The 401kActiveWatch Guide for Prospecting Through TPAs

Slides:

Advertisements

Similar presentations

Contact Identification The Importance of Accurate Contact Information CHAPTER THREE.

Advertisements

Dependent Eligibility Audits To Reduce Healthcare Costs How To Use AFLAC The Big IDEA ● Internet Dependent Eligibility Audits.

Contents Click the link below to go directly to the slides for that chapter. Chapter 1 ■ Your Personal Strengths Chapter 2 ■ The Roles You Play Chapter.

Financial Services Assistant: We are seeking a highly motivated, proactive and client service oriented individual to grow our professional team. If you.

Presented By: Eric W. Harding CRPC®, PRP Senior Vice President - Investments Wells Fargo Advisors, LLC Client Service Model.

What’s the Difference? The “Retail” financial industry is where most of the public receives its advice and financial instruments. The “Institutional”

Manage Relationships with COIs Effectively. Agenda Define your process for developing relationships with referral sources Identify specific referral sources.

Marcia Wagner Managing Director The Wagner Law Group Paul J. Tolley Chief Compliance Officer Commonwealth Financial Network® Leo Karwejna Managing Director,

Brought to you by the Nationwide ® Advanced Consulting Group Best Practices When Working With Your 401(k) Clients.

Overview of Services. Who We Are and Plans We Serve 1950 – Our CPA firm was founded 1999 – Expanded into Wealth Management and Retirement Plans Coordinated.

Strictly private & confidential DESIGNING, BUILDING AND SUPPORTING YOUR RETIREMENT PROGRAM Respectfully Submitted by LWBJ Financial & LWBJ Global Consulting.

Fiduciary Responsibility Frye Financial Center Creating, Protecting and Preserving Wealth

Small Business 401(k) Solutions Small Business 401(k) Solutions Designed for a business like yours We can handle all your retirement plan needs cost effectively,

F IDUCIARY R ESPONSIBILITIES R. S COTT G ARDNER, CIMA S ENIOR I NVESTMENT A DVISOR P ACIFIC P ORTFOLIO C ONSULTING, LLC.

1 INTERVIEWING AND ADVISING. 2 OVERVIEW An interview is a conversation designed to achieve a purpose. The client wants advice from the lawyer. The lawyer.

Manage Referrals Effectively. Agenda Define your process for handling referrals and developing relationships with leads Be prepared when asking for referrals.

The Department of Labor Proposed Regulation Investment Fiduciary Advice: What You Need to Know Now! Juli McNeely, LUTCF, CLU, CFP NAIFA President Kevin.

1 IRC Section 412(i) Plans and Defined Benefit Plans After the Pension Protection Act of 2006 Presented By: Michael F. Kresl, CPA.

Building Trust and Sales Ethics

KNIGHTS OF COLUMBUS MEMBERSHIP TRAINING HOW TO CONDUCT A SUCCESSFUL MEMBERSHIP DRIVE.

Retirement Plan Services. Retirement Plan Services (RPS) Overview 1.Our service approach 2.Specialized team of experts 3.Who to contact for questions.

Profitable Practice from Development to Implementation James (Jim) Swain, JD Founder and CEO of the Academy of VA Pension Planners Valerie Peterson, JD.

Denominational Retirement Plan Presented: Colorado Springs:August 20, 2012 Atlanta:August 23, 2012 © 2012 Envoy Financial, Inc. All rights reserved. Envoy.

Manage Referrals and COI Relationships Effectively.

Company Name Description of Plan Todays Date. 24/01/2016 Objectives Your target = £X per annum. Average order value £X– then you need to work out how.

[insert your name] [insert your title and company] [insert presentation date] A focus on ERISA §408(b)(2) Regulatory developments affecting covered plans,

Re-writing the rules on retirement plan investing.

For Advisor Use Only — Not For Distribution LWI Financial Inc. ("Loring Ward") is considered to be an investment manager under Section 3(38) of the Employee.

Member FINRA/SIPC Retirement Plan Consulting February 3, 2011 Jason Benham, AVP, Retirement Plan Consulting Services Jonathan Anderson, Retirement Plan.

Are you prepared for an IRS or DOL audit?.. Agenda 2014 IRS/DOL audit activity Areas of audit focus Received an audit letter? Now what? Working with an.

Where there’s a will, There’s a way. PRACTICAL PLANNED GIVING Julia Wood Director of Donor Services.

So You Think You Know the Fiduciary Rule? July 12, :00 - 1:00 p.m. (EDT) Guest Speaker: Marcia S. Wagner Principal The Wagner Law Group Hosted by:

CREATIVE AND STRATEGIC PLANNING. “COPY PLATFORM” Plan or checklist that is useful in guiding the development of an advertising message or campaign 1.

DOL Fiduciary Rule: Answering Advisors' Top Questions Jason Berkowitz Vice President and Counsel, Regulatory Affairs September 7, 2016.

The New Fiduciary Rules

Regulation and Supervision of Pension Plans in the USA

Effective Delivery of Small Group Level Funded Plans

Steve Larsen CPA, CFP® PRESIDENT

TPA TOOLS – Use them or Lose out

Michael P. Kreps Thomas Roberts

An Exciting New Service

How to Work Through the PTE Form with Your Client

Troy C Van Sickle How to Operate a Successful Business

Generating Referrals through Centers of Influence

Michele Noboa & Twana Adams

Office Adress Law Registration

Independent Guide, Trusted Partner

How To Create a Successful and Profitable Training Business

Marketing to Established Business Clients

Ethics and Financial Services

DOL LANDSCAPE: CHALLENGES AND OPPORTUNITIES

Sourcing your next IT Hire

Good afternoon. We are excited to have you here

CrossXing Revised 6/30/16 HCB00480.

