Among retirement plan advisors who serve the small-plan market, what are the best practices of successful advisors? Principal’s Tom Donnelly offers three:
1. Keep your prospect pipeline full. Follow up thoroughly — remember that “no” often means “not right now.”
2. Develop an “octopus” practice. What’s that? One with many diverse revenue sources. Look for cross-selling opportunities and generate additional sales by fully serving the needs of small business clients.
3. Marshal your resources. Leverage specialized expertise, tools and resources from service providers and TPAs.
