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A world of investing for retirement.™ - page 4 / 8

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Step 2 Find the right prospects

If you are successful with one retirement plan, you can build your business eciently 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.

Recordkeeping

Value

Relationship

Participant

ERISA

Plan

Proprietary

services

for cost

manager

Web site

services

coordinator

investments

24%

17%

15%

13%

11%

10%

10%

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