Take your practice into a new retirement arena

Most of you are aware that new federal regulations surrounding mandatory retirement plan fee disclosures and participant advice were put on hold. While I'm not sure where we stand on these important issues, what I do know is that whatever the final decisions, new legislation will bring about big changes for the retirement work we do. Here are the top steps to take to position your practice for success in the retirement plan marketplace:

Get a recognized industry credential (e.g., AIF, AIFA or CRPS), both for the training and to differentiate yourself from the competition.

Make a commitment to attend at least one or two industry conferences per year (e.g., American Society of Pension Professionals & Actuaries, Center for Due Diligence) and get immersed in the expert opinions of industry leaders and peers. The ideas, intelligence, and energy you take away from these forums can go a long way toward enabling you to exude real credence in conversations with clients and prospects.

Improve your brand and story. Update and integrate all your marketing materials and Web site to let clients and prospects know you work with both individuals and businesses. Make your messages simple and clear. And don't forget to play up that industry credential you earned (step one).

Be sure your client management database is both top-notch and organized.

Create and implement a schedule of regular e-marketing campaigns.

Load every plan participant into your database and design a marketing campaign targeting various demographics. In so doing, I've found that age is the most effective demographic:

To people in their 20s and 30s, consider promoting the advantages of tax-deferred savings, asset allocation, and investing fundamentals.

To individuals in their mid-30s and 40s, consider promoting the advantages of having a financial plan and road map.

To prospects in their 50s, start talking about transitioning into retirement and creating a retirement income stream.

The most common pushback I hear from producers regarding this step is, "I only want to work with people with money." But if you're not talking to all your plan participants, you're not doing the right thing for your clients. Moreover, you're leaving a ton of money on the table. Those individuals in their 20s and 30s may not have money yet, but someday maybe they will. In addition, they may know someone with money whom they can refer to you if they like the quality of information and help you provide. Educating and establishing trust win clients.

Also, don't assume that someone's compensation correlates to his or her investable assets; you'd be surprised. And, frankly, I don't know too many producers who are turning away smaller accounts today.

Invest in a retirement plan practice tool such as the Retirement Plan Advisory Group, fi360(TM) or Fiduciary Investment Reporting Manager. Too many producers try to save money and cobble things together. Step up and spend the money on a true infrastructure that will provide you with a professional and leverageable methodology for producing fund comparisons, investment policy statements, quarterly reports, and annual fiduciary reviews.

Deepen your referral networks. Broad-based networking forums like your local Chamber of Commerce can be good, but you should also look at your book of business. Do you have several individual and/or corporate clients in the same field? Take them to lunch. Tell them about what you do, ask them about their industries, and get their advice about how to position yourself in their field associations as an expert.

By implementing these eight steps into your practice, you stay on the cutting edge of the marketplace and adapt your practice to new legislation, plan sponsors, and participant needs.

Amy Glynn is the director of retirement consulting services at Commonwealth Financial Network, member FINRA/SIPC, a registered investment adviser, in Waltham, Massachusetts. She can be reached at aglynn@commonwealth.com.