1-Grow your 401k Business

How to Build Authority as a 401k Educator

by Sharon Pivirotto | Follow Me on Twitter Here

How to Build Authority as a 401k Educator

Looking for ways to build authority as a 401k expert and educator – but not sure where to start?

In this article I’m sharing a cliff-notes version of a full-length training on where to find resources to share and how to become an educator, helping you build your authority and positioning in the 401k space.

ACCESS THE FULL TRAINING ON THIS TOPIC

Here’s a link to the Free 3-Part Training Titled: The Secrets to Closing More Business and Scaling Your 401k Practice and if you click the link and register, you’ll have instant access to four, full-length training videos. Each video is about 20 to 30 minutes long. They are meat and potatoes 😉 . They are filled with information that’s going to help you. Plus, each video has a follow-along workbook, worksheets, free templates, and more.

But in this article, let me give you the cliff-notes version of that second lesson.

Education Builds Authority

The person who provides education is seen as an authority on that topic or in that field. It’s not hard to build authority then, simply by sharing your knowledge surrounding 401k topics.

So when we talk about educating your audience, we’re talking about publishing relevant content and information that is important and helpful to them, and doing it consistently.

And the great thing is, you don’t even have to start from scratch and create the information that you share with plan sponsors. You can leverage what’s available in the industry.

Sharing Timely News and Other Resources

Share timely news and share on topics that are relative to the services you offer.

So when I say leverage industry resources, what I’m talking about is using organizations like:

There are a lot of organizations out there who consistently create (or curate) and publish really robust (and regular) content that’s helpful to plan sponsors.

They’re not your competitors. They’re authoritative resources in the industry though, that are always providing timely information for plan sponsors.

An example of a topic to share would be cyber security -and the regulations and action that plan sponsors should be taking in order to protect themselves and their plans from cyber security threats.

Whatever the current topic is, you can get those from trusted industry resources and share.

Tips When Sharing News or Other Resources

I would suggest that you share relevant news you find on social and share via email to your prospects and clients. And when you share it, there are a few things that are important to do.

Give a little bit of context. Explain what it is that you’re sharing and why plan sponsors should read it or pay attention.
Explain what’s in it for them. What is the benefit to them of knowing that information?
And then at the end, offer to answer any questions they might have about that topic.

So sometimes I’ll include a bullet point summary for example, “Here are the five things you’re going to learn in this article and why it’s important for you to know this.” And then, “If you have any questions, please contact me.”

So it’s a super simple way to be seen as an educator and an expert in the industry simply by sharing relevant information that you have leveraged from outside sources.

Leveraging Books and Publications for Content Creation

If you’re looking for more in-depth content to share, to educate at a different level, maybe you want to do webinars or publish longer articles on your blog, then books are a great resource.

There are a few books in the industry that I typically tend to use a lot.

And one is a book called, Best Practices for Investment Committees. It’s a book that you can order complimentary copies from Thornburg. Simply call up their advisor line and ask for several copies and they’ll send them to you. (A great resource, by the way, to give to your investment committees.)
Another is Prudent Practices from fi360.
The Department of Labor has their own guides they publish specifically for plan sponsors as well.

My suggestion for how you would use any of those publications is to:

Look at the table of contents or look at the topics that are in those books.
Once you identify the topics covered, open up a PowerPoint, or Google Slide (your presentation software of choice).
For every topic covered, write that topic on the top of a page.
Then write three bullet points of your own on what you would explain to a plan sponsor as being important as it pertains to that particular topic.
Do that for 4 or 5 topics (or more).
Then turn on a microphone and record your voice as you talk through each bullet point and explain the key issues plan sponsors should know.
Get that audio transcribed.
Post it on your blog as an article.
Post it to social media as a long form post (or each topic with 3 bullet points could be its own post).
Post the audio as a podcast episode.
Or record your camera and/or screen and post it to YouTube (and send your new training video out to your email list).

What ever you do once you’ve identified 3 bullet points you could briefly explain about any topic – you now have a super-simple way to become an educator and build authority.

