In last week’s Question of the Week we asked, “How many face-to-face meetings does it take to close a full-service DC contract?” Here are the results of the voting, expressed in percentages:
1 meeting = zero
3 meetings = 48%
5 meetings = 26%
7 meetings = 10%
Other = 16%
Looks like the voters were pretty much on the money. In the past, the Boston Research Group has asked this question in its best-practices research. “During the sales process, a best-practices advisor successfully closes a sale, on average, after three face-to-face meetings,” says Warren Cormier, the firm’s president and CEO. “This varies somewhat, of course, based on the phase of the search process the plans are in when the advisor starts their sales process. It can also vary somewhat by plan size.”
This week’s Question of the Week is: “What contributes more to a plan sponsor's loyalty, satisfaction and sense of value regarding their advisor?” It can be found at the bottom of the right column of any page on the portal. On mobile devices, scroll all the way to the bottom. (Speaking of mobile devices, a reminder to use your device’s browser to bookmark the NAPA Net home page. This will create an icon on your device’s home page.)
