Reviewing these small interactions can help your business stand out and provide clients with the assurance and peace of mind they need to make informed decisions.
I was recently referred to a trust attorney. Based on the strong recommendation, she seemed like a great professional who could solve my will, power of attorney, and other document needs.
As a normal reaction, I Googled her and visited her website. It was fine, nothing flashy, but it checked the boxes. Looking at the website, it seemed like they preferred a phone call to set up an appointment. Pretty typical so far, right?
I called the office and got the receptionist. During the call, the kind receptionist said she would email me a form to complete before the initial consultation. The form was 12 pages long, which seemed overwhelming for a first meeting. Plus, it asked for sensitive information such as Social Security numbers, bank account numbers, passwords, and other confidential information.
On the day of the meeting, I had the paperwork partially filled out because I felt uncomfortable having all that sensitive information gathered into one set of printed papers. I’ve taken a class or two on Personally Identifiable Information (PII), and this had red flags written all over it.
We scheduled the meeting for 2:00 p.m. Around 2:10, the receptionist opened the door to see the attorney. During the meeting, I asked about the firm’s cybersecurity protocols and how they keep client information secure. You can’t make this up; the attorney pointed to a series of manilla files behind her desk and said, “No one’s breaking in here.”
While this is far from the experience professional retirement advisors create for new clients, it does underscore the importance of small interactions in building trust. We can gain insight into their impact on the overall client experience by analyzing small interactions. Taking steps to improve these interactions can create a more secure and confident environment for prospective clients, leading to stronger relationships and better outcomes. By being mindful of these details, retirement plan advisors can provide clients with an exceptional experience from the very beginning.
Make Google Your Friend
If you haven’t set up a Google Business Profile yet, now is the time. This free service allows you to provide important information, such as your phone number, address, website, business hours, and customer reviews, while improving your search engine optimization (SEO).
First Digital Impression
Your website is often the first impression potential clients have of your business, with almost 90% of people researching online before accepting a meeting. An outdated website could be an obstacle that prevents clients from moving forward. However, a compelling website that clearly represents your brand could be a game-changer. This includes a modern design, a mobile-friendly interface, an active blog, and supporting content, plus welcoming team photos with approachable biographies.
Information Overload
When onboarding new retirement plan clients, it is crucial to gather essential information such as plan name, ownership, tax status, employees, participants, total assets, annual deferrals, investment menu, etc.
However, timing is critical. To avoid overwhelming the plan sponsor, consider their readiness to divulge information and if they are still assessing you, your firm, and your capabilities. Instead of sending them a lengthy discovery questionnaire, consider providing a retirement plan brochure that gives them a glimpse of how you can help them and their company’s plan.
Timeliness Etiquette
Today’s busy professionals live and breathe by the clock. One minute over, and you’re infringing on the next meeting’s time. When a person is asked to wait, they feel unimportant. The sweet spot is to be on time and stick to the allotted amount. If the meeting is going over, pause and announce it. Allow that person to make the decision to continue the meeting or reschedule for a future time. If you’re running late, contact them and explain the tardiness. We all understand, and it’s better to get in front of it than to ignore it.
Read more commentary by Rebecca Hourihan here.
Explaining the Client Experience
As a seasoned practitioner, you know that every employer is different. Some want to take it slow and conduct a lot of due diligence before moving forward. Others want a quick “sign-here” experience. Therefore, it is essential to determine what your initial meeting will entail. Do you start by explaining who you are, what you do, and how you can help them? Do you have a PowerPoint presentation that walks new prospects through the client experience?
A brochure can also give clients an overview of what they can expect from your firm. Additionally, showing sample reports and explaining their importance can help build trust and clarity.
During the initial meeting, consider asking targeted questions to understand better the employer’s goals for the company retirement plan. This will help you tailor your solutions to meet their specific needs. By providing clear and concise information about your services, along with a detailed explanation of your client experience, potential clients can confidently make informed decisions.
Cybersecurity Is Everyone’s Concern
In today’s digital age, cybersecurity is a significant concern for all businesses. In the 401(k) industry, it is crucial to ensure that your office, TPA partners, recordkeepers, payroll, asset managers, home offices, and other business relationships have cybersecurity in place. An internal audit to assess your processes is an excellent way to evaluate your security measures. It’s also essential to ask your partners about their cybersecurity processes as well. Being proactive about cybersecurity can help mitigate risks and prevent data breaches, which can be costly and damaging to your business.
Earning a New Client
In the competitive 401(k) world, referrals are a key driver of new clients. Taking a few moments to step back and experience your introduction from their perspective can create an onboarding experience that delights.
Reviewing these small interactions can help your business stand out and provide clients with the assurance and peace of mind they need to make informed decisions. Ultimately, this can help your business grow and thrive while providing exceptional client service.
Thanks for reading, and Happy Marketing!
Rebecca Hourihan, AIF, PPC, is the founder and CMO of 401(k) Marketing, which she founded to assist qualified experts operate a professional business with professional marketing materials and ongoing awareness campaigns. This column first appeared in the Fall issue of NAPA Net the Magazine.