Grab the Downloads and Free Template

Okay – so again is the cliff-notes version of a much more comprehensive training presentation. I would suggest that you go to https://www.401kbestpracticelab.com/free-training-workshop where you will find more context, more examples, more in-depth information, a workbook, and templates. There is a link to an editable PowerPoint presentation where I did exactly what it is that I explained. And now you can take those bullet points, modify them, and you’ve got your own presentation.

Plus there’s bonus content on some tips to follow when sharing content in a way that builds credibility, authority and likability. That bonus is golden actually. So go to the website and enter your information and make sure that you go to Lesson Two and download the PDF and the handouts that are available as part of that lesson.

Listen to the Podcast episode of this topic here.
Or watch the video on YouTube here (coming soon).

How to Differentiate Yourself as a 401k Advisor

by Sharon Pivirotto | Follow Me on Twitter Here

How to Differentiate Yourself as a 401k Advisor

Looking for ways to differentiate yourself as a 401k advisor to make it easier to compete for (and win) new business?

In this article I’m sharing a cliff-notes version of a full-length training on DIFFERENTIATION – how to be different and not sound like everyone else.

Access the Full Training on This Topic

Here’s a link to access the Free 3-Part Training Titled: The Secrets to Closing More Business and Scaling Your 401k Practice and if you click the link and register, you’ll have instant access to four full-length training videos. Each video is about 20 to 30 minutes long. They are meat and potatoes 😉 . They are filled with information that’s going to help you. Plus, each video has a follow-along workbook, worksheets, free templates, and more.

But in this article, let me give you the cliff-notes version of that first lesson.

The Winning Pitchbook Formula as a Foundation for Differentiating Yourself

I think one of the easiest ways to explain how to differentiate yourself is by taking a look at your pitchbook. And when I think of a pitchbook or a finals presentation, the formula that I’ve put together for how you do that is really the formula for how to have more effective sales conversations.

Here are the five essential pitchbook elements, that when crafted properly, will help you differentiate yourself as a 401k advisor.

ELEMENT ONE – Their Needs

It starts with the first step identifying their needs. Once you have that down. Everything flows from there. You never want to lead with you. You always want to lead with them and what it is that they’re looking for, what challenges they’ve identified, what issues you might be able to identify, the biggest challenges or issues that you can solve for them, first.

ELEMENT TWO – Your Service Model

So then the second part is explain your service model and your service model really should be set up in a way that builds authority and credibility, so it’s no longer a commodity. Everyone is selling the same products and services. But you package it and explain it and take them through that experience of being a client of yours is where there’s value – where they’re going to see you as a credible and trustworthy source (or somebody that’s doing what everybody else is doing if it’s not properly constructed).

Then you want to explain the baseline services that you offer and also explain what else you offer in line to those services (how you deliver those services in a way that’s above and beyond what the typical advisor might offer). When you do this, it helps to set the buying criteria. So, when you list out the services that they should get on their plan (from any advisor they work with), along with the added services you offer, if somebody comes in and doesn’t have at least the baseline services, it automatically eliminates them from the equation.

I go into this in a lot more detail with examples in the free training series so be sure to check that out. But basically the key here is to be able to articulate what you’re delivering in a way that shows that you have a valuable process they need, and it helps to eliminate all the other advisors as a possible option.

ELEMENT THREE – Your Unique Advantage

The third element in the Winning Pitchbook Formula (or really you could call it the formula for how to have more effective sales conversations), is explaining your unique advantage.

The key here is to really showcase your expertise and help them see why they should hire you. This is your opportunity to talk about you.

What trust, authority, credibility builders can you think of to include. (Download “9 Ways to Build Authority, Trust, & Credibility Online” inside the Free Resource Library if you want examples and ideas.)

What memberships do you have?
Awards?
Published works?
Logos of client?
Case studies?
Your company mission (what you believe)?

Items like those would be included in this section.