10 Minute Investor Presentation Title Here

Building your Company’s Customer Insights Department

When you’re a fiduciary, there are a lot of responsibilities and a lot of things to do in a year. Way more than you can possibly keep track of unless being.

Market Update Seminar A complimentary service of Weichert, Realtors®

INNOLABS CONTEST IDEA June 2018, Paris, France Organized by.

Building a Loyal Customer Base

Date: NAME: Phone: ORGANISATION:

Re-writing the rules on retirement plan investing

Best Practices in Plan Governance

Integrating ERISA Into Your Compliance Systems

Personal Selling and Sales Management

Blackstone LaunchPad Pitch Template.

Understanding 3(16) Fiduciary Services

Investment Management - An Art of Managing your Finances Efficiently.

Presentation transcript:

The 401kActiveWatch Guide for Prospecting Through TPAs Growing your practice through a better prospecting strategy.

First, let’s hear from a Pension Consultant Dennis serves as a Fiduciary Manager on our Team of Experts. He is a Pension Consultant and has spent the last 25 years building a successful RP consulting practice. During his career he has consulted on a hospital system, a large manufacturer, a hotel chain and a large IT company.

The Real Value Proposition of 401kActiveWatch 401kActiveWatch is our Brand for delivering comprehensive Retirement Plan Solutions. Our key differentiators with other Retirement Plan shops? HIS offers in-house and hands-on Investment Models which are only provided by 10% of RIAs. Our key value is having Fiduciary Advisors deliver Investment Advice and Financial Planning to participants.

What is a Fiduciary Advisor? The role of a Fiduciary Advisor (FA) was first described in the 2006 Pension Protection Act (PPA) See this article. A FA needs to comply the model or level fee structure as described in the PPA. Few TPAs, CPAs and even ERISA attorneys will know the requirements for a Fiduciary Advisor.

Why have a Fiduciary Designation? Providing investment advice to a 401k participant at the worksite requires due diligence by the Plan Sponsor (the Named Fiduciary). An AIF or RF designation gives credibility that you understand the Conflicts of Interest rules. Having a designation offers a leg up over the competition. LPL and Morningstar’s Successful Worksite Solutions

The Impact of the New Fiduciary Rule There are over 600,000 401k plans under $10M in assets. This is our target market! According to recent articles there will be more than 200,000 401k plans up for grabs due to the New Fiduciary Rule. The historic annual turnover rate for 401k plans < $10M has been less than 8%. Next year rate is projected to be around 33%.

What do TPAs do? Third Party Administrators for Retirement Plans have the following basic functions: Plan Document amendments and restatements Conduct all compliance testing (discrimination) Loan administration and vesting calculations Provide a Summary Annual Report Complete the Government Reporting Form 5500

The Power of TPAs and their Value to You Over 400,000 of the 600,000 401k plans under $10M are served by local TPAs. A small TPA typically handles more than 200 plans. Their average revenue per client is $2,500. The majority of their plans are with Insurance Companies and through brokers. You’ll need a TPA by your side to advise on contribution formulas and combined testing.

Why TPAs Want You! Smaller TPAs are always looking for advisors and brokers to bring them customers. In the past TPAs were indirectly compensated and got bonuses from Insurance Companies. That’s why their block of business is 80% with insurance COs. The New Fiduciary Rule will cause many brokers to be unable to service 401k plans. The B/Ds for these 1-2sies will not allow it. TPAs are now focusing on IARs to fill this gap. TPAs will especially want 401kActiveWatch.

Action Steps for Approaching TPAs Google “Third Party Administrators for Retirement Plans in your area”. From your list of local TPAs visit their websites. Call the TPA and introduce yourself as Fiduciary Advisor with 401kActiveWatch and ask to speak with the owner. Expect the owner ask you “what is a Fiduciary Advisor?” (Be clear and concise with your answer)

Your Goal is Setting an Appointment Briefly explain to the TPA owner that you are calling to schedule a meeting with him/her to explore a possible working relationship with 401kActiveWatch. Let the owner know that you would like to meet at their office there at the location you saw on their website. Give him (likely her) some possible dates and times for this meeting. Follow through with an email to confirm.

Your Email to the TPA Owner Thank him/her for taking your call and their time. Confirm the date and time of your upcoming meeting. Let him/her know that you would like to invite your Director of Retirement Plans to participate in this meeting via speaker phone. CC me in on that email.

What should you say and do during the Meeting with the TPA Owner? Let them know about you and your financial planning practice. Handout the 401kActiveWatch trifold for them to review. Avoid having a dialogue about RP business and prospecting. Let him/her know that your Director of RP is waiting for your call. Ask if they could call me and to put it on speaker, so you can introduce us and listen.

Conclusion Don’t Try to be a Pension Consultant..be a Fiduciary Advisor! Have Mike McClelland interview the TPA owner. Let me sell you and position 401kActiveWatch and your role to create more leverage. In your follow up email you should highlight your ability to serve plan participants.