What is the best way you guys are getting appts. with decision makers about take over 401(k)s or new retirement plans for businesses with fewer than 50 employees? I am fully licensed life, health, 6 & 63 and am flirting with the idea to drum up more daytime activity. Thanks for your imput.
Everyone promises improved service. That's an intangible that is a tough sale. If you have a stable of documented testimonials and referrals you can make a stronger case. Otherwise, I would be surprised if you pick up clients in quick fashion.
Everyone promises improved service. That's an intangible that is a tough sale. If you have a stable of documented testimonials and referrals you can make a stronger case. Otherwise, I would be surprised if you pick up clients in quick fashion.
Thats sort of the purpose of my post, to figure out what is driving the sale of these takeover plans, not to get blasted without even stepping foot into the market.
I haven't worked the retirement market in some time, but based on past experience with retirement plans and large group plans, I can tell you the gestation period can be quite long as Mr Bill indicated. 1 -3 years is not out of the ordinary and some can take longer.
Basically an AOR is timing, luck and seizing an opportunity. When I have picked up clients by AOR some times it is just a matter of walking in at the right time. The rest of the time I just kept dripping on them in person, via newsletter, etc and one day something happened to get them pissed off at their current agent.
An intangible like "service" is more easily demonstrated than sold. Picking up a client by dripping on them is one way of demonstrating your commitment to service.
All that aside, I have probably picked up more clients over the years via AOR by being lucky than by persistent dripping.
I've effectively gotten out of the 410k market. So I'm no help. Find yourself a provider/platform who will ensure you minimize YOUR fiduciary liability is my advice.
I've effectively gotten out of the 410k market. So I'm no help. Find yourself a provider/platform who will ensure you minimize YOUR fiduciary liability is my advice.
Same here. Leave 401K to those who love to work many hours for a very little pay (unless you like doing that).
I have 4 plans with two million in them with the American Funds. My commission is about 50 bucks a month and the amount of time I service the plans is not worth it. Plus I hate speaking to large groups especially with one I have to go there on X-mas eve because that when all the employees are around. Is there a carrier that has a proven program so that I can sell the plan and then have a automated system or background people for servicing the plans?
I have 4 plans with two million in them with the American Funds. My commission is about 50 bucks a month and the amount of time I service the plans is not worth it. Plus I hate speaking to large groups especially with one I have to go there on X-mas eve because that when all the employees are around. Is there a carrier that has a proven program so that I can sell the plan and then have a automated system or background people for servicing the plans?
$50 a month on $2 million? I get paid A LOT more than that on my 401k clients that have American Funds. What shares are in these 401k's? R1, R2, R3, R4 or R5? If you are using a TPA, R2 pays 75bps, R3 pays 50bps and R4 pays 25bps, but is generally used for 401ks with $5 mil plus. If you used R3 shares, that's still $10 grand in GDC. Something doesn't add up here.
Did you ever get anywhere with this or did you give up on small groups? I read the posts and I don't see any mention of networking your business contacts? Have you done that?
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