ELEMENT FOUR – Next Steps

The fourth element is “next steps.” You want to make sure and give clear next steps and explain to them (visually if possible), what it would be like if they hired you. What should they expect during the first three months, six months, twelve months. When plan sponsors see that road outlined, what working with you entails, they’re more likely to believe that you can actually deliver what it is that you’re selling and that the process is going to be easy and not painful.

ELEMENT FIVE – Agreements

The final part of the Winning Pitchbook Formula is to have all of your agreements ready. Provide a copy of all required documents disclosure, and agreements. Have everything printed and ready for them to sign. And that way, as they go back and reevaluate and review the presentations that they heard, when they make a decision, (if the decision is to hire you), they’re not waiting on you to provide them with more information. They already have all of the information and can simply sign and return it to you.

The key in this last step is to be prepared. Provide any forms for them to look over as they’re deciding . This expedites the process and makes hiring you as simple as possible – simplicity is key.

So if you go to https://www.401kbestpracticelab.com/free-training-workshop you will find a much more comprehensive video covering this topic.

There you can also download the actual pitchbook formula, and a copy of the winning pitchbook. And there’s a bonus PDF in there too with some DO’s and DON’Ts – some important things for you to be aware of as you’re building out a finals presentation that’s going to set you apart and differentiate you from other advisors.

Listen to the Podcast episode of this topic here.
Or watch the video on YouTube here (coming soon).

New 401k Advisor? Start Here…

by Sharon Pivirotto | Follow Me on Twitter Here

New 401k Advisor? Start Here…

Every week I field questions from advisors about how to get started in the 401k industry and how to get new business.

So let me cover a few tips I share every time someone asks about how to get started.

First Things First

So I know you want to talk about growing your business, but when you ask where you should get started, where you should begin, here’s what I’m going to say every time, especially if you’re just starting out in the 401k business.

Start with education. Knowledge is king. Knowledge is essential. In the 401k industry, knowledge is critical.

And in this business, if you are not educated, you are not qualified to sell or service 401k plans. That is my soapbox. Start with education. You have to be educated.

There are tons of different programs you can take that’ll give you ERISA training and fiduciary training – and you must have that knowledge if you’re going to be a valuable asset and compete in the 401k industry.

In fact, I’ve even created a free Retirement Plan Professional’s Designation & Certification Guide that lists 24 different designation or training or certification programs for advisors who want to specialize in the 401k industry. Pick one. Any one. That’s where I would start.

401k Marketing Methods for Generating 401k Leads

Now, when we talk about growing your business and lead generation, I would say that there are really two different types of methods of marketing that you can look at. One is called a passive marketing. One is called proactive marketing.

Regardless of which one you pick out of the ones I’m going to describe, the important key to success is that you pick a marketing strategy and you do it consistently. Consistency is key. That’s the key to success.

Passive Marketing

Passive marketing is basically waiting for people to find you online because of content that you’ve published. Maybe you’re writing articles or blog posts, social media, podcasts, your website that says you’re a 401k specialist, or even a properly positioned LinkedIn profile. Those would be an example of passive marketing. Putting content online so when people find you, they can determine if you’re a qualified 401k specialist.

There is a place for both passive marketing and proactive marketing in every advisor’s marketing playbook.

With passive, it’s just important to produce enough quality content that people will come to you – and to do it consistently.

Having quality content on your online profiles and blog is also important because regardless of what you have on there, someone will Google you – a plan sponsor is going to Google your name and look you up online before meeting with you – so you have to have a certain level of positioning in place that lets them know you’re a 401k advisor and not just a financial advisor, trying to get a 401k plan.

Proactive Marketing

One proactive marketing method would be networking – joining the Chamber of Commerce and joining your local Rotary Club for example.

I was president of the local Rotary Club in Oakmont, Pennsylvania – which is where I started my career as an Edward Jones rep – and there was another advisor in the group. But one thing that I’ve learned is this – don’t let the fact that your potential competition is already in those groups stop you from joining local organizations. The other advisor might not be a 401k advisor – they might specialize in insurance or estate planning or something different. Also – since this is a relationship business, you might find your personality is a better fit for some. and some people might gravitate toward you instead of the other advisor(s) in the group.

