Episode #39 – Why Your Story is so Valuable in Marketing We all know the power of stories (in teaching, for remembering what we hear, for engaging people, etc.) and in marketing – stories can create a connection more powerful than any other type of communication. In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing another lesson from the New Instant Authority Masterclass on the power of knowing, and sharing, your “why” or your story of why you do what you do. Mentioned in this episode:  Instant Authority Masterclass  (Sign up for a free preview and access the first 5 lessons for free – includes lessons, transcripts, and worksheets.) Watch the YouTube version of this episode here.

<h3>Episode #39 – Why Your Story is so Valuable in Marketing</h3> We all know the power of stories (in teaching, for remembering what we hear, for engaging people, etc.) and in marketing – stories can create a connection more powerful than any other type of communication. In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing another lesson from the New Instant Authority Masterclass on the power of knowing, and sharing, your “why” or your story of why you do what you do. Mentioned in this episode: <ul> <li><a href="https://www.401kbestpracticelab.com/instant-authority-masterclass57143433" rel="noopener nofollow" target="_blank">Instant Authority Masterclass</a></li> </ul> (<a href="https://401kbestpractices.com/free-preview/" rel="noopener nofollow" target="_blank">Sign up for a free preview and access the first 5 lessons for free</a> – includes lessons, transcripts, and worksheets.) <a href="https://youtu.be/cEV8UQiXNKs" rel="noopener nofollow" target="_blank">Watch the YouTube version of this episode here</a>.

401kExperts 039: Why Your Story is So Valuable in Marketing

Episode #38 – Does Your Marketing Speak to Your Ideal Client? Do you find you’re attracting prospects that aren’t a great fit (or not really attracting any new prospects without a lot of effort)? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing another lesson from the New Instant Authority Masterclass on how to define your perfect client so your marketing attracts your perfect client by speaking to their needs, hopes, and desires. Mentioned in this episode:  Instant Authority Masterclass  (Sign up for a free preview and access the first 5 lessons for free – includes lessons, transcripts, and worksheets.)   Watch the YouTube version of this episode here.

<h3>Episode #38 – Does Your Marketing Speak to Your Ideal Client?</h3> Do you find you’re attracting prospects that aren’t a great fit (or not really attracting any new prospects without a lot of effort)? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing another lesson from the New Instant Authority Masterclass on how to define your perfect client so your marketing attracts your perfect client by speaking to their needs, hopes, and desires. Mentioned in this episode: <ul> <li><a href="https://www.401kbestpracticelab.com/instant-authority-masterclass57143433" rel="noopener nofollow" target="_blank">Instant Authority Masterclass</a></li> </ul> (<a href="https://401kbestpractices.com/free-preview/" rel="noopener nofollow" target="_blank">Sign up for a free preview and access the first 5 lessons for free</a> – includes lessons, transcripts, and worksheets.) <a href="https://youtu.be/87NuvawC-9k" rel="noopener nofollow" target="_blank">Watch the YouTube version of this episode here</a>.

401kExperts 038: Does Your Marketing Speak to Your Ideal Client?

Episode #37 – The Four Core Fundamentals of Great Positioning If you want to position yourself as a 401(k) expert and authority, there are four core fundamentals you need to address. In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing another lesson from the New Instant Authority Masterclass on the four core fundamentals of strong online positioning. Mentioned in this episode:  Instant Authority Masterclass (Sign up for a free preview and access the first 5 lessons for free – includes lessons, transcripts, and worksheets.) Watch the YouTube version of this episode here. Read the article version here.

<h3>Episode #37 – The Four Core Fundamentals of Great Positioning</h3> If you want to position yourself as a 401(k) expert and authority, there are four core fundamentals you need to address. In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing another lesson from the New Instant Authority Masterclass on the four core fundamentals of strong online positioning. Mentioned in this episode: <ul> <li><a href="https://www.401kbestpracticelab.com/instant-authority-masterclass57143433" rel="noopener nofollow" target="_blank">Instant Authority Masterclass</a></li> <li>(<a href="https://401kbestpractices.com/free-preview/" rel="noopener nofollow" target="_blank">Sign up for a free preview and access the first 5 lessons for free</a> – includes lessons, transcripts, and worksheets.)</li> <li><a href="https://youtu.be/SdiG7JOCISY" rel="noopener nofollow" target="_blank">Watch the YouTube version of this episode here</a>.</li> <li><a href="https://401kbestpractices.com/4-core-fundamentals-of-great-positioning/" rel="noopener nofollow" target="_blank">Read the article version here.</a></li></ul>

401kExperts 037: The Four Core Fundamentals of Great Positioning

Episode #36 – What Strong Online Positioning Can Do For You If a plan sponsor looked you up on line, would they see you as a trusted expert and authority in the 401(k) industry? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing a lesson from the New Instant Authority Masterclass on how strong positioning can give you an advantage in 401(k) plan prospecting. Mentioned in this episode:  Instant Authority Masterclass (Sign up for a free preview and access the first 5 lessons for free – includes lessons, transcripts, and worksheets.) Watch the YouTube version of this episode here.

