1 for advisor use only – do not distribute j. william g. chettle chief marketing officer, loring...
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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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Chardonnay Oak Smoked Fleur De Sel
$17.9979 cents
Morton’s
50 cents
Generic
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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
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UNDERSTAND YOUR TARGET AUDIENCE
Essential 1
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Retirement Plans
Under $10 mil.
In Chicago
For Medical Practices
With > 20 Participants
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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?
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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???
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BECOME AN EXPERTEssential 2
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Whitepapers
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Public Relations
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Network with Local Groups & Professionals
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POSITION YOURSELFEssential 3
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“At ABC Wealth Management, we offer wealth management, financial planning, retirement
planning, estate planning, investment management, and
retirement plan services.”
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www.illinoisretirementplans.com
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MAXIMIZE LINKEDINEssential 4
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• 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
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Primary Reason for Social Media in Business
Source: Oeschli Institute 2012: “Social Media Financial Advisors - Early Adopters vs. Casual Users”
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Best Practice: Create Compelling Summary
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Best Practice: Join
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Best Practice: Follow
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Best Practice: Create a Page for Your Practice
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Best Practice: Post Regular Updates
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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
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COMMUNICATE MORE EFFECTIVELY
Essential 6
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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)
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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”
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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
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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
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The Plausible Principle
it probably is…”
Positive Over-reaching
“If it sounds too good to be true,
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Power & Influence
Source: Harvard Magazine, November 2010
Warm/Competent
admire
Warm/Incompetent
pity
Cold/Competent
envy
Cold/incompetent
contempt
Competent Incompetent
Warm
Cold
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Conveying Warmth & Competence
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Conveying the Opposite
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Mirror Neurons
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MARKETING PLANEssential 7
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Developing Plan Business Over Next 24 – 36 Months?
• Strategies
• Corresponding tactics
• Becoming credible with your plan focus
• Success metrics
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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
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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
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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
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DON’T REINVENT THE…Essential 8
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+250
Source http://wiki.answers.com/Q/How_many_people_retire_each_day : For Advisor Use Only
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+6000
Source http://wiki.answers.com/Q/How_many_people_retire_each_day : For Advisor Use Only
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+2,190,000
Source http://wiki.answers.com/Q/How_many_people_retire_each_day : For Advisor Use Only
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Questions?
For Advisor Use Only – not for distribution
[email protected] | 800-988-3755, Option 6
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[email protected] | 800-988-3755, Option 6