Another proactive marketing method to consider is meeting and getting to know local CPAs. Give them a fact sheet on IRA limits, 401k limits, and have lunch with them. See what kind of clients they’re looking for and build a relationship with them, sharing ideas and strategies that can help their small business clients as it pertains to ERISA.

Make sure you give value before asking for anything when it comes to CPAs. And if you refer people to them, don’t expect a one-to-one referral back – that’s not how it works with CPAs. Once they know you well enough, see the value you offer, and trust you, when there’s an opportunity and they see you as the best fit – they’ll send people your way. But it takes time to build that relationship and to build that trust.

Another proactive way is direct mail. Believe it or not direct mail still works to get your foot in the door – if you do it right. Of course, I’m not talking about sending out your brochure and asking for an appointment.

You have to send something of value that gets their attention – a book, a compliance calendar – there are so many ideas. In fact, I put some ideas in the free resource section here titled, 38 Prospecting Ideas – but be creative. And once you send them something, follow up with a call, with an introduction. Don’t give up after the first contact.

Do’s and Don’ts

YOUR PLAN SUCKS – BUT I CAN FIX IT!

When you’re just starting out (or any time for that matter ;-), one of the things I would stress is don’t lead with the bad. Don’t lead with the negative. It’s easy to go in there and say, “Here are all the things that I found that I can help you with.” The person you’re talking to is most likely responsible for those things (for the decisions). So if you go in there pointing out all the “bad” things you identified that need fixed, you’ll probably never get invited back.

It’s all about framing and how you can educate and provide solutions without making them feel like they’ve made poor decisions. So be sure to craft your discussion and solutions so it’s not offending.

THE IRS AGREES…

Another thing that I would suggest to make any case for the recommendations that you might make, is to bring a copy of some independent, substantiated resource that makes the case for you.

If you’re saying they need to have an investment policy statement or a compliance file system or whatever it is, have something to back that up. Maybe it’s a document from an ERISA attorney talking about that particular topic that you found online (an article or a white paper), or one of the DOL guides like, Meeting Your Fiduciary Responsibilities or another independent, third-party piece like that. A third party resource always helps to make the case stronger.

I WANT NEW LEADS BUT HATE COLD CALLING…

As you get your 401k business started (and I would say only if you have a budget for it), then consider a lead generation firm.

One that I’ve had direct experience with is Acceleration Retirement (now called Acceleration One) headed up by Jane Murphy.

And don’t bargain shop lead gen firms when paying for leads or you’ll get leads that only say “yes” to get the calling team off the phone and it’ll be a total waste of your time and theirs.

LOOKING FOR ROLLOVER BUSINESS?

Finally, if you’re not ready to start at the top with the plan sponsor, maybe you’d like to do the participant education side for that rollover business. If that’s the case, then consider offering a free monthly or quarterly financial education class to company employees. It’s not an easy sell necessarily to get companies to let you come in and provide this free education. (I guess actually that depends on how good you are at selling and how passionate you are about financial education). But I knew a local Edward Jones rep back in my day, who would go into a large Pittsburgh company and teach free monthly financial education classes and regularly get $500,000 rollovers as folks retired from that company.

These are just some of the strategies that I’ve shared with new advisors starting out in the 401k industry or (and seasoned advisors who are new to the 401k industry) when it comes to where you start.

I will just go back and reiterate – education is the number one thing I would start with every time.

And then for lead gen pick a strategy that you find easy, enjoyable, and effortless and do it consistently.

Those are my tips. I hope that hopes. If you have any questions, feel free to email me – I’m always happy to chat.

Listen to the Podcast episode of this topic here.
Or watch the video on YouTube here (coming soon).

3 Done-For-You Social Media Marketing Resources

by Sharon Pivirotto | Follow Me on Twitter Here

Three Done-For-You Social Media Marketing Resources

If you’re looking for some done-for-you content to use in your 401k marketing strategy, then let me share with you three additional providers that offer similar content to what I offer here.

