Ryan Schutty covered cold calling – creating your list (remember to personalize) to overcoming objections (interrupt their pattern). I covered a method you can use in your first meeting – ICC: inquire, clarify and challenge. Now, it’s finally time to close the sale. We may not like the ABC method (always be closing) – but that doesn’t mean we never close.
In between the first and second meeting, you’ll need to come up with a strategy. One way to do this: benchmark the retirement plan. A good benchmark helps make your review tangible and be a foundation of your second meeting.
With some plans, you might simply benchmark the investment options, cost, and service provider. In other situations, it might be worth going the next step and benchmarking plan design features like match, eligibility, and vesting.
To maximize your chances of closing during the second meeting, try following these 3 simple steps: Read more
When the sun rises on December 19th, I believe there’s an even chance that the Federal Reserve will have announced that they’ll begin tapering their bond-buying program that began in September 2012. I’d put 50/50 odds on an announcement of tapering their US$85 billion per month program of quantitative easing, and there are several fundamental reasons that back up my beliefs.
The potential federal budget deal that arose late in the day on Tuesday, December 10 between House and Senate negotiators is the most recent, albeit least important, piece of evidence paving the way for a December taper. Read more
Whether your financial goals are five or 50 years down the road, saving alone probably isn’t enough to achieve them. That’s why growth is such a critical component of most portfolios.
Not that long ago, U.S. stocks were the go-to investments for investors seeking aggressive growth. While U.S. stocks are still the bedrock of many portfolios, investors are now looking outside our borders for additional growth opportunities.
“An object at rest or in uniform motion will remain in that state unless an external force acts upon it.”
Newton’s First Law of Motion, 1687, translated from Latin
Isaac Newton was experimenting with inanimate objects when he discovered the laws of motion. But we in the retirement industry know only too well that these laws also apply to human nature. In an age when it is up to employees to take action in order to build retirement security, inertia has been a major impediment.
Fortunately, the leading behavioral economists of our time are showing us how to harness the power of inertia to work for retirement savers instead of against them. Read more
It was the best of times, it was the worst of times…
A Tale of Two Cities
Unfortunately, for many Americans this quote from Charles Dickens all too well describes their feelings as they approach or begin retirement. Retirement is a time to pursue new and current hobbies, spend more time with family and for many – worry about how they are going to pay for it all. Read more
The reason meteorologists aren’t held accountable for their rain or snow predictions is that weather forecasts are made in terms of probability statements rather than absolute outcomes. This is why we forget the thunderstorms that failed to materialize and forgive the snowstorms that nobody predicted – a 60% chance of rain turns into a sunny day; a 30% chance of flurries culminates as a blizzard. While a probability statement provides an out, it also is a barometer of confidence. And, in the case of financial forecasts, the market itself provides such a measure.
While 2013 has been a fantastic year for equity markets and risk assets in general, a dark cloud looms on the horizon. At some point, the Federal Reserve (Fed) will initiate its plan to taper; the beginning of the end of the latest round of quantitative easing will commence and the support for U.S. Treasurys and mortgage-backed bonds will fade. Rates must rise, “they” say. But does the “market” have a view? Read more
I recently spent a whole day in Salt Lake City discussing operational nuances and considerations with ERISA 403(b) plans that have more than one service provider. As this is the case with a large number of 403(b) plans, even those with a single current provider due to service provider contracts that require individual releases to transfer. Some always remain with a former provider.
I love the mountains, and the view from the conference room was awesome. I think kids today overuse that word, but to me, the mountains are truly awesome, and I was thrilled to be able to look out the window during our discussion. One item that took my attention away from the picturesque vista was a discussion around beneficiary designations. These could be truly problematic when there are multiple service providers involved. This is true for any plan with multiple providers, and not just ERISA plans. Read more