Plan Sponsor and Plan Advisor – Marriage Counseling

I was recently in Las Vegas for the Excel 401k: The Advisors Conference. The event was once again off the chain. If you are serious about the retirement plan biz, don’t miss this event in 2018. While I was in Vegas The Retireholi(k)s had the opportunity to film several episodes in a new visiting guest format. We have some great guests…yes, that’s right….actually reputable/professional people don’t mind joining us on the couch and cracking a beer to talk some 401k. Our guests included Patrick Delaney of T Rowe Price, John Sullivan the Editor and Chief of 401k Specialist Magazine, Rebecca Hourihan of 401k Marketing, Sheri Fitts of Shoe Fitts Marketing and the Rick Unser the unmistakable voice behind 401k Fridays Podcast and one helluva blackjack player I might add. Stay tuned as these episodes are released over the coming weeks.

On the Sheri Fitts episode of Retireholi(k)s we talked about “Out-Caring Your Competition” and I wanted to share with you two bullet points, hoping you might be able to act immediately on these and improve your 401k practice.
Stay Proactive, Instead of Reactive
– Create a template email that checks in with your client’s Human Resources professional on a regular basis. Asking them if everything is running smoothly with regards to the 401k and if there is anything that you can do to assist. Sounds simple, but the actual execution can yield great results.
– This is the BIG ONE: At your next Committee Meeting/Fiduciary Review Meeting I want you to ask your client the following question.
“Are you satisfied? Am I doing everything that you need me to do? What can I do better? Where am I failing you?

You go ahead and tell em’ straight up that you don’t want to get fired sometime in the future and you believe that open communication is best. Heck, have them grade you…if you guys were to grade me A, B, C, D, F. Maybe you should have them each grade you and then see what your GPA is.
My point is that it is better to ask on a regular proactive basis, so you can actually do something about it. Show them that you really do care and are willing to improve if there are areas in which you are letting them down.

Better to find out now, then to find out via a termination letter on their company letterhead. No Bueno.

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