<h3>Episode #36 – What Strong Online Positioning Can Do For You</h3> If a plan sponsor looked you up on line, would they see you as a trusted expert and authority in the 401(k) industry? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing a lesson from the New Instant Authority Masterclass on how strong positioning can give you an advantage in 401(k) plan prospecting. Mentioned in this episode: <ul> <li><a href="https://www.401kbestpracticelab.com/instant-authority-masterclass57143433" rel="noopener nofollow" target="_blank">Instant Authority Masterclass</a></li> <li>(<a href="https://401kbestpractices.com/free-preview/" rel="noopener nofollow" target="_blank">Sign up for a free preview and access the first 5 lessons for free</a> – includes lessons, transcripts, and worksheets.)</li> <li><a href="https://youtu.be/rm40Jg21zkM" rel="noopener nofollow" target="_blank">Watch the YouTube version of this episode here</a>.</li></ul>

401kExperts 036: What Strong Online Positioning Can Do For You

Episode #35 – How a Printed Compliance File Can Help You Win New Business Looking for ways to demonstrate that you have a solid process in place to help plan sponsors? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing a short story* about what an advisor I worked with said was a key reason they won a $200 million dollar plan. Mentioned in this episode:  The 401(k) Plan Compliance File Kit    Read the article version of this topic (transcript included) here. Or watch the YouTube Video here.   * In the story, the Plan Compliance file was a reason cited for the advisor winning the plan (it was not the ONLY reason). There is no promise or guarantee you will win a $200 million dollar plan by simply showing up with a binder ;-)… There is more to selling than that – but it can certainly help demonstrate your value visually.

<h3>Episode #35 – How a Printed Compliance File Can Help You Win New Business</h3> Looking for ways to demonstrate that you have a solid process in place to help plan sponsors? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m sharing a short story* about what an advisor I worked with said was a key reason they won a $200 million dollar plan. Mentioned in this episode: <ul> <li><a href="https://www.401kbestpracticelab.com/compliance-file-kit-details" rel="nofollow" target="_blank">The 401(k) Plan Compliance File Kit</a></li> </ul> Read <a href="https://401kbestpractices.com/printed-compliance-file/" rel="nofollow" target="_blank">the article version of this topic (transcript included) here</a>. Or <a href="https://youtu.be/2CfVQxsyCnM" rel="nofollow" target="_blank">watch the YouTube Video here</a>. * In the story, the Plan Compliance file was a reason cited for the advisor winning the plan (it was not the ONLY reason). There is no promise or guarantee you will win a $200 million dollar plan by simply showing up with a binder ;-)… There is more to selling than that – but it can certainly help demonstrate your value visually.

401kExperts 035: How a Printed Compliance File Can Help You Win New Business

Episode #34 – Resource Review – Catapult (An RFP Solution) Looking for a turn-key, full-service, Request for Proposal (RFP) platform? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with Justin Witz, Founder and CEO of Catapult HQ, Inc. about their RFP platform called “Catapult.” Mentioned in this episode:  Catapult  Read the article version of this topic (transcript included) here. Or watch the YouTube Video here.

<h3>Episode #34 – Resource Review – Catapult (An RFP Solution)</h3> Looking for a turn-key, full-service, Request for Proposal (RFP) platform? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with Justin Witz, Founder and CEO of Catapult HQ, Inc. about their RFP platform called “Catapult.” Mentioned in this episode: <ul> <li><a href="https://catapulthq.com/" rel="noopener nofollow" target="_blank">Catapult</a></li> </ul> Read <a href="https://401kbestpractices.com/resource-review-catapult/" rel="nofollow" target="_blank">the article version of this topic (transcript included) here</a>. Or <a href="https://youtu.be/NVGWZfnD7dc" rel="nofollow" target="_blank">watch the YouTube Video here</a>.

401kExperts 034: Resource Review - Catapult

Episode #33 – Resource Review – PscNet (Profit Sharing Comparison System) Looking for an easy-to-use retirement plan design and proposal solution? I recently spoke with Marco Brown, creator of PscNet about a plan design comparison software program that allows advisors to create proposals comparing several types of qualified plans, (including Age Weighted, New Comparability, and Cash Balance Plans). In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with Marco Brown, creator of PscNet about a software program that allows advisors to create plan design proposals comparing several types of qualified plans, (including Age Weighted, New Comparability, and Cash Balance Plans).   Mentioned in this episode:  PcsNet  Read the article version of this topic here. Or watch the YouTube Video here.

