The challenge: It’s not easy to call and meet clients in light of the markets and the negative press from the Madoff scandal. But with clients receiving their December statements, this is no time to hide. Pick up the phone and call your top 50 clients with two objectives in mind. First, reassure them that their goals and the financial strategies you have in place are still valid (much to my surprise, my portfolio improved). Second, position your practice for their rollovers. Rollovers spell significant opportunities and are expected to rise to $2 trillion by 2013, according to Cerulli Associates Inc. of Boston.
The opportunity: Start your emphasis on rollovers by focusing on current clients, friends and family and clients you’ve lost over the past few years — your fallen angels. So yes, call your former clients, as the chances of gaining them back are actually very high (especially if you were too conservative for their tastes when you were helping them). We work with many advisers on this strategy and most find it is easier to win back clients than to prospect for new ones. Next month, we’ll focus on how to uncover rollover opportunities at local companies having layoffs.
Creating a retirement branding statement:
This is isn’t complicated, but it gives clients a clear picture of your firm’s strengths. It’s a statement that explains why you, why your practice and why people should roll retirement assets with you.
Here are some examples of effective branding statements to get you started:
Example 1: We specialize in providing physicians and other medical professionals in New England with financial solutions that help them run their businesses more effectively, meet their financial goals and provide for a secure retirement. Our professional staff consists of certified financial planners who are compensated exclusively on a fee basis, which means our advice is totally objective. Our team specializes in assisting clients with their retirement rollovers.
Example 2: We are an independent financial planning and investment firm that delivers peace of mind to Cleveland-area entrepreneurs and their families. Our experienced advisers work to protect and increase our clients’ assets while providing for their comfortable retirement, their legacies and the retirement needs of their employees. We work closely with clients and their firms, especially in these difficult times, to secure their retirement rollovers when they happen.
Example 3:Our team brings more 120 years of combined financial services experience to help clients meet their needs for sound financial plans and a secure retirement. Affiliated with one of the largest securities firms in the country, we specialize in working with active and retired military personnel across the country, especially with their retirement plan rollovers.
As you can see, all three branding statements answer most of the basic questions and all have a retirement component. Your branding statement should strive for the same comprehensiveness, while being succinct and distinctive.
After you complete your branding statement, you might want to develop a more complete branding document that fleshes out the statement. But be careful not to lose focus. This is a timely opportunity, as your clients may have only a hazy idea, if any, of your areas of expertise and specialty. Give them the talking points to make sure they know you are an expert in retirement rollovers, guaranteed income choices and long term care.
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Also, as you talk to clients, keep in mind the
retiree segmentation we created last week:
Retired: This group is interested in estate planning, medical expenses and steady income.
Pre-retirees (50–60): Maximizing accumulations, retirement transition, rollovers.
Prime work years (30–50): Coordinating college and retirement investment plans.
Under 30: Debt elimination, maximizing retirement contributions.
Next Week: Identify your top five retirement services.
Week 4: Promote your practice as a retirement resource through rollover seminars — and automate referrals to friends and family.
