PLANADVISER - Summer 2023 - 40

Participants / End Paper
Relationship Errors
Clients are someone else's prospects
7 Common Mistakes to Avoid
Thriving 401(k) plan adviser
businesses are built on
happy clients, active referrals
and healthy growth. By
avoiding the errors outlined
here, you can maintain your
clients' momentum toward
attaining their goals.
After all, 47% of plan
sponsors are considering
a new adviser, says Fidelity
Investments. Three reasons
why sponsors responding
to its Plan Sponsor Attitudes
Survey said they are looking
to make the move are that
other advisers: 1) seem
more knowledgeable;
2) offer better employee
communications and
education; and/or 3) provide
better investments than their
current adviser does.
As you reflect on your
client services, are
there opportunities for
improvement? We give
examples of what not to do,
plus a better alternative.
1 Hoarding
your
knowledge
2 Being
anti-'social'
3 Having an
incomplete
LinkedIn
profile
4 Being
a digital
ghost
Communicate your retirement plan expertise through
employer newsletters, plan sponsor guides, case studies and
human resources checklists. Your clients want to know you
have their back and that your knowledge is worth sharing.
With more companies embracing social media, adviser
requests for proposals are including questions about how
their social media presence improves retirement knowledge.
Now is a great time to get social and engage.
Don't make it difficult for potential clients to learn more about
your qualifications and experience. Double-check that
your LinkedIn profile is complete. And, if you're unsure, visit
your profile page and look for any of LinkedIn's suggested
prompts. Your profile is today's virtual handshake.
If someone can't find you in 76 seconds, that person gives
up, says Brian Dean, search engine optimization expert and
founder of Backlinko. Prevent this by increasing your digital
presence. Answer industry questions online, or post about
key changes in legislation. By becoming more digitally visible,
you'll increase your credibility and attract more business.
5 Not
answering
requests
Review the ways by which people can contact you. For
example, do you still give out your office phone number?
And, if so, who answers the phone? Who checks the
voicemail? What about the contact box on your website-
who manages it? This may sound inconsequential, but, if
clients can't reach you, that might turn into frustration and
could prompt an adviser RFP.
6 Skipping
education
meetings
Rebecca Hourihan,
founder of 401(k)
Marketing, in San
Diego, California,
has over 15 years
experience helping
401(k) advisers build
brand awareness and
promote their specialized
skill sets.
Survey after survey shows that employees believe their
employer is responsible for their financial well-being-and
that includes retirement savings. Encourage your employer
clients to promote financial education meetings, and use this
opportunity to teach participants about the benefits of saving
through their 401(k) plan. The phrase " You don't know what
you don't know " has never been more applicable.
7 Limiting the
relationship
Who are the next-in-line decisionmakers? Take the time to get
to know the up-and-coming leaders within the company, so
if/when there is turnover on the retirement plan committee,
you already have a healthy relationship with the newest
member. The successful adviser typically knows-and works
with-the entire committee.
40 planadviser.com | Summer 2023 | Awards & Innovation
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PLANADVISER - Summer 2023

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