1 for advisor use only – do not distribute j. william g. chettle chief marketing officer, loring...

1 For Advisor Use Only – Do Not Distribute

J. William G. Chettle

Chief Marketing Officer, Loring Ward

8 Retirement Plan Marketing Essentials

For Advisor Use Only – Do Not Distribute© 2013 LWI Financial Inc. All rights reserved. The material in this communication is provided solely as background information for registered investment advisors and is not intended for public use. Unauthorized copying, reproducing, duplicating or transmitting of this material is prohibited. LWI Financial Inc. (“Loring Ward”) is an investment advisor registered with the Securities and Exchange Commission. Securities transactions are offered through its affiliate, Loring Ward Securities Inc., member FINRA/SIPC.RN R 13-322 (9/15)


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$17.9979 cents

Morton’s

50 cents

Generic


Every Expression Defines Who You Are

Corporate Identity

Sponsorships

FacilitiesClient Reviews

Advertising

Employee Communication

s

Public Relations

In Person

Niche Marketing

Direct Mail

Brand Architecture

Events

OnlineSupport

Collateral

Merchandising

Newsletters

Volunteer Efforts

Your Brand


UNDERSTAND YOUR TARGET AUDIENCE

Essential 1


Retirement Plans

Under $10 mil.

In Chicago

For Medical Practices

With > 20 Participants


Identify Your Target Market and Its Characteristics

Essential Questions

– What are their retirement plan needs (met and unmet)?

– What are their common challenges?

– What are their attitudes towards retirement plans?

– Do they have distinctive behaviors?

– Where are they found?

– What is your connection?


Identify Resources You Have & Need

What changes will you need to make to your business?

• Staffing

• Mission/Value Proposition

• Messaging

• Marketing

• Skills

– Professional Development

• Certifications

• Other???


BECOME AN EXPERTEssential 2


Whitepapers


Public Relations


Network with Local Groups & Professionals


POSITION YOURSELFEssential 3


“At ABC Wealth Management, we offer wealth management, financial planning, retirement

planning, estate planning, investment management, and

retirement plan services.”


www.illinoisretirementplans.com

http://www.austinretirementplans.com/


MAXIMIZE LINKEDINEssential 4


• More than 200 million members in over 200 countries and territories

• 74 million+ U.S. members

• More than 2.6 million companies have LinkedIn Company Pages

• 5.3 billion searches annually

Source: LinkedIn


Primary Reason for Social Media in Business

Source: Oeschli Institute 2012: “Social Media Financial Advisors - Early Adopters vs. Casual Users”


Best Practice: Create Compelling Summary


Best Practice: Join


Best Practice: Follow


Best Practice: Create a Page for Your Practice


Best Practice: Post Regular Updates


Best Practice: Connect with Clients & COIs

• Connect with every client…and their COIs

• Read through their profiles

• Note their organizations, shared connections, hobbies, interests, groups

• Check out their connections and create ”introduction” list to potential plan prospects and COIs


COMMUNICATE MORE EFFECTIVELY

Essential 6


5 Effective Communications Best Practices

1. Understand the clients’ perspective

2. It’s not about you, it’s about them (the Personal Principle)

3. Replace jargon with words everyone understands (the Plainspoken Principle)

4. Keep it positive (the Positive Principle)

5. There’s no such thing as a “perfect” solution (the Plausible Principle)

For Advisor Use Only — Not For Distribution


The Personal Principle

WIFM?• Starts with listening

– Discovery– Talk about “we”, “you” and the future

• Make it tangible, – 10,000 taxis or 4 minutes?– 10,000 stocks or helping to smooth the return

• Make it human– Personal stories– Make yourself real and understandable

“don’t baffle ‘em with your brilliance”


Say This…

• Volatility

• Equities

• Fixed income

• Longevity Risk

• Accumulation Phase

• Distribution Phase

• Risk Tolerance

• How you feel about your investments going down in value

Instead of This…

• Living off savings and investments

• Saving and investing

• Possibility of outliving your money

• Bonds

• Stocks

• Ups and downs in the market

The Plainspoken Principle


Positive Principle

No Fear

• Learned helplessness

• Avoid painting bleak pictures of “fiduciary liability”

• Be forward looking. Focus on power of successful plan to

make a real difference

• Talk in favor of things, not against other things


The Plausible Principle

it probably is…”

Positive Over-reaching

“If it sounds too good to be true,


Power & Influence

Source: Harvard Magazine, November 2010

Warm/Competent

admire

Warm/Incompetent

pity

Cold/Competent

envy

Cold/incompetent

contempt

Competent Incompetent

Warm

Cold


Conveying Warmth & Competence


Conveying the Opposite


Mirror Neurons


MARKETING PLANEssential 7


Developing Plan Business Over Next 24 – 36 Months?

• Strategies

• Corresponding tactics

• Becoming credible with your plan focus

• Success metrics


Strategy 1: Increase prospect awareness of capabilities

Strategy 2: Public Relations

Corresponding Tactics:

1. Fully develop website content with

focus on prospective clients

2. Offer newsletter to prospects on site

3. Offer whitepapers to prospects on site

4. Network with third-party professionals,

such as CPAs

5. Analyze possible benefits of

sponsorship activations

Corresponding Tactics:

1. Put together media kit and send with

letter to local media

2. Actively solicit speaking opportunities.

3. Create and send out a useful, timely

report to local media

4. Perhaps monthly column in local

paper?

Plan Marketing Goal 1: Increase Plan Business __%

Sample Goal


Marketing Program Q1 Q2 Q3 Q4

Develop Brochure

Develop Website

Seminars (at least monthly)

Pitchbook

Monthly e-newsletter

Third-Party Networking

Client Recognition Events

Marketing Calendar


Metrics & Dynamic Feedback

How will you judge success?

– Make sure your plan has measurable goals quarter by quarter

– Measure every initiative’s effectiveness

– Surveys and other feedback

– Keep pace with your plan business growth and evolution


DON’T REINVENT THE…Essential 8


+250

Source http://wiki.answers.com/Q/How_many_people_retire_each_day : For Advisor Use Only


+6000



+2,190,000



Questions?

For Advisor Use Only – not for distribution

[email protected] | 800-988-3755, Option 6

mailto:[email protected]


[email protected] | 800-988-3755, Option 6

mailto:[email protected]

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