There's a wealth of sales potential waiting for the savvy retirement advisor. It's not just about finding them—it's about getting their attention.
This holds true for the small business as well as the larger, more budget-rich companies. Even with a limited budget, small businesses want what their larger competitors want:
- To limit program costs
- To attract and retain employees
- To get the best benefits program at the best price
Still, applying the same retirement plan marketing strategy used on larger companies to smaller businesses may not cut it. Stuart Ganis, VP, Strategic Partnerships for EverQuote, said retirement advisors should start with paring down the retirement plan marketing strategy and personalizing it. "Targeted campaigns will always outperform casting the widest net possible."
Hone the Message
Recommended For You
That means paying attention to the messaging, as well. The smart retirement plan advisors will know how to distinguish themselves to their prospects, Ganis said. Advisors who lean on the "good service" differentiator will be disappointed with the results. "Consumers already expect great service so you need a value proposition that's unique and consistent across all marketing channels and in the way everyone speaks to clients in the agency," he said.
Ganis recommends retirement advisors develop their value statement and commit it to memory. "If someone asked you why they should choose your brokerage over your competitor down the street, what's your answer in 20 seconds or less? Go!"
Change the Focus
Part of the messaging includes how you're selling, said Ganis. Small business owners want to know their advisor understands them, he says, and many sales are lost because of misdirected efforts on the retirement advisor's part. Conversion, says Ganis, is often difficult because of the way advisors are attempting to sell. Advisors "want to sell insurance the way we want to sell it as opposed to the way the consumer wants to buy. As insurance agents we're training to constantly market 'save money' or 'fear being underinsured,'" he said.
Instead, Ganis advises a shift in focus to how clients want to buy. He said it's impossible to ignore the role of social media and the Internet on the buying habits of today's consumer. The connected nature of sales has created a demand for immediate gratification. Speed, in his opinion, is a missing element in the advisor's arsenal, as is the need to shift the focus from price to value. Plus, advisors often will stop short before asking for the sale, he said.
Become a Trusted Advisor
One of the biggest impacts a retirement advisor can make, says Ganis, is to establish oneself as trusted source. Creating numerous touch points can increase the top-of-mind reputation when customers are ready to buy. A recent IDC study shows that 84 percent of C-level B2B buyers are using social media to make purchasing decisions.
That's a huge opportunity for advisors to grow their retirement practice if they're willing to make the effort, said Ganis. The advisor who offers up-to-date news and information will create more quickly the reputation for understanding the client's needs, which can translate to sales. "High quality content related to current events, health, fitness or any other hot subject will attract more online prospects for agents today. Content is king."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
