Capture More Retirement Rollovers

Transcription

1 Capture More Retirement Rollovers Capture More Rollover Business from Clients, Prospects & COIs with Wendi Webb Director, Advisor/Client Solutions Aug 2, 2012

2 Advisor/Client Solutions Marketing Campaigns Client Reprints Marketing Resources

3 September Observances Financial Theme of the Month: Small Business Retirement Plans Commonly Observed Holidays Sep 3. Labor Day Sep 3. LabourDay (CA) Sep 17. Rosh Hashanah Sep 26. Yom Kippur Financial Dates & Deadlines Sep 17. 3Q 2012 Estimated taxes due Sep 17. Last day for corporations, S-corp, & partnership to file 2011 extended returns Business & Industry Sep 3-7. National Payroll Week Sep Farm & Ranch Safety and Health Week Sep 17. Air Force Birthday Sep 22. Business Women s Day Sep 29. VFW Day Cause Observances Baby Safety Month Campus Safety Month Childhood Obesity Awareness Month Healthy Aging Month Sep 8. International Literacy Day Sep Assisted Living Week Sep 11. Patriot Day Sep 15. Greenpeace Day Sep Pollution Prevention Week Sep 15-Oct 15. Hispanic Heritage Month Sep 17. Constitution/Citizenship Day Sep 17. VFW Ladies Auxiliary Day Sep 18. ADD Awareness Day Sep 21. International Peace Day Sep 21. National POW/MIA Recognition Day Sep 28. Native American Day Sep 29. Women s Health & Fitness Day Special Observances College Savings Month Coupon Month Happy Cat Month Self Improvement Month Sep 2-8. Waffle Week Sep 9. Grandparents Day Sep Constitution Week Sep 12. Video Games Day Sep 13. International Chocolate Day Sep 16. Stepfamily Day Sep 19. Talk Like A Pirate Day Sep 22. Fall Equinox Sep 22. Hunting & Fishing Day Sep 23. Dog Week Sep 29. Museum Day Sep 29. Coffee Day

4 Marketing Intelligence You Client Prospect

5 The Rollover Opportunity "By any measure, the IRA opportunity will be one of the largest money in motion events in the U.S. over the next 5 to 10 years." "Rollovers are expected to drive between 40% and 50% of net new money for wealth managers and will total $7 trillion in assets or between 12% and 14% of all household assets by "Capturing IRA Rollovers," McKinsey & Co, July 2011

6 Misconception #1 Misconception: Investment options and fees drive consumer decisions. Reality: Convenience and perception of simplicity is often the leading decision factor for consumers who prefer the path of least resistance. Source: "Capturing IRA Rollovers," McKinsey & Co, July 2011

7 Misconception #2 Misconception: Consumers who have advisors automatically roll over assets with them. Reality: A surprisingly large number of advisors don t address the issue with their clients, even though rollovers and IRA consolidation are critical client acquisition events. Source: "Capturing IRA Rollovers," McKinsey & Co, July 2011

8 Missed Opportunities Source: "Capturing IRA Rollovers," McKinsey & Co, July 2011

9 Misconception #3 Misconception: IRAs don t bring in substantial assets from the affluent or high net worth. Reality: IRAs represent close to 20% of assets for households with $500,000 to $5 million in investable assets. Source: "Capturing IRA Rollovers," McKinsey & Co, July 2011

10 Average Balances Source: AdvisorOne, June 2012

11 Misconception #4 Misconception: IRA rollovers are rare and hard to predict, so the opportunity closes quickly. Reality: One out of five brokerage customers experience a rollover event each year, such as a job change or divorce, and advisors typically have a one- to three-month window before consumers move assets away from the plan after the trigger event. Source: "Capturing IRA Rollovers," McKinsey & Co, July 2011

12 Misconception #5 Misconception: A sale is closed when the client agrees to roll over assets. Reality: Consumers easily disengage when the process takes too long or is too complex, and players can lose as much as 60% of applicants during the rollover process Source: "Capturing IRA Rollovers," McKinsey & Co, July 2011

13 Large Assets Advisors who are highly successful at obtaining business in this market capture an average rollover account size of $355,000, which is 2.4 times larger than those advisors who do not make this market a priority. Source: Cogent Research, April 2011

14 Rollover Marketing Campaign(s) Capture More Rollover Business from Clients, Prospects & COIs

15 Campaign Planning 1. Set campaign objectives 2. Define target audience, build list 3. Determine marketing deliverable 4. Create campaign & materials 5. Establish campaign schedule

16 Campaign Overview Objective: To build a reputation as the "Rollover Expert" through a series of marketing activities focused on near-term rollover candidates Goals: Build a reputation Capture more rollover/retirement business Get in front of groups of qualified prospects Showcase retirement planning expertise Make it easy for people to give us referrals Help people make better retirement decisions THE Rollover Expert

17 Define Target Audience years old Currently working or retired within last 5 years Large account balances Variety of accounts & investments Working at largest possible employer High earner with long history of savings Changed jobs several times throughout career Slight preference for females No other advisory relationships Smaller plan providers

18 Marketing Deliverables Campaign Webinar Direct Mail Social Event Educational Workshop Conference Call Whitepaper Cold Calls Public Speaking Referrals

19 Marketing Strategy Campaign Objective: Become known as Rollover Expert Target Audience: Niche of near-retirees age with qualified retirement assets Marketing Deliverable: Educational workshop Marketing Channels: Event, s Topic: How to Get Rollover Ready Launch date: September (?) List: Venue: Who do we invite? Where do we hold it?

