401(k) Specialist Issue 2 - 2019 - 30

401(k) CLIENT CONNECTION
Questions, Questions-
When to Insource, Partner or
Delegate 401(k) Marketing
By Rebecca Hourihan
ARE MOST OF your plan participants
invested in the QDIA, or are they taking the
time to select their own investment allocations?
For those who are going at it alone,
do you think they are properly invested?
We're starting with these questions
because many advisors feel frustrated with
participant misallocation blunders.
Would you agree that most participants
would be better off simply investing in
the QDIA or a managed account? After all,
they're designed in their best interests.
When speaking with advisors about this
topic, we hear stories like, " My brotherin-law
told me to get into international, "
" I don't want to lose money, so I'm in all
cash, " and, " I evenly selected all the investments "
as common participant responses.
We then hear the advisor sigh with disappointment.
Does it sound familiar?
The moral: just because your plan participants
can select their own investments
doesn't mean they should.
We believe the same is true for advisor
marketing. As a retirement plan expert, you
understand the complexities of our industry:
plan design, investments, ERISA compliance.
But do you know how to package it in a
way that will attract plan sponsor interest?
When it comes to marketing, why are advisors
trying to DIY?
Take a step back. There are many different
types of marketing, which we place in
three categories: foundation, reputation
and influence.
For now, we'll discuss foundation marketing
and its parts, as they are the literal
foundation of your marketing strategy.
Mission statement
Your firm's mission statement should
always come from you. It should feel organic,
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ISSUE 2 2019 | 401kSpecialist.com
natural, and true to your passion as a retirement
plan advisor. It is your " why. " That being
said, if you need help (maybe writing isn't
your thing), then partner with a firm that will
listen. Your mission statement is in there.
Website
Do you know how to code? Do you study
the Z movement of the human eye? How
does color influence emotion? Are you up
to date with the latest trends in website design?
These are all attributes of good digital
designers. Find a partner who can take your
language and apply it within your website
to look, sound, and feel like your firm.
Brochures
A PDF Word document is not a brochure
(there I said it). A brochure is a visual story.
It should showcase your professional
services (fiduciary investment advice, plan
design education, benchmarking, financial
wellness partnerships, and more). It is a
well laid out step-by-step visual conversation
with the reader.
As a quick example, one of our clients
is an avid surfer (his SoCal culture), so we
created a brochure that started with a guy
waxing his surfboard (setting up a plan),
paddling out into the water (thinking about
plan options), catching a wave (evaluating
options), relaxing on the beach (contemplating
next decisions), and leaving the
beach at sunset (confidently selecting a
plan to move forward).
In Southern California that imagery
works really well, and it resonates with the
local plan sponsor community. His clients
include some of the largest health-focused
companies in our country, and they find
that message (his message) speaks directly
to them and their values.
When your marketing brochures are
beautiful, you feel confident of the way it
professionally represents you and your firm.
Throughout the creative process, you
should discover the imagery, words, and the
passion that speaks to your plan sponsor
community and guides decision-makers
through a visual conversation to answer why
they should select you as their plan advisor.
Marketing that is done well is no easy
task and can take considerable time. Creating
your firm's marketing can be a full-time
job. Yet, when done right, your marketing
has the ability to differentiate you as the
only retirement plan expert within your
community.
These are just a few examples; however,
your marketing should always feel like you.
It should be natural, authentic, and represent
your values.
At times, yes, you can totally do it yourself.
Other times, like your DIY participants,
this causes more harm than good.
Thanks for reading and happy marketing!
Rebecca Hourihan is CMO at 401(k) Marketing.
Our clients are the best professional retirement
plan advisors, TPAs, and industry partners in the
business. They care deeply about saving America's
retirement future. We are proud to share their
voices through industry writings, professionally-designed
marketing materials (including websites),
and expert content collateral. We lend support by
promoting businesses through on-going awareness
campaigns. 401(k) Marketing is based in San Diego.
Check us out at www.401(k)-marketing.com.
http://www.401(k)-marketing.com http://www.401kSpecialist.com
401(k) Specialist Issue 2 - 2019

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