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401k SAFE Article - Servicing 401(k) Plans

Check out this recent article that 401k SAFE put out regarding servicing 401(k) plans....

I will never forget the client’s reaction when she got audited by the DOL. This was fortunately not a 401(k) client, but from our HR Outsourcing days.

We had repeatedly warned that she was not administering her payroll over time correctly. I even went as far as sending our in house labor attorney to her office to explain the potential consequences. 

When the DOL knocked on the door and 6 months later she had to write a very large check she was furious. 

I reminder her that we did everything we could to warn her and she said, “Why didn’t you shake me?”

At that point, I understood exactly what she meant. It would be like if one of your kids was getting ready to walk into the street in front of oncoming traffic, you wouldn’t calmly text them to explain the consequences. You would physically stop them from getting in harm's way.

The majority of your 401(k) clients and prospects aren’t worried about their 401(k) plans, and I have witnessed how some of the largest 401(k) producers in the country understand this and have capitalized on it. One of the advisors we have had the privilege to work with has approximately $100M in closable plan inventory. He maintains this volume of closable business, because he “shakes people.” Lots of them! 

And believe it or not, you can “shake people” if you have their best interest at heart. He’s not communicating fear, he’s communicating the things they don’t know or understand. He has conviction when explaining their fiduciary responsibilities, and the potential consequences if they don’t take action. He “shakes” them and the apples start to fall out of the trees. 

The 401(k) market offers unlimited opportunities to “shake” people.

If you have year-end deals you are trying to close, we can help. We have had amazing success in closing large plans with advisors that are capitalizing on our 15 minute “401k Safe Client Fiduciary Portal” web demo. If you have a plan on the fence and you can “shake” a prospect or client into sitting still for 15 minutes we can help you close the deal. Reply to this email, and we will schedule a a call at your convenience to walk you through our web demo.

Lee and Jim

Contact Information:

Lee Lichtenstein- Direct Dial: (205) 914-8108, Email: llichtenstein@401ksafe.com

Jim Sharp-           Direct Dial: (205) 914-0121, Email: jsharp@401ksafe.com

Patty Bell-            Direct Dial: (602) 684-1450, Email: pbell@401ksafe.com

https://www.401ksafe.com/

RSG's July Newsletter

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Retirement Solution Group Recognized on US 99.5's Drew’s #PenOfTheDay

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