401k Best Practices

Proven Strategies to Grow a Successful 401k Practice

4-401k Advisor Resources

12 Newsletters All 401k Advisors Should Read

by Sharon Pivirotto | Follow Me on Twitter Here

You know how important it is to keep up with what’s going on in the 401k industry so you can stay ahead of your clients and your competition; but which newsletters should you be reading so you don’t waste time sorting through emails that provide no value?

If you read nothing else, read this…

I’ve subscribed to almost every newsletter offered by pension, fiduciary, ERISA and 401k websites at one time or another.  Based on my personal preference for brevity (give me only what’s important and relevant, keep it short and sweet) the following three newsletters top the list.  If you subscribe to nothing else, I’d highly recommend you subscribe to these three sources:

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401k Resource Review: RJ20

by Sharon Pivirotto | Follow Me on Twitter Here

RJ20 Resource review by Sharon Pivirotto

401k Resource Review – RJ20
With Sean Reuhl
www.rj20.com

If you’re a 401k advisor looking to outsource participant advice for the plans you service, then you’re going to want to watch this video.

  • Do you have plans where multiple locations or a high number of participants make it difficult to offer education or advice for your clients?
  • Do you feel like the cost for advice is too high and the utilization rate too low?
  • Perhaps you feel it’s been difficult to monitor and track the effectiveness of offering advice or individualized communications to participants?

This is an education and advice solution that addresses many of the common concerns I hear from advisors when it comes to offering advice at the participant level.

I sat down and went through a demo of RJ20’s individualized participant education and advice solution and was quite impressed.

Sean was gracious enough to let me record the demo so I could share this information with you.

Let me know what you think.

In this video you’ll learn:

  1. Who is RJ20?
  2. What services do they offer?
  3. Who typically buys their services?
  4. The benefits to advisors and participants of their services?
  5. What are the typical costs and how do most advisors pay for them (pass on to participants, company pays, advisor pays)?
  6. How do they handle rollover requests? e.g. direct all to advisor, do you do anything in this area, is there any concern over competing interest or conflicts for rollovers?
  7. What should an advisor do if they want to learn more or buy an RJ20 product?

Items discussed in this video:

  • RJ20 website: www.rj20.com
  • Email RJ20: ask@rj20.com
  • Call RJ20 for more info: 877-438-7520

Don’t miss out on all the resources we’ll be reviewing in the future. Subscribe via YouTube to get access to future episodes and don’t forget to give the video a thumbs up. It helps more people find our channel.

Do you have a product or service that 401k advisors should know about?
Contact me and let me know about it!

Disclaimer:  The information provided in these videos is for professional use only and not for use with plan sponsors or plan participants.  The information provided, ideas, opinions and commentary are meant to be educational and general in nature and any reference to ERISA or retirement plan regulations is not meant to be legal or financial advice or an interpretation of the laws, but rather a general discussion. Check with your ERISA attorney and compliance department for the applicability of any matters discussed to your specific situation.

 

To Succeed at Sales, Get Rid of the ABC Mentality

by Sharon Pivirotto | Follow Me on Twitter Here

There's No Such Thing as Closing the Deal by Jane Murphy

How to Succeed at Sales

The old approach at sales known as the ABC’s of Selling or “Always Be Closing” is the opposite approach you should take if you want to be successful, according to the title of Jane Murphy’s pocket guide “There’s No Such Thing as Closing the Deal: A Brief(case) Guide to Successful Sales”.

When you want to know how to close more sales, it just makes sense that you’d seek advice from one of the most highly recognized and successful sales team executives in the financial industry. Jane Murphy knows how to convert prospects into clients and in this brief guide, she shares the strategies and secrets she used to hit record numbers while leading the national sales division at Fidelity.

Meet the Author

Jane Murphy is the founder of Acceleration Retirement and has been selling financial services since the 1980’s and focused on the retirement plan business since the early 1990’s. Working for Fidelity Investments, she built a sales organization from 3 employees to well over 100. She also built a lead generation team from scratch to over 60 associates. Jane is well known for highly innovative sales approaches and processes. Her team produced over $3 billion in assets under management per year while selling no plan with greater than $5 million in assets (ALL OVER THE PHONE). Jane’s lead generation team produced over 3,000 leads a year in all sizes of the retirement plan market including the tax exempt market. Jane is a sought after leader well known for turning lead generation associates into salespeople.

I met Jane when my former partner, Don Settina, hired her firm to provide point of sale marketing material and lead generation services to help him grow his 401k practice.  I liked her from the start because of her direct style, obvious insight into what works, and passion for getting results for her clients.  I was even fortunate enough to have an opportunity to attend one of her sales training workshops and there’s no one I’d recommend more for sales strategies that work.

What to Expect

This guide provides an honest, and sometimes funny, look at topics like research, rejection, and getting past the gatekeeper. You’ll find step-by-step tips, scripts, and quips on the entire sales process from the first phone call to the first appointment and beyond.

Here’s an example of some of the section titles (you have to love a great sense of humor):

  • Don’t Make Me Pick Up the Phone!
  • Holy####! I Have the Prospect On The Phone.
  • OMG! I’m in a Conversation. Now What Do I Do?
  • Okay, the Call Was Easy. But Now I’ve Got to Meet With Him!
  • The Meeting Went Well.  Why Haven’t They Called?

It’s a short read (bullet point style) but chock full of valuable information. Jane’s no-nonsense training style comes through and this book has what you need to know without the typical drawn-out back-story and fluff (which is why I’d highly recommend it for anyone that is looking for actionable ways to convert prospects into clients).

The end of the book has a list of interesting and engaging questions you can ask prospects that are not your typical “Are you happy with your provider?” type question. The questions listed are meant to elicit ongoing dialogue, get your prospect to think and engage, and provide valuable insight into the decision making process.  There’s really nothing I didn’t like about this book but if I had to add a wishlist for Jane I’d ask for more sample questions (there are more than 20 questions listed, I’m just a glutton for good ideas!)

I’ve always heard the saying “people buy what’s in front of them” and this guide leaves you with the same reminder: “Sales success is about being with the prospect at the right time. Prospect buy when they are ready. If you’ve built a connection, you’ll get their business.”

If Telemarketing is Your Strategy…

I’d recommend this guide for any sales professional (not just retirement or financial industry sales – ANY sales professional) that wants to learn simple, yet highly effective strategies for connecting with and converting prospects into clients.

You can grab a copy of the book “There’s No Such Thing As Closing the Deal” here on Amazon.com and if you want more advanced sales training, I’d recommend heading over to Jane’s company website at accelerationretirement.com and checking out her new sales bootcamp.

 

Affiliate Disclaimer: As an Amazon Affiliate, if you make a qualifying purchase on Amazon, I may receive a commission (at no extra cost to you). I only recommend books I’ve read and feel you can benefit from.