Network With Employers
Closely related to expanding the sphere of influence with advisors focused on aging, is the concept of building relationships with employers in addition to building relationships with the individuals who work for them. Under ERISA, employers are required to make sure their employees are ready for retirement. What better way to do this than with individualized financial plans? Look to meet with CEOs, CFOs or human resources executives. These companies may or may not already have 401(k) plans in place. It doesn’t matter, financial advisors aren’t focusing on the 401(k)s, they are focusing on providing solutions for employees to plan for retirement. All employers are looking for those kinds of solutions.
For a ready-made list of employers, financial advisors can identify employers their current clients have listed.
Look For Streamlining Opportunities
Magson pointed out that successful financial advisors have grown their businesses over the last couple of decades, but not necessarily in the way that they planned. As a result, some have a disassociated conglomeration of financial tools and products, some of which don’t fit in the advisor’s current business model, and which may not be adding to, and may even be detracting from, the bottom line, and are a drain on resources. Re-examine the business in light of the proposed DOL rule and look for ways to make the business more efficient.
Parting Thoughts
Despite the uncertainty surrounding the proposed DOL rule if it will remain as is, be altered or be repealed altogether, one thing remains the same—it is always good business to keep a client’s best interest at the forefront of all financial recommendations. An excellent start to doing that is to develop a quality financial plan that aids clients in achieving their goals and contributes to the advisor’s bottom line.
For more practice management, differentiation and growth advice from 40 industry thought leaders read Exploring Advice: What You Need to Know About Good Financial Advice, a Quality Financial Plan and the Role of a Fiduciary available on Amazon.com.
Kevin Knull, CFP, is the president of PIEtech—the creator of MoneyGuidePro, the industry’s leading financial planning software. Knull is the author of Exploring Advice: What You Need to Know About Good Financial Advice, a Quality Financial Plan and the Role of a Fiduciary.