20 Find a Champion Review employment of all current clients & prospects with retirement plans Review recently retired clients' place of employment. Research clients' & prospects professional affiliations Research clients' & prospects' community & charitable affiliations Review COIs Review social networks

21 3 Venues Workplace Host Your Own Speaking Gigs How to Get Rollover Ready Rollover Ready

22 Build a Workplace List List of plan sponsors & employers in your area Third Party Administrators (TPAs) Retired employee associations & other alumni groups HR managers & associations in area Office managers & associations Employees benefit brokers, specialists Payroll services companies CFOs Board members Credit unions Business owner clients How to Get Rollover Ready

23 Host Your Own Invite working clients & prospects age 55+ Host sessions near a work site Pick an interesting venue Scale presentation depending on clients Invite COIs& their clients Partner with COI Partner with non profits, schools or libraries Host a series of retirement-focused workshops Invite the employees of current clients Rollover Ready

24 Solicit Speaking Gigs Compile a list of associations, professional & technical networking groups, community organizations needing speakers or holding events Compile list of event planners & association decision-makers Interview event planners to determine needs Customize marketing kit for event planners Modify speech to accommodate different event needs Create a drip schedule for event planners Create press release for each appearance Build Speaker's Page on web site

25 Rollover Ready Resources Marketing Toolkit Promotional Material Workshop Material Follow-up Material 'Rollover Ready' Kit Campaigns Download all materials from the Rollover Resource Page

26 Marketing Toolkit Campaign Toolkit (PDF) Strategy Brief Lunch & Learn Schedule & Checklists

27 Promotional Materials Marketing Postcard invitations & reminders Phone scripts & reminders Plan Sponsor Introductory Letter Plan Sponsor Lunch & Learn Flyer

28 Plan Sponsor Materials

29 Workshop Materials Sign-In Sheet How to Get Rollover Ready Slides How to Get Rollover Ready Script Workshop Notes for Attendees Evaluation Form Handout: Rollover Ready Checklist

30 45 slides Runs about 45" Can be cut to 30" Can be branded Interactive Call to action Rollover Presentation

31 Follow-Up Materials Thank you note copy 3 messages 3 Client reprints Follow-up phone scripts Dear Emily, Thank you for participating in our "How to Get

32 Rollover Ready Kit 11 Biggest Rollover Blunders Guide IRA Custodian Checklist 1st Year Retiree's Tax Checklist Retirement Ready Checklist

33 Campaigns Drip communication series 11 "One Minute Memos" Introductory Client version COI version

34 Workshop Tips Serve Subway+ sandwiches Don't take orders; just offer a variety Food lets you call for RSVPs Include lunch sides: fruits, chips, cookies & beverages Keep it simple & self-contained Set up the room for conversation Hand out swag Tell stories Have fun!

35 The Competition You Client Prospect

36 Competitive Factors You Client Prospect

37 Too Easy? Fidelity TIAA-Cref Vanguard

38 Investor Decision Making Source: Spectrem Research, August 2011

39 Consumer Complaints TIAA-Cref Fidelity Vanguard

40 Consumer Complaints Consumer Complaints & Reviews: Fidelity Complaints Board: Fidelity Customer Service Scoreboard: Vanguard Consumerism Commentary: TIAA-Cref

41 Source: Fidelity.com, April 2012 Fidelity Help Wanted

42 Rollover Marketing Tips Get plan documents of local employers Review 402(f) notice Pay attention to your clients' retirement accounts Ask clients to send you 401(k) statements 1-2x a year Review clients' Form 5498 Don't forget 403(b)s, 457s, SEPs, SIMPLEs, ESOPs Never let the client call the recordkeeper alone Search FreeErisa for plans & people Search Linkedin for names & responsibilities

43 Be Conversant Roth IRA rollovers ROBs Rollover for Business Startup Solo 401(k)s Self-directed 401(k)s 401(k) rollover annuity In-service distributions Withdrawal provisions Retirement Income Options Account consolidation IRA rules & regulations

44 Advisor Referral Clinic Topic 5 Referral Myths Debunked Hosted by Janet Bernstel Bob David Advisor Referral Expert August 9, 2012, 4 p.m. ET

45 Have a Question? Send questions, comments, & feedback to: rolloverlunches@horsesmouth.com