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16 Cards in this Set

  • Front
  • Back
Where does the term '401(k)' come from?
It refers to the section of the IRS code that defines the this type of retirement savings account.
What does it mean if a client or prospect says, "I'm in the 401(k) market place?
It means they are talking to companies to get them to transfer the corporate 401(k) account to the FA or open a new one.
What's the biggest challenge in getting into this business?
It generally takes 18 months or so to get an account open. So you have to have some other way to survive to go after this market.
What are the two ways BGM can help get 401(k) accounts open?
Mail/Phone Campaign and Seminar.
What's the key to developing a 401(k) business?
Having a list of companies in your geographical area that do have a 401K account and also that do NOT have one.
Where can an FA get a list of 401K accounts?
Probably the best source is a lady named "Judy Diamond" who sells lists of companies with 401K accounts
How does a list broker get lists of companies with 401K accounts?
Every year or every two years (depending on the size of the company), a corporation with a 401K account must file a Form 5500 with the US Department of Commerce. Once received and processed by the Department of Commerce, that form becomes a matter of public record.
What's the biggest problem is using a list based on Form 5500?
The people in charge of employees benefits at the companies frequently change.
What's the first thing someone going after this market should do?
Have the Sales Assistant call everyone on the list and determine the current employee benefits manager?
Which letters should someone use who want to approach companies that do not have a 401K account?
Product-401k-How Retirement Plans Can Benefit Employers and Product-401k-Reduce Turnover" and Product-401k-Unlocking Your Company
Have you read the letter "How Retirement Plans can Benefit Employers?"
Yes. (If no, go find it in the letters library and read it.)
Which letter should be used for sending to companies that already do have a 401K campaign?
Product-401k-Unlocking Your Company
If using a direct mail coupon, what rate of response would we expect?
Very low. To be effective, these letters should be used as the mail portion of a mail/phone campaign?
What Gorilla Campaign should be used to manage a Mail/Phone Campaign?
Mail/Phone 2006
How does a mail/phone campaign work.
You print up all your letter undated but mail them so many a day. 3-5 days later, the SA calls to follow up and either set an appointment for the FA or connect the FA to the decision-maker.
Why would an FA need Gorilla to go after this market?
To manage the mail/phone or seminar campaign AND to stay in touch during the long selling cycle.