<h3>Episode #33 – Resource Review – PscNet (Profit Sharing Comparison System)</h3> Looking for an easy-to-use retirement plan design and proposal solution? I recently spoke with Marco Brown, creator of PscNet about a plan design comparison software program that allows advisors to create proposals comparing several types of qualified plans, (including Age Weighted, New Comparability, and Cash Balance Plans). In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with Marco Brown, creator of PscNet about a software program that allows advisors to create plan design proposals comparing several types of qualified plans, (including Age Weighted, New Comparability, and Cash Balance Plans).   Mentioned in this episode: <ul> <li><a href="https://www.pensiononline.com/pd.html" rel="noopener nofollow" target="_blank">PcsNet</a></li> </ul> <a href="https://401kbestpractices.com/resource-review-pscnet/" rel="noopener nofollow" target="_blank">Read the article version of this topic here</a>. Or <a href="https://youtu.be/6b4YuPzNFy4" rel="noopener nofollow" target="_blank">watch the YouTube Video here</a>.

401kExperts 033: Resource Review - PscNet

Episode #32 – Resource Review – The Retirement Analysis Kit (TRAK) Looking for a way to add tremendous value to the participants in the plans you serve? A tool that engages participants and helps move the needle on retirement readiness? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with Ed Dressel from RetireReady Solutions about their flagship software product called The Retirement Analysis Kit, better known as TRAK. Mentioned in this episode:  RetireReady.com (TRAK)  Read the article version of this topic here. Or watch the YouTube Video here.

<h3>Episode #32 – Resource Review – The Retirement Analysis Kit (TRAK)</h3> Looking for a way to add tremendous value to the participants in the plans you serve? A tool that engages participants and helps move the needle on retirement readiness? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with Ed Dressel from RetireReady Solutions about their flagship software product called The Retirement Analysis Kit, better known as TRAK. Mentioned in this episode: <ul> <li><a href="https://retireready.com/" rel="noopener nofollow" target="_blank">RetireReady.com</a> (TRAK)</li> </ul> Read <a href="https://401kbestpractices.com/resource-review-trak/" rel="nofollow" target="_blank">the article version of this topic here</a>. Or <a href="https://youtu.be/qJ7QotOxE-k" rel="noopener nofollow" target="_blank">watch the YouTube Video here</a>.

401kExperts 032: Resource Review - TRAK

Episode #31 – Resource Review – PlanTools Looking for an investment monitoring program that gives you control over the parameters… and includes the ability to customize each IPS, a built-in CRM, a client vault, a fiduciary education center – and more!? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with David Witz from Fiduciary Risk Assessment about their software called PlanTools. Mentioned in this episode:  PlanTools  Read the article version of this topic here. Or watch the YouTube Video here.

<h3>Episode #31 – Resource Review – PlanTools</h3> Looking for an investment monitoring program that gives you control over the parameters… and includes the ability to customize each IPS, a built-in CRM, a client vault, a fiduciary education center – and more!? In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with David Witz from Fiduciary Risk Assessment about their software called PlanTools. Mentioned in this episode: <ul> <li><a href="https://plantools.com/index.html" rel="nofollow" target="_blank">PlanTools</a></li> </ul> Read <a href="https://401kbestpractices.com/resource-review-plantools/" rel="nofollow" target="_blank">the article version of this topic here.</a> Or <a href="https://youtu.be/JA7XayoLCAc" rel="noopener nofollow" target="_blank">watch the YouTube Video here</a>.

401kExperts 031: Resource Review - PlanTools

Episode #30 – Resource Review – 401kGrabNGo Looking for strategies, scripts, and ideas to get more 401k sales opportunities (and close them and then service them?)… In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with Andy Hudson from 401(k) Champions about a valuable resource they offer advisors called 401kGrabNGo. Mentioned in this episode:  401kGrabNGo Book: The 401(k) Sales Champion Online Course Hosting Platform: Kajabi Bi-Monthly Coaching Calls: 401(k) Sales Calls  Read the article version of this topic here. Or watch the YouTube Video here. Note: I think is such a valuable resource for 401(k) advisors – especially those just starting out or looking for prospecting and servicing ideas – that I’m buying it for anyone who joins the 401k Quarterback program (full template library access) – or anyone who purchases just the single Prospect Drip Content in a Box Kit.

