5 Secrets To Attract Large Rollover IRA’S

Here are surefire rollover strategies no one is talking about

by, Scott J. Brooks, CFP®, Director of www.Rollovercoach.com

Secret #1

Know Who Your True Competitors Are

Having seen the rollover IRA battle from a recordkeeper and advisor point of view, I can promise you the biggest hurdle most advisors face is the no-load recordkeepers themselves. Fidelity, Vanguard, and other no-load recordkeepers have trillions of dollars at risk of leaving and are doing everything they possibly can to play “keep away” from advisors.  Its common for the no-loaders to keep half or more of all money when clients leave. Therefore, you must know exactly how the no-loaders sell their service, and how to position yourself when you compete with them for business. Because the no-load recordkeepers have HUGE technology budgets AND have all of the rollover information at their fingertips, don’t underestimate them. Their results speak for themselves. The no-loaders are keeping half or more of rollover assets….This means EVERY other firm is splitting 50% while the no-load recordkeeper keeps the other half.

Secret #  2

Learn How To Rollover Client Accounts in Less than 60 seconds.

When you know someone is retiring do you ever tell them to call their firm to request “rollover paperwork” If you have EVER have done this, please consider this a friendly wake up call. YOU ARE LEAVING MONEY ON THE TABLE! Not only that you are flat out inviting the no-load recordkeepers to give their best sales pitch to your clients.

In my course I teach my clients exactly how rollovers are processed. They vary so you need to have an exact game plan. Also, I give suggestions as to how you can request a check in less than 60 seconds. This can be done. Let me show you how. My mission is to level the playing field between the no-loaders and honest advisors.

Secret # 3

Use a 2 Step Rollover Process.

The 21st century has been all about the “consultative sale” What does that really mean anyway. My interpretation is that people LOVE to buy, but absolutely hate to be sold anything. How does this relate to the rollover market? Simple….Most rollover prospects are wise enough to realize you want to manage their money. The question is how you go about it? Do you come across as a peddler, or a true professional?

I suggest you take a 2 step approach when dealing with rollover prospects.

First Step – Learn everything you can about the prospects existing 401k plan and existing account. Your goal is to be very organized and thoroughly dissect where they stand. Why? Because most people either are happy where they are or see no need to make massive changes. Also, most 401k plans have key weaknesses you can use to help you in the rollover process. Unfortunately, most advisors never use this information to their advantage.  You need to give them concrete reasons as to why they should stop what they are doing. You will need to be organized and track specific information about their 401k plan and individual account.

Second Step – After you have learned everything there is to learn about their 401k and the employer plan itself, you present your solutions. Your solution is presented as a part of the entire “big picture” For example, in researching the 401k plan you might find that your customer is FORCED out of their 401k at age 65, regardless of balance. Or the plan charges special fees to non-active employees. Since most people are lazy and take the path of least resistance, it’s important to give prospects specific reasons to rollover. Every 401k plan has an achillees heel. My job is to help you find them.

My rollover training included tracking sheets advisors can use to track the most important data for larger employers and prospects individual account.

Secret # 4

Make the most of your existing customer base.

One of the huge advantages advisors have over the no-load recordkeepers is the fact that we have many years to prepare and plan for our customers large rollover. Unfortunately, if we wait until our customers actually retire or change jobs, I think it’s too late? Why?

In a war, I would much rather fight an opponent that did not know I was coming than one that had their entire force on high alert. The no-loaders DO NOT want to lose the asssets over the next 5-10 years. They are able to know exactly when our clients change jobs or retire. Once the client is able to move their rollover monies, the no-loaders will begin their full out assault. As advisors, we want to keep our clients shielded from this assault.

To maximize your opportunities, I suggest the following:

1. Proactively offer to review your clients 401k or other type of retirement plan. My research shows that 80+% of individuals have not received any professional help in investing their 401k plan assets. Offer them the help they need. Use this 401k review to learn more about their assets.
2. When meeting with clients who work for larger employers in your area. Use this opportunity to call the recordkeeper of their plan to learn as much as you can. Use this opportunity to find the Achilles heel of that company’s plan. Track this information and use with other customers and prospects who work for the same company.
3. If possible prepare comprehensive financial plans. I have found the firms who do the most comprehensive planning are the best at capturing rollovers.

Secret #5

WIFM “Whats in it for me”

Today’s world is all about instant gratification. People are busy, stressed, and want to know how you can help them. “What have you done for me lately buddy? And What WILL you do for me?

I suggest you make a list of everything you do for your clients. What makes your practice unique? Do you employ a special type of planning process? Do you manage money in a special way? Be different, special, and make SURE your clients know the benefits of dealing with you.

Too often we get wrapped up into the minutia, but the bottom line is we are exchanging a service for our clients hard earned dollars. Don’t be shy!  Most clients don’t mind paying for a quality service but want to know what they are getting in return.

Visit my website at www.rollovercoach.com to receive our free newsletter
“7 Steps to Increase Your Rollover IRA Business”. You will also receive a free 10 minute sample of our rollover IRA training.

Scott Brooks, MBA, CFP® helps advisors attract and convert rollover business. He is the creator of the Rollover Coach program which is a 3 hour Audio CD based training program which gives advisors everything they need to know to take their rollover business to the next level. His material is unique because he has spent 5 years as a retail financial advisor but also spent 4.5 years working at Fidelity Investments where he specialized in the rollover market for Fortune 1000 employers. Having seen both sides of the rollover game, he has the knowledge and experience to take advisors business to the next level. A sample of his Rollover Coach training is available at http://www.rollovercoach.com