One of the biggest mistakes retirement plan providers make is believing that every prospect has to become a client.<\/p>\n
They don\u2019t.<\/p>\n
Sometimes the best thing you can tell a prospect is that they don\u2019t need you. Maybe their current provider is doing a perfectly good job. Maybe the service you\u2019re offering isn\u2019t appropriate for their plan. Maybe they\u2019re looking for something you don\u2019t do particularly well. There is nothing wrong with saying so.<\/p>\n
I\u2019ve turned away business during my career because I didn\u2019t think I was the right fit. I\u2019ve also told prospective clients that they didn\u2019t need to hire me because there wasn\u2019t anything wrong with what they were currently doing.<\/p>\n
You would be surprised how much credibility that creates.<\/p>\n
People remember the person who didn\u2019t try to sell them something.<\/p>\n
Too many providers approach every conversation with the same objective: close the sale. That\u2019s when people start overselling services, criticizing competitors unnecessarily, or convincing plan sponsors that they have problems that don\u2019t actually exist.<\/p>\n
That may generate revenue today, but it\u2019s a lousy way to build a reputation.<\/p>\n
The retirement plan business is a very small world. Today\u2019s prospect who doesn\u2019t hire you may refer three clients to you later. The advisor whose client you told to stay with another TPA may remember your honesty when they actually have a client who needs help.<\/p>\n
Not every opportunity needs to generate a check.<\/p>\n
Sometimes the opportunity is simply demonstrating that you\u2019re knowledgeable, trustworthy, and willing to put somebody else\u2019s interests ahead of making a sale.<\/p>\n
Providers spend enormous amounts of time trying to convince people that they\u2019re trustworthy.<\/p>\n
The easiest way to demonstrate trust is occasionally walking away from money.<\/p>\n
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