(You might be curious as to why I don’t mind giving information out about my competitors out – and I’ll cover that too 😉 .)

The Back Story…

Recently a 401k advisor emailed me, looking for social media content and follow-up content to email out to her prospect list.

Obviously, communicating with plan sponsors who’ve given you their email address is a super important part of relationship building. You never want to let a lead go cold. You want to continue to add value and keep in touch with them.

I am in the business of creating content for advisors to use for getting leads and for nurturing those leads in order to convert those leads to clients. And also, more importantly, I offer a whole suite of templates that help advisors service a client to a higher standard, (to help them on the fiduciary side of things) inside the 401k Business in a Box Program.

But what this particular 401k advisor was looking for was content that I did not have available in the vault yet. 🙁

Resource 1 – Snappy Kraken

So what did I do? I sent her a link to the next best thing (or maybe even a better thing, depending on how you look at it), and that would be Snappy Kraken.

Snappy Kraken is one resource that you might want look at if you’ve decided that you are ready to jump full fledge into social media marketing, but you don’t want do it yourself.

A lot of people are looking for done-for-you content that they can just take and post themselves, and other people are looking for content and someone to post it for them and do the follow up. And that’s what Snappy Kraken does.

With a team of 60 people, they are pushing out more content than a 12 year old on TikTok. Regular content every week, complete campaigns, articles, social media, everything you can think of.

The only problem that I see with what they’ve got so far is, none of it is 401k specific, it’s all pretty generic and built for financial advisors to use (nothing niche specific).

So if you’re looking for a resource who has done-for-you content, and they’ll actually do it for you too – all of the legwork to take that content and and publish it and, and everything that goes with implementing a strategy – they’ve got that process down.

Their digital content is humorous, it’s colorful, it’s professional, and they have so many things in their library. It’s just incredible. And from what I’ve seen from the brief demo I saw on their website, it looks very intuitive and super easy to use.

If you go to their website, you’ll find they have a couple different pricing options with the very first one that pops up says $225 a month (with a 12 month commitment) or $245 a month with a $485 setup fee and no contract required – that one is month to month.

And I just have to say at that price, it’s a steal – seriously (I don’t know how they’re able to offer it at that price), especially because they’ve done all of the technical automation. It’s more than just a content firm. They’ve got the technical back office that’s actually supporting and publishing that content for you and delivering the followup.

Resource 2 – 401(k) Marketing

401(k) Marketing is another resource that I’m well familiar with who has similar content, who is catering to 401k advisors.

401k marketing also has tons of content. They’ve got ongoing digital content, quarterly marketing strategies, weekly social media posts. They also give you a dedicated support manager.

They start at $549/month for social media posts, digital content, and a quarterly marketing strategy. And if you want full access to the content library and their sales material, it’ll cost $849/month. They even have a managed membership option where they’ll handle the administration and content posting for you for $1849/month. So they’re a little more on the high side, but again, it’s specific to retirement plan advisors. And they do the heavy lifting for you as well. And their material is beautiful. The design is beautiful.

Resource 3 – Oechsli

Another firm that offers several done-for-you services (including social media posting) is OECHSLI.com.

They’ve got a done-for-you podcasting package.

They got done-for-you digital content, and social content.

Their social media content starts at $99/month for their standard package with 8 designs to use on social (not editable).

They also have two other options – the Plus option which is $499/month and that gets you get access to their blog post library as well as 14 different digital assets that you can add your branding to and post to your social profiles (or they’ll post for you).

And finally they have a Premium option that’s $1499/month that let’s you fully customize the content and gives you analytics on the content shared.

So, there are lot of other firms out there like mine providing content for advisors.

The Difference Between the 401k Business in a Box and My Competitors

I think the difference between the material that I’m putting out currently and what these other firms are putting out is…

These other firms have huge teams. I don’t. Mine is a family-run business.
The other firms offer the back office automation as well.
Their prices are significantly higher because of the automation access. It takes a lot of resources to implement that type of back-office administration when it comes to social media marketing.

