Who can forget Alec Baldwin\u2019s speech in Glengarry Glenn Ross on how salesmen should \u201cAlways Be Closing\u201d and how coffee is for closers only? It was the highpoint of a great movie.<\/p>\n
I\u2019m not going to go through a discussion on sales, but a cautionary tale that you have to advise your clients to navigate a path where other plan providers will try to sell you client products or services that they don\u2019t need. So instead of Always Be Closing, you should \u201cAlways Be Watching\u201d what happens with your client.<\/p>\n
I have a retirement plan sponsor client trying to terminate their retirement plan. The retirement plan has a fully paid up insurance policy and the sole owner participant wants to purchase that policy from the Plan. So my client talks with a salesperson with the insurance company about the policy. Of course, the new salesman wants to sell my client another insurance policy that he doesn\u2019t need since the business is folding and he\u2019s 71. \u00a0So I always watch and my client avoided buying a new policy.<\/p>\n
I advised my client that he should open a new bank account for his retirement plan at the local bank when dealing with transferring the life insurance policy. So my client goes to the local bank and just wants to set up a bank account for the plan\u2019s trust. The bank tells him that he has to meet with the financial advisor at the bank, i.e, the broker. Why does anyone have to meet a broker to open a bank account? Not to talk about how my Mets will do in 2016.<\/p>\n
It\u2019s not enough to service the client, you always have to watch and make sure that the client doesn\u2019t end up buying retirement plan services and products that they don\u2019t need.<\/p>\n
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