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literacy, the money the race has raised for Junior Achievement
goes toward creating educational materials. Chepenik
Financial also worked with an Orlando marketing and
branding company, Think Creative, to promote the event.
" In Orlando, to have 350 people show up for any event is a
big deal, and we received many kudos from the people who
came, " he says.
Expanding the Mission
In 2016, a second city came on board through the auspices of
Channel Financial in Minneapolis. Jim McDonald, a partner
in the firm, says he learned about the opportunity through
having become friends with Chepenik at industry events.
" We wanted to give back to the community and develop a
branding message to get our name out there, " McDonald
says. Like Chepenik Financial, Channel Financial's initial
race raised an impressive $60,000.
" We wanted to give back to
the community and develop
a branding message to get
our name out there. "
Channel's first two races, in 2016 and 2017, also benefited
its local Junior Achievement chapter, Junior Achievement of
the Upper Midwest, McDonald says. However, the group's
efforts at promotion trailed behind what the Florida group
was accomplishing, so this year, the race will benefit the
Special Olympics of Minnesota, he says. Minnesota Junior
Achievement was already holding " bowlathons " in local
cities that raise substantial funds, so that competed for the
group's attention, he explains. For any advisory practice
looking to kick off a 4.01k Race for Financial Fitness or, in
general, to create a marketing program linked to philanthropy,
he stresses finding a charitable partner that will be
committed to promoting the event.
Kansas City, Missouri, was the site of its first 4.01k Race,
last April, with Bukaty Financial Services of Overland Park,
Kansas, as the advisory group sponsor. Firm President Vince
Morris says he was impressed with what Chepenik " was
trying to accomplish and saw an alignment with our own
mission in the marketplace. The 4.01k Race plays into the
narrative of pairing physical wellness and financial wellness.
It's hard to be healthy if you are constantly stressed
by finances, so we think this event resonates with people. "
Bukaty's race benefits Junior Achievement of Greater
Kansas City. " We always look for charities and community
involvement that focus on children and the financial world,
and Junior Achievement is a perfect blend of that, " he says.
" Hopefully, by educating children about finances, it will have
decades of positive impact on their lives. "
As of last year, the race was run in six cities, and Chepenik
expects three more this April. Next year, he hopes to expand
to 18 cities-and to dozens more in the years ahead.
To date, the race has generated $250,000 in donations for
Junior Achievement.
BlackRock and broker/dealer (B/D) Triad Advisors have
signed on as national sponsors for this year's race, Chepenik
adds. Each city has between 25 and 50 local sponsors, as well,
which also helps to promote the event.
Broadening the Philanthropic Effort
Last year, Chepenik raised additional funds to hire financial
expert Jean Chatzky to serve as " financial wellness coach "
and kick off the event the night before at a wine reception.
Following the race, Chepenik holds a " Wellabration " party to
give attendees and sponsors a chance to mingle.
As part of his plan to engage more cities, Chepenik
created a race-specific website, www.401krace.com, and
the Smarter Tomorrow Foundation to serve as a template
platform to enable other retirement planning practices to get
involved. " It is a 501.3c charitable foundation that serves as a
platform to help raise money " for additional races, Chepenik
says. Running each race costs approximately $25,000.
However, an advisory practice and its charitable beneficiary
each have to pay $2,500 to come on board. The intention here,
Chepenik says, is to get them to have skin in the game.
Chepenik has trademarked the Smarter Tomorrow
Foundation name, as well as Wellabration. " The primary
fundraising happens on the local level. The foundation
raises advisers' awareness of their need to give back to the
community, " he says.
The net result has been, not only are the participating
retirement planning advisory practices doing good by
promoting financial wellness, Chepenik says, but they are
raising their local profile and, potentially, attracting new
clients. He also notes that the race is covered by the local
media in each city where they take place.
Besides putting the name of the advisory practice in
front of potential clients, Chepenik says, the race may also
help a firm attract talent-Millennials interested in giving
back to their communities.
He encourages other advisory practices to consider
creating their own local event by looking into the unique
needs of their own community. -Lee Barney
KEY TAKEAWAYS
* A marketing event can be inspired by a current topic
of industry interest, such as financial wellness, retirement
income or retirement readiness.
* A good place to start when launching a community
event is to turn to clients and partners, to select a
worthy, committed charitable recipient and to enlist
the resources of local sponsors.
* While giving back to the community is a noble cause,
retirement plan advisory practices will inevitably find
that their own profile is significantly raised.
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