When the decision makers were asked what their top business issues and needs were, out of 13 options, "retirement planning for employees," came in last at 0 percent. Every other option was selected ahead of retirement planning including: improving sales or growing business, more cash flow or capital, affordable health care coverage and issues related to a declining economy.
What this tells us is that decision makers (no matter the size, tenure or type of firm) are inundated with other responsibilities and don't have time to focus on retirement planning. They only want to think about it when forced to think about - such as when it is time to select a new plan.
As advisors look to stay relevant and retain business, they need to make the retirement planning process smooth and easy for the decision makers. Simplifying the process by taking care of the details and being ready to answer questions about retirement planning will eliminate time the decision maker needs to spend thinking about it.
Enhancing Your Value Proposition
For advisors, knowing who you're targeting and what they want from an advisor is the key to building successful, long-term relationships with professional service firms. Understanding the specific nuances of the professional services space gives you an edge over the competition by allowing you to focus on taking what makes your firm unique and tailoring it to what your prospective client wants most.
Anne Arvia is president of Retirement Plans for Nationwide Financial Services Inc. based in Columbus, Ohio.