- Do you have clients who are still working?
- Is it possible that some of your clients still keep in touch with their former colleagues?
- Are there companies in your area that have or are conducting layoffs and/or making changes to their employees’ contribution plans?
If you answered yes to any of these questions, you should consider an In-Service Withdrawal marketing campaign. Educating clients and consumers about this provision and its many benefits can be a very easy way to pick up additional sales and new clients. Below are some ways you can start your campaign.
Send a Letter to your Existing Clients and Prospects
Sometimes there are sales right in front of your nose and it simply requires asking the right questions. Do you think it’s possible that one of your clients has a family or friend who is not happy with their current retirement plan and looking to retire soon? A letter campaign can be a great way to flush out some interested clients or referrals.
Position yourself as an Authority
Many advisors know about this provision, but how many of them are positioned as a credible authority? Instead of using materials provided by the insurance carriers, we recommend having a piece that is specifically branded to you and your company. If you don’t have time to write/create such a piece, we have one that can easily be customized on our Elevate website.
In addition to branding yourself as an authority, you may need some back-up from time to time. A great resource for such information is www.FreeERISA.com. This site has a variety of tools and offers the ability to search for local companies who allow an In-Service Withdrawal provision as part of their defined contribution plan.
Target Companies within your Community
Often times you hear news about large companies making changes to their defined contribution plans, pensions, and/or laying off employees. Any time this happens, it is natural for employees to be concerned about their financial well-being. When this happens, having a message for such employees that offers them greater control over their retirement savings can sound very attractive. So how do you get your message to those employees?
As a marketing consultant, I help my advisors create a specific marketing campaign for each company that makes best use of the resources available to them within their community.
If you are not part of FIG’s Elevate program, some of the more popular marketing efforts consist of radio advertisements, direct mail, social media, social events, and educational workshops.
Give us a call to start exploring In-service withdrawal campaign resources and more!