If you have more time than money, the templates that I put on my site are less expensive, they’re fully customizable, and they’re done-for-you, but you have to go and post them yourself – to your website or your blog or your social media profiles. (I’m not doing it for you. I’m giving you the content and then you can go out and take it and use it as you wish.)

If you get to a point in your business where you have more money than time and you want to just outsource all of the social media marketing (actually you can never outsource solve it – 90-95% of it maybe), then you might want to look at a firm like 401(k) Marketing or Snappy Kraken (hopefully they’ll start adding some 401k content soon) or Oechsli.

Why I Don’t Mind Sending Prospects to My Competition (and Why You Shouldn’t Either)

Here’s why I don’t mind giving you information about my competition – I know what the strengths and weaknesses are of my own offering and my competitions offering, and who my ideal customer is – and not everybody is going to be a perfect fit for me.

In your business too, it’s important to understand your competition, understand their strengths and weaknesses as well as your own.

And if a client comes to you and they’re not a right fit, maybe they’re looking for something you don’t specialize in, don’t try to take them on and be all things to all people. Refer them out.

I think it builds trust. It makes you more referable when you’re willing to say, I would love to work with you, but I think there’s somebody better suited.

What is the Social Media Posts in a Box Complete Kit?

I don’t think I actually shared the details of the Social Media Posts in a Box Kit and what comes with it in any of my previous social media articles.

Here’s what you need to know…

The Social Media Posts in a Box Kit is a complete set of templates that helps you set up your online profiles so you look like a 401k expert and have consistent branding across each profile, and then gives you fully customizable content to post for a full year.

It helps you:

Create a professional online presence
Set yourself apart as a 401k specialist
Helps prospects get to know, like, and trust you, making closing the sale easier
Helps build deeper relationships with prospects and clients
and Gives you a complete year’s worth of ideas and done-for-you content so you don’t have to think about what to post

You can see the full breakdown of everything included here.

The cost is a one time investment of $647 and includes free lifetime updates.

Sound interesting? Take a look – or contact me for a behind the scenes walkthrough of this kit – I’d be happy to show you around ;-).

Listen to the Podcast episode of this topic here.
Or watch the video on YouTube here (coming soon).

Do This Before Posting on Social Media

by Sharon Pivirotto | Follow Me on Twitter Here

What You Should Do Before Posting on Social Media

So you’ve made the decision to use social media as a marketing strategy. Awesome!

Now, there’s a super-important step you need to take before you start posting.

Add Branded Cover Images

So the first step to take, when it deciding that you’ll use social media as a form of marketing is to make sure you have your house in order. What I mean by that is you need to take the branding you’ve created for your website and make sure that it’s reflected on all your social media profiles.

That means set up your Facebook, Twitter, and LinkedIn profiles (and any other platforms you’re on) with a header (or cover) image that is similar or identical from platform to platform.

There needs to be an instant recognition of your firm’s profile.

Create Consistency in Your Bios

You also want set up consistent “about me” type language on each platform as well. Maybe it includes your firm’s motto or tagline (if you have one) and a call to action (such as – go to your website to download a free white paper or checklist or report or something that will get them on your prospect list, should they decide to follow you).

Do You Want Done-For-You Templates?

Inside the 401k Business in a Box library, I’ve just released a Social Media Posts in a Box Complete Kit that includes done for you header graphics already sized properly for the cover photos for LinkedIn, Twitter and Facebook. All you have to do is update the images with your colors and contact information, and you have the graphics you can download. So it’s already done for you.

Also included in that kit is a PDF with sample language that you can use on each platform in the about section.

You can learn more about that here.

In my next post, I’m going to share three other service providers in the 401k or financial industry who offer a similar product as what I just described (the Social Media Posts in a Box Complete Kit). They offer something similar and you’ll want be sure to read it to find out why I don’t mind sending people to my competition, especially if you’re ready to jump feet first into social media marketing, but you want to spend very little effort doing it yourself.

Listen to the Podcast episode of this topic here.
Or watch the video on YouTube here (coming soon).

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