Grow Your Business

Ask and You Will Receive

By Tom Foster

Zig Ziglar, the world renowned motivational speaker and sales consultant, tells devotees that they can have everything they want in life if they will just help others get what they want. It’s a powerful message, one that resonates in the retirement plans marketplace.

Retirement plan advisors who want to build their practices can accomplish just that by providing superior service and asking plan sponsors for referrals and recommendations. Research confirms that referrals are available for the picking.

MassMutual’s Retirement Plan Referrals Study finds that 88 percent of plan sponsors would recommend their advisor, with 37 percent “very likely” to do so.  Only 10 percent said they were unlikely to make a recommendation, according to the study.

The driver of referrals is satisfaction with advisors, which the research shows is quite high. Nine in 10 sponsors who work with an advisor assess the cost and benefits of doing so as valuable (93 percent); just as many are satisfied overall with their advisor (94 percent), according to the study.

Meanwhile, it’s apparent that many sponsors pay attention to Zig Ziglar too. They are nearly as eager to receive referrals as they are to give them, the study shows, with 58 percent sponsors saying they would prefer  to find an advisor through a referral, either by asking or receiving one unsolicited.

Sponsors who research advisors online say the No. 1 criteria for connecting with an advisor is working with someone who has experience with other companies like their own. The No. 2 criteria: customer testimonials.

So don’t be bashful. Ask your plan sponsors if they can refer or recommend you to other employers who might appreciate your help in managing their retirement plan. The research shows that when it comes to referrals, sponsors are willing to both give and receive.

 

More from MassMutual

How to Win New Plan Sponsors: Referrals

Why Sponsors Dump Advisors

New Clients, Enter Stage Right

 

 

Thomas Foster Jr. is Assistant Vice President, Strategy and Relationships, for Massachusetts Mutual Life Insurance Company (MassMutual). This article is for informational purposes only and should not be construed as legal, investment, and/or tax advice.  Please consult your own legal counsel and other experts regarding the specific application of the information set forth herein to your own plan and/or circumstances.

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