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
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