Defined Contribution
In a crowded marketplace, what makes your retirement practice stand out? Your brand.
What’s so important about having a retirement brand? Many clients think all financial professionals are pretty much the same, and that they say the same things. Branding allows you stand out from this “sea of sameness,” helping you to attract and retain more retirement plan clients.
Source: BNY Mellon's Pershing. October 2018
Even if you already have a brand in place, revisit it frequently to ensure it is performing at its best and helping you stay ahead of competitors. Consider the following four steps to help refresh your brand:
1. Define: A clear, definitive statement about what you do and why is a critical first step to break through the noise and showcase yourself and your team with retirement plan clients and prospects. If you have a value proposition, make sure it is targeted to the needs of retirement plans. Consider the following questions:
2. Differentiate: To help build your retirement plan business, you need to be able to effectively describe the specific ways you serve plan sponsors and participants. While being a 401(k)-plan advisor is itself a differentiator, you can distinguish yourself further by:
When describing your differentiating qualities, use language you are comfortable using in everyday conversations, avoiding jargon. For a more personal touch, include some background about how and why you became involved in the 401(k) business.
3. Demonstrate: Today’s most successful brands demonstrate on a daily basis that they remain laser-focused on understanding customer’s needs. Once you’ve defined and differentiated your brand, demonstrate it by showing how much you value your clients. This starts with listening. Initiate conversations with plan sponsors to help you uncover gaps between the service you provide and your clients’ expectations. To understand your client’s needs better, we suggest you:
4. Digitize: If you do business by smartphone or tablet, you need to have an effective digital presence. Make sure you’re not neglecting these important areas:
Source: "The Putnam Social Advisory Survey." Putnam Investments, April 2019.
Here are some best practices for showcasing your brand online:
Competing in today’s retirement plan marketplace poses increasing challenges. A brand that speaks to the spoken and unspoken needs of retirement plan sponsors can make you stand out in the sea of sameness.
1 “Financial Advisors Are Increasing Their Presence On Top Social Media Platforms,” Advisor Magazine, August 31, 2020.
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