PLANADVISER - Spring 2023 - 40

End Paper
Ways to Find New Clients
W
hile maintaining current
client relationships is crucial,
expanding your client base
can lead to increased revenue and
growth for your business.
Having a range of clients can help
mitigate business risk in case one
decides to leave, or is acquired/
merged, or its leadership changes.
By cultivating a strong pipeline of
potential clients, advisers can protect
themselves in such cases from
potential revenue loss.
Ultimately, finding new 401(k)
and other retirement plan clients
should be an ongoing priority for
plan advisers who want to stay
competitive. With the right strategies
in place, advisers can attract and
retain high-quality plan clients while
building a practice that thrives for
years to come.
Before acting on the ideas at right,
advisers should have a defined
marketing strategy that identifies
their target group and business
development tactics and goals.
You also need a budget allocated
for marketing efforts. For a rough
guideline, in 2022 the average
retirement plan adviser invested
$17,400 in marketing, according
to data from Broadridge.
Rebecca Hourihan,
founder of 401(k)
Marketing, in
San Diego,
California, has
over 15 years of
experience helping
401(k) advisers
build brand awareness and
promote their specialized skill sets.
'Fun' and 'practical' strategies to help you grow your business
10 Effective Business Development Ideas
Connect with decisionmakers on LinkedIn.
Send informative content to plan sponsors via email.
Host a 401(k) boot-camp lunch-and-learn event, and
invite ideal prospects.
Partner with a respected third-party administrator and
record a podcast on the benefits of offering a 401(k) plan.
Link up with a wholesaler and do a webinar on a trending
employer topic such as the SECURE-i.e., Setting Every
Community Up for Retirement Enhancement-2.0 Act.
Promote your practice via social media with a " Meet the
Team " campaign: Each team member shares a candid
picture and fun fact about themselves.
Meet for coffee with a center of influence such as a
certified public accountant, TPA, benefit adviser, etc.-all
being natural connectors-for potential collaboration.
Survey current clients and ask them to post testimonials
and rate you on Google My Business. Note that testimonials
and endorsements are addressed in the Securities
and Exchange Commission's new marketing rule; before
taking this step, work with your home office to learn your
firm's and the rule's requirements.
Run digital ads to increase brand awareness.
Record a video that explains the benefits of working with
an experienced 401(k) adviser, and share it on LinkedIn.
These creative marketing ideas can help you earn new clients
and influence business leaders to choose your advisory services.
By taking a fun and practical approach, you can stand out from
the competition and become a trusted partner. Start implementing
these ideas today and see the impact they can have on your
401(k) business growth!
40 planadviser.com | Spring 2023 | Participants
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PLANADVISER - Spring 2023

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