401(k) Specialist Issue 4 - 2021 - 26

TAPO JUDGE NO. 1
MARY KAY LEYDON, MCL Consulting
A Time to Revise and Reflect
WHAT A DIFFERENCE a year makes.
Our conversation last September with TAPO veteran Mary Kay Leydon, Founder and
President of MCL Consulting, focused on financial wellness and how it was not a buzzword
but something real and heightened by the pandemic. People couldn't leave their homes, and
the resulting economic crises revealed the extent to which so many were financially unwell.
Things are improving, or at least better, and this year we reached equilibrium in a hybrid
world, and Leydon's clients are finding ways to add personal value to an increasingly digital
experience.
" We've been driving everything towards digital lately, " Leydon, who's also affiliated with
EACH Enterprise and Precision Sales Coaching & Training, said. " It was happening anyway,
but the pandemic exponentially accelerated it, and people are more comfortable doing all
kinds of things on their phone, iPads, and laptops. "
As a result, she's working with clients to find the areas where personal interaction is most
critical and meaningful, causing everyone to be a bit more reflective.
" We often go through the motions-this is how we operate our business, this is our path,
" People just figure
it's best to auto
everything, but we
need to be careful,
or we'll auto
ourselves right out
of a job "
Mary Kay Leydon is the Founder and
President of MCL Consulting.
etc., " Leydon added. " Now we have to stop and say, 'How does that change if I'm face-toface,
but my partner is on video, or if clients are on video or my clients are on video, and
their spouse is with them? " It's changing how we conduct business, especially in the advisor
world. "
When asked for examples, she pointed to interactive client webinars, in which participants
can schedule appointments on particular topics in real-time. Once a subject of interest or
needed assistance is raised, it can be flagged and identified for further discussion in the individual
meeting.
" It's top of mind, and they go right into their calendar function and schedule it, and it's
booked. The follow-up appointments are much more meaningful because the participant
remembers why they scheduled them. The advisor sees the content in front of them and can
touch on what the participant was looking to discuss. It makes those interactions much more
meaningful. "
While many advisor clients are " Gung ho " to get back to onsite work and in-person
meetings, they're finding plan sponsors are not because they're saving money on travel and
related expenses. Yet, they do want to expand the frequency and length of virtual educational
meetings.
" The advisor is actually spending more time in meetings, but there's a perception that
because they aren't traveling, it's not a big deal, " Leydon concludes. " In my humble opinion,
we're reaching this place where all of us in the industry need to take a step back. We have
to redefine our value, what we're bringing to this smorgasbord of retirement, and what the
value is to the recordkeeper, the advisor, the TPA, or whatever the particular piece is. This is
certainly better than someone else defining our value for us. The ones who will be successful
are the ones who can define and articulate their value and say, 'This is our value. This is what
we're bringing to our client, and this is how our clients benefit.' "
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401(k) Specialist Issue 4 - 2021

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