To Sell or Not to Sell...Employer Retirement Plans; The Financial Advisor's Roadmap to a Successful Re

by Tom Foster; Todd Thompson

• ISBN13: 9781419593253
• ISBN10: 1419593250
• Format: Hardcover
• Copyright: 2007-01-02
• Publisher: Kaplan Publishing

Summary

To Sell or Not to Sell... Employer Retirement Plansis a "how-to" guide for financial advisors who sell or are interested in selling corporate retirement plans. If they already sell corporate retirement plans, it will help them sell more. If they do not currently sell corporate retirement plans, it will convince them why they should, and how they can get started. The objective of this book is to alert financial advisors to the significant opportunities in selling corporate retirement plans and to provide them with a roadmap to building a successful retirement plans practice. The book's co-authors, Tom Foster and Todd Thompson, both senior retirement plan sales professionals with The Hartford, together have approximately 45 years experience working with financial advisors to help them build their retirement plans practice. The book draws on the unique experiences, lessons learned and humorous anecdotes of the authors.

Author Biography

E. Thomas Foster Jr., Esq., (Tom) is National Spokesperson for The Hartford’s corporate retirement plans business. Foster, who is an ERISA attorney, works directly with The Hartford’s financial advisor and plan sponsor clients to educate them on 401(k) plans and other qualified plan products.  Tom travels extensively around the United States and has lectured to trade organizations such as LOMA (Life Office Management Association), SPARK (Society of Pension Administrators and Record Keepers) and the American Institute of Banking. He has also conducted a series of accredited legal, certified public accounting and financial planning seminars in 48 states. Tom has been quoted and/or published in trade and business journals such as Pensions & Investments, National Underwriter, Smart Money and Kiplinger’s Personal Finance. He has also appeared on Bloomberg Television.
 
Todd D. Thompson is a regional sales director for The Hartford’s corporate retirement plans division for the state of Wisconsin.  In this position, he is responsible for sales and marketing of corporate retirement plans through key accounts, as well as developing marketing materials and seminars for use by the National Sales Force.  Thompson also serves as spokesperson for The Hartford’s corporate retirement plans at national and regional meetings for broker-dealers, industry associations and corporate meetings.

Table of Contents

Acknowledgments	p. xi
Introduction: The Time is Right-Don't Shy Away from This Opportunity to Grow Your Business	p. xiii
Build Relationships, Trust, and Confidence	p. xiv
Top Producers Share Common Characteristics	p. xvi
Top Producers Understand How to Close; They Ask for the Business	p. xvii
Why There Has Never Been a Better Time to Be in This Business
A Growing (and Evolving) Market	p. 3
The Evolving Regulatory Landscape of Erisa	p. 4
Complexity and Confusion Lead to Opportunity	p. 8
Proof of a Rapidly Growing Market	p. 8
What Explains This Explosive Growth?	p. 10
Making the Most of This Growth Opportunity	p. 12
Retirement Plan Sales-What's in It for You?	p. 15
What This Can Mean for Your Practice	p. 17
No More Excuses!	p. 27
Solutions Based Selling: The Road to a Successful Practice
What Is Solutions Based Selling?	p. 35
The 80/20 Rule Applies to Sales	p. 35
It's All About Solving Problems, Not Selling Product	p. 36
Gather Information at the Start	p. 39
Find the Hidden Gems	p. 41
It's All about Relationships	p. 45
How to Create a Foundation of Trust	p. 48
Building Loyalty by Helping Employers Address Fiduciary Concerns	p. 51
The Life Cycle of Retirement Plan Sales: Do's, Don'ts, and Lessons Learned
Profiling Your Target Market	p. 59
Define Your Target Market	p. 60
Where Is Your Target Market Located?	p. 61
What Are Your Prospective Clients' Problems?	p. 62
Building Your Team	p. 65
Select a Service Provider That Suits Your Needs	p. 66
Be Your Own Team Leader	p. 70
Prospecting for Clients	p. 73
Practice Makes Perfect	p. 74
The Five Most Common Prospecting Mistakes	p. 78
Try This Cold Calling Approach	p. 83
What to Ask in Your Initial Interview with the Decision Maker	p. 83
Using the Employer 401 (k) Fact Finder	p. 86
Three Characteristics of a Good Prospect	p. 87
Getting Ready for Your Finals Presentation-Serious Preparation Will Carry the Day	p. 91
How to Use the Opportunity Diagnostic Worksheet	p. 92
Prepare Your Pitch-Then Rehearse, Rehearse, Rehearse	p. 97
Tactics and Strategies for Presenting Well and Closing the Sale	p. 99
Presentation Tactics: Set the Stage for Success	p. 100
What Makes You Different from Your Competitors?	p. 102
Bring in Your Team of Experts	p. 104
Present Solutions to Show How They Meet Clients' Needs	p. 106
Ask for the Business	p. 108
Stick Around! The Art of Follow-up	p. 113
Ongoing Education Builds Trust	p. 114
Follow-Up Guidelines Uncover Hidden Opportunities	p. 115
Final Suggestions to Get You Started	p. 121
Build Your Team of Experts	p. 122
Mine Your List of Current Clients	p. 125
Use Data-Mining Services to Generate Qualified Lists	p. 126
The Sky's the Limit...	p. 127
Walk a Mile in Frank's Shoes
Fictional Case Study That Reveals Steps to Prospect, Overcome Objections, and Win Sales	p. 131
Rick Convinces Frank He Needs to Sell Retirement Plans	p. 132
Frank Goes Prospecting	p. 140
Frank Meets with Two Prospective Clients	p. 142
Frank and Rick Present Solutions in Two Finals Presentations	p. 149
Following Up after the Sale	p. 161
Glossary of Retirement Products	p. 163
Model Investment Policy Statement	p. 167
Erisa Compliance Checklist	p. 177
Setting Up a Due Diligence File	p. 179
Opportunity Diagnostic Worksheet	p. 181
About the Authors	p. 184
Index	p. 185
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