401(k) Specialist Issue 3 - 2023 - 19

401(k) CLIENT CONNECTION
Building a Strong 401(k) Pipeline
By Rebecca Hourihan, AIF, PPC
YOU PLAY A crucial role in helping people
secure their financial future. As the demand
for retirement plan services grows, it becomes
increasingly important for advisors to build a
strong pipeline of potential clients. In this article,
we will explore effective strategies and key
steps that retirement plan advisors can take to
build a robust 401(k) pipeline.
Understand Your Target Market
To build a successful 401(k) pipeline, you
should have a clear understanding of your target
market. Identify the industries, companies,
and individuals who are likely to benefit from
your services. By focusing on a niche market
and/or regional area, you can tailor your
approach-through language and imagery-
and become a known expert in meeting your
clients' specific needs.
Develop a Compelling Value
Proposition
Stand out from the competition by developing
a powerful message. Clearly articulate
how your services can benefit potential clients.
Think of the last five clients you onboarded.
What were their major pain points and how
did you address them?
Avoid the temptation to use industry jargon;
instead use language your prospects care
about. In simple terms, highlight how your
expertise in ERISA, SECURE 1.0 and 2.0 Acts, investment
strategies, fiduciary responsibilities,
or regulatory compliance can help them solve
issues that are important to them. Show why
you are the best choice for their retirement
plan needs.
Leverage Referrals and Existing Relationships
Referrals
are a powerful tool for building
a 401(k) pipeline. Reach out to your existing
network and leverage relationships with
professionals such as accountants, attorneys,
Chambers of Commerce, business networks,
niche organizations, and other advisors who
can refer potential clients to you. Whether it
Provide Exceptional Client Service
Delivering exceptional client service is
crucial for building a strong 401(k) pipeline.
Focus on building long-term relationships
by providing personalized attention, timely
communication, and proactive support. Your
commitment to exceptional service will lead
to satisfied clients who will feel confident
referring you to others.
Stay Informed and Adapt
The retirement plan landscape is constantly
is a formal relationship or grabbing a beer
from time to time, encourage your network to
introduce you to employers.
Also, place these trusted professionals on
your outreach campaigns (newsletters, plan
sponsors guides, email campaigns, and make
sure you are connected with them on social
media). This ensures that each time you share
valuable knowledge, they are in the loop on
your important updates and you remain top
of mind.
Establish a Strong Online Presence
In today's digital age, having a strong online
presence is paramount. Your professional
website should showcase your expertise,
services, and success stories. Use social media
platforms to engage with potential clients,
share valuable content, and demonstrate
thought leadership. Publish helpful information
in various formats to capture the attention
of plan sponsors from every generation.
Offer Educational Workshops and
Webinars
Educational workshops and webinars are
excellent opportunities to showcase your knowledge
and establish credibility. Organize events
that educate plan sponsors about the importance
of fiduciary responsibilities and the vital
role of a specialized retirement plan advisor.
evolving. Stay informed about industry trends
(e.g. CITs, student loan programs, emergency
savings), regulatory changes (e.g. LTPT), and
overall best practices. Attend conferences,
workshops, and webinars to expand your
knowledge and network with industry experts.
Seek advanced designations and certifications
(e.g. CEFEX). By staying ahead of the curve, you
can adapt your business strategies to meet the
changing needs of your clients.
Building a robust 401(k) pipeline requires
a strategic approach and a commitment
to excellence. By implementing these best
practices, retirement plan advisors can create
a flourishing pipeline of potential clients.
Always remember that relationships take
time to build. They are nurtured by information,
communication, and consistency. Keep
going on your marketing efforts and be kind to
yourself because earning clients and growing a
thriving 401(k) business is an ongoing process.
Adapt and embrace these strategies to position
yourself as a trusted 401(k) advisor.
Thanks for reading & Happy Marketing!
Rebecca Hourihan is Chief Marketing Officer with San
Diego-based 401(k) Marketing, a modern marketing
agency for the retirement plan industry. The company
supports clients through custom engagements, content
marketing campaigns, sales material innovations,
thought-leadership consulting, interactive workshops
and speaking events. Its mission is to empower the
retirement plan industry with high-quality marketing,
ultimately inspiring Americans to become financially
prepared for their future.
ISSUE 3 2023 | 401kSpecialist.com
19
http://www.401kSpecialist.com
401(k) Specialist Issue 3 - 2023

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