According to research from Franklin Templeton, the answer may be yes (free registration required). Plans are getting bombarded by sales calls, and the level of sophistication of the sponsor and the advisor, especially as you move up market, is growing. More plans are relying on referrals from peers to select an advisor, the research shows.
The focus should not be on what an advisor does, since most deliver the same services; it’s more important to focus on how you do it — which requires an understanding of the prospect’s culture and history. Speaking at the 2013 NAPA/ASPPA Summit in Las Vegas this week, Jania Stout, whose team won the 2013 401(k) Leadership Award, emphasized that advisors need to do their homework and customize their pitch accordingly.
As with technology and investments, prospecting techniques and sales pitches need to evolve. While it might be hard to give up cold calling if it’s still working, the question is whether advisors will get a better ROI using other methods to find and close more prospects.
