401K Rollover Training

SamIam

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I was thinking with alot of people losing there job this would be a great market to get into. Does anybody know of any good training material they recommend. I'm not talking about marketing because I'm good at getting business. I'm just talking about the nuts and bolts.

Thanks
Sam
 
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I have met with a couple of 401k outfits that were trying to recruit me. They told me that when an employee is terminated they usually call the person that is handling the 401k for options.

One the companies sent a lot of info on prospecting 401k clients so I would recommend you contacting companies in your area that handle 401ks.
 
I was thinking with alot of people losing there job this would be a great market to get into. Does anybody know of any good training material they recommend. I'm not talking about marketing because I'm good at getting business. I'm just talking about the nuts and bolts.

Thanks
Sam

Rolling them into another 401K after they lost their job isn't actually the market. But you are on the right path if u can actually market well as you say. Contact Equity Analysts for more information or call and I would be glad to discuss it with you. 513-594-6956

The great Ed S. just had a seminar in Vegas that covered IRA's 401K's and much more and was great.
 
Rolling them into another 401K after they lost their job isn't actually the market. But you are on the right path if u can actually market well as you say. Contact Equity Analysts for more information or call and I would be glad to discuss it with you. 513-594-6956

The great Ed S. just had a seminar in Vegas that covered IRA's 401K's and much more and was great.
Do you have any links to Ed's seminars?
 
SamIam,

The "nuts and bolts" can be explained by reviewing a 402f notice.

http://www.hanford.gov/hr/bennies/R...SION_AND_SAVINGS/SPECIAL_TAX_NOTICE402(F).pdf

Get real familiar with that.

Know what happens when someone separates from service and they're over 55.

Know what happens when they want to do a rollover, but they have an outstanding loan balance.

Learn from the companies you plan to sell for how to have the rollover check payable and how you can get an account number in advance if a 401k provider requires it for the rollover check.

Know the difference between a "direct transfer" and a "rollover". (Yes, there is a difference. Most people think a rollover is a rollover... when they're all talking about a direct transfer.)
 
We are reading "The Retirement Savings Time Bomb . . . and How to Defuse It" by Ed Slott and it really helps you learn about 401k's and IRA's. Very helpful book for me, but I definitely need to read it again.
 
I was thinking with alot of people losing there job this would be a great market to get into. Does anybody know of any good training material they recommend. I'm not talking about marketing because I'm good at getting business. I'm just talking about the nuts and bolts.

Thanks
Sam


BHC Marketing Does a lot of training for 401k's, roth conv, and IRA's they even have a program that show's you how you can roll over a 401k while the person is still working and can even continue to contribute.

I know you said you dont want any marketing help but they do offer some good leads programs that are based off of production, so if you produce xxx you get free leads , and their commissions are street level and above.

I have NO affiliation with them I have just been happy with their services and I would also recommend F.I.G as a company that offers a lot of information on IRA rollover.
 
I've done quite a few rollovers and in-service withdrawals to IRA's.

The usual track is:

1. Meet with prospect and get name of company

2. Call HR and ask for plan administrator and contact information (HR is usually pretty useless besides providing this information)

3. Contact plan admin and ask what information or paperwork they require to process rollover (sometimes client has web access to the information and just needs to go in a click a box or two)

4. Fill out paperwork to establish IRA and product with which you are planning to fund IRA

5. Mail in paperwork

6. Wait several months for everything to be finalized (just kidding, but not really)

7. Follow up with admin as much as possible (with client on phone because they likely won't talk to you alone).

I pride myself on getting money out of Massmutual in less than a month (if you've ever had to handle a 403b funded with their products, you'll understand how impressive this is) ;)

DHK brings up a good point in suggesting you know how to handle certain unique circumstances.

Now, I don't think I'd short change myself in dealing with jus 401k rollovers.

You should also look at working with people who have:

SEP or SIMPLE IRA's

ESOP's (I personally love these)

403b (careful though, newer regulation here is a huge PITA)

Pensions (Pensions have an account value that can be rolled over rather than providing a guaranteed income, but be careful about this, you've got to have a really good reason to do, it's easy to get sued doing this just cause)

457 Plans (local public service employees)

In addition you should look for the possibility of in service withdrawals on a 401k plan (a lot more common nowadays). Usually you're looking at people in their 50's on this one.

And, ESOP's. These things are great if you can find them. Usually used by smaller companies, they have to allow employees to diversify their holdings when they reach age 55 and have participated in the plan for at least 10 years. They can take up to 25% and can remove 5% each year until age 60 (or just take another 25% at age 60). Since these are usually used by small companies (Nano and Micro-Caps) diversification to a low risk asset (a la annuities) is a very suitable suggestion.
 
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