With the stock market near all-time highs and interest rates at record lows, investment advice prospects aren’t easy to find. And they are even harder to move.
Solution around this current prospecting problem: prospect individual company 401(k) retirement plan participants who work at the same companies as your current clients.
Every investment advisor has clients who interact with others in the workplace. Plus, these clients often have spouses who work. There’s no excuse for not having new investment advice prospects to talk to.
It’s becoming increasingly more difficult to be a general investment advice provider. But there’s a dramatically underserved investment advice niche in today’s marketplace: helping individual investors navigate their company 401(k) retirement plan menu of options.
Step 1: Niche focus
Offer a free company 401(k) retirement plan analysis to existing clients. Provide a disciplined tactical asset-allocation game plan where none exists. Provide a stock market risk management game plan instead of the “buy-and-hold” that company 401(k) retirement plan providers have promoted for generations.
Step 2: Pick up the phone
To overcome any current prospecting slump, find an underserved niche in which you have a very distinct marketing advantage. The fact that you know the company 401(k) retirement plan menu of the individual prospects before you prospect them makes this prospecting niche idea a can’t-lose strategy. Often, individual company 401(k) retirement plan participants are happy to talk about proposed solutions to one of their greatest investment management problems and challenges. The individual company 401(k) retirement plan advice niche drops you squarely, and immediately, into the middle of a great prospecting niche.
Step 3: Drill down
Most individual company 401(k) retirement plan account balances are near all-time highs. What do you think the biggest investment management concern now is for individual company 401(k) retirement plan participants?
The answer to that question should be the theme of your individual company 401(k) retirement plan participant investment advice prospecting campaign.
Just being a good investment advisor is not going to provide you enough new client relationship opportunities. That service offering is not enough to attract individual investors who don’t know you.
Get more focused on the individual company 401(k) retirement plan investment advice niche. Start with your clients. Your prospecting list will grow from there.
You can easily become the most specialized investment advice provider in your local market area. You just need to develop an investment advice product niche based on your knowledge and understanding of specific company 401(k) retirement plan menus.
