Step 2 Find the right prospects
If you are successful with one retirement plan, you can build your business eciently by working with additional clients that have similar goals and needs. Consider these ways to prospect for business:
Ask existing clients/decision makers to introduce you to colleagues
Work with other advisors in your branch or region
Network with local attorneys or tax professionals
Speak at local professional groups: chambers of commerce, business associations, benefits groups
Join a human resources professional organization (often interested in investment information and other financial matters)
Research plans in your area using tools like FreeERISA, a database of IRS Form 5500 filings that includes comprehensive plan details
Prospecting made easy
At Putnam, you have access to a wide range of prospecting tools that include: a FreeERISA step-by-step guide, a retirement plan comparison guide, and personalized prospecting letters.
Step 3 Do your homework
Before your first meeting with the prospect, conduct research to learn everything that is relevant about the plan and the company.
Use FreeERISA and the plan’s Form 5500 filing to detect likely concerns
Conduct informal interviews with employees you know
Find out about the company’s recent developments and future goals
Know which services plan sponsors value most and why they might change providers
Which services have the greatest impact on satisfaction?
Boston Research Group's 2008 Plan Sponsor Satisfaction & Loyalty Survey identified the seven key services that drive plan sponsor satisfaction. Each of these services is shown below, along with the percentage of plan sponsors who chose each as the most important.