many hours for a very little pay (unless you like doing that).
 
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