Summer 2008
Set Yourself Up for the End-of-the-Year Sprint
If you watched any of the distance races during the 2008 Summer Olympics, you might have heard one commentator discussing the three “races within a race:” the start, the setup and the sprint.
In some respects, the three phases of the year for financial advisors can be similar: A before-summer period, a summer setup time and a sprint from mid-September through Dec. 31. If that’s the case, you may be making plans today for positioning yourself to close as much business as possible before the end of the year.
A differentiator between advisors who accomplish their 2008 goals and those who don’t might be the amount of time they spend during that summer setup period. If you’ve been in the business for awhile, you’re fully aware of the challenge involved in reaching, engaging and exciting a CFO or CEO into moving their retirement plan during the dog days of summer. Instead, consider preparing for your sprint to the end of the year.
Some activities that are perfect for the setup days include:
- Growth — Look at your pipeline and see how closely each account corresponds with business that you desire. Your pipeline should be an accurate snapshot of who you want, who has received written proposals from you and who intends to make a buying decision within the next six months. This is substantially different from the list of who you’ve called on during the previous six months.
- Marketing — This is an ideal time for conducting the tasks associated with preparing materials, obtaining compliance approval, planning a targeted or mass distribution strategy and executing that strategy on a particular date – most likely during the sprint.
- Knowledge Transfer — Research a specific aspect of qualified plans that can help you position yourself as an authority or a specialist on the topic. Taking this time during the setup period will place you in a strong position to share your knowledge with the executives you service.
- Current Events — With the amount of attention that Congress and the U.S. Department of Labor have turned toward qualified plans during 2008, you have an arsenal of information to share with clients and prospects. Most who occupy the executive suite enjoy knowing what might impact their employees and/or business — before it occurs. You are in the enviable position of having a plethora of topics to discuss with prospective plan sponsors, including QDIAs, 408(b)(2), the LaRue decision, fiduciary advice, target-date investments and more.
The Olympic distance runners challenged themselves this summer, and you should do the same. Mark your calendar to have a heart-to-heart with yourself and assess whether you’ve accomplished everything required to prepare yourself for the sprint to the Dec. 31 finish line for 2008.
Steff C. Chalk is co-author of “How To Build A Successful 401(k)/Retirement Plan Advisory Business” and serves as a faculty member for the PLANSPONSOR Institute. Visit Steff’s website at Chalk 401(k) Advisory Board.