<h3>Episode #30 – Resource Review – 401kGrabNGo</h3> Looking for strategies, scripts, and ideas to get more 401k sales opportunities (and close them and then service them?)… In this episode of the 401k Best Practices (Ask the Experts) podcast, I’m talking with Andy Hudson from 401(k) Champions about a valuable resource they offer advisors called 401kGrabNGo. Mentioned in this episode: <ul> <li><a href="https://www.401kgrabngo.com/" rel="noopener nofollow" target="_blank">401kGrabNGo</a></li> <li>Book: <a href="https://amzn.to/3Q4kx4d" rel="noopener nofollow" target="_blank">The 401(k) Sales Champion</a></li> <li>Online Course Hosting Platform: <a href="https://kajabi.com/" rel="noopener nofollow" target="_blank">Kajabi</a></li> <li>Bi-Monthly Coaching Calls: <a href="https://www.401kgrabngo.com/401K%20Sales%20Call%2021" rel="noopener nofollow" target="_blank">401(k) Sales Calls</a></li> </ul> Read the article version of this topic here. Or <a href="https://youtu.be/E4KumSOKdsM" rel="noopener nofollow" target="_blank">watch the YouTube Video here</a>. Note: I think is such a valuable resource for 401(k) advisors – especially those just starting out or looking for prospecting and servicing ideas – that I’m buying it for anyone who joins the <a href="https://www.401kbestpracticelab.com/401kbb-checkout" rel="nofollow" target="_blank">401k Quarterback program (full template library access)</a> – or anyone who purchases just the single <a href="https://www.401kbestpracticelab.com/prospect-drip-details" rel="nofollow" target="_blank">Prospect Drip Content in a Box</a> Kit.

401kExperts 030: Resource Review - 401kGrabNGo

The 401k Best Practices Ask the Experts Podcast is where financial advisors get resources, strategies and best practices for growing a successful and compliant 401k practice.  As the host, Sharon Pivirotto interviews top 401k advisors and leading industry and business experts and shares ideas for growing, servicing, and managing a successful 401k business.

The 401k Best Practices Ask the Experts Podcast is where financial advisors get resources, strategies and best practices for growing a successful and compliant 401k practice. As the host, Sharon Pivirotto interviews top 401k advisors and leading industry and business experts and shares ideas for growing, servicing, and managing a successful 401k business.

Ask the 401k Experts

Episode #5    DALBAR’s Registered Fiduciary (RF) Certification with Cory Clark After putting together the Retirement Plan Professional’s Designation &amp; Certification Guide and having a chance to learn more about the various programs out there, DALBAR’s Registered Fiduciary (RF) Certification caught my eye as something that doesn’t look or sound or feel like the other programs out there. I put it on my list as a program to complete this year, and reached out to Cory Clark, the Chief Marketing Officer at DALBAR, Inc., to learn more. In this episode you'll learn:  What the RF Certification is and why an advisor would want to earn that certification If the training offered is something anyone can buy and go through, even if they're not planning to hold the RF certification If an advisor would complete both the wealth management and 401k training or if they choose which specialty they want What qualifies for exemption from the training (you don’t have to complete the training necessarily to apply for the RF certification How DALBAR actively promotes the RF Certification Who would be the ideal person to go through this certification process The limits Cory has seen on who is allowed to use this certification in marketing and who isn't What is the biggest difference between the RF Certification and other options out there (designation and certification programs for advisors)  To learn more about DALBAR’s Registered Fiduciary certification, visit:  FiduciaryRegistry.com  COMING SOON…  Full video interview with transcript Full review of the RF program as I complete it…  Don't miss out on all the strategies we'll be sharing in the future. Subscribe via iTunes to get access to future episodes and don't forget to leave a rating in iTunes. It helps more people find our show. Disclaimer:  The information provided in these videos is for professional use only and not for use with plan sponsors or plan participants.  The information provided, ideas, opinions and commentary are meant to be educational and general in nature and any reference to ERISA or retirement plan regulations is not meant to be legal or financial advice or an interpretation of the laws, but rather a general discussion. Check with your ERISA attorney and compliance department for the applicability of any matters discussed to your specific situation. 

<h3>Episode #5    DALBAR’s Registered Fiduciary (RF) Certification with Cory Clark</h3> After putting together the <a href="https://401kbestpractices.com/2019-retirement-designation-guide/" rel="nofollow" target="_blank">Retirement Plan Professional’s Designation &amp; Certification Guide</a> and having a chance to learn more about the various programs out there, DALBAR’s Registered Fiduciary (RF) Certification caught my eye as something that doesn’t look or sound or feel like the other programs out there. I put it on my list as a program to complete this year, and reached out to Cory Clark, the Chief Marketing Officer at DALBAR, Inc., to learn more. <h3>In this episode you'll learn:</h3> <ol> <li>What the RF Certification is and why an advisor would want to earn that certification</li> <li>If the training offered is something anyone can buy and go through, even if they're not planning to hold the RF certification</li> <li>If an advisor would complete both the wealth management and 401k training or if they choose which specialty they want</li> <li>What qualifies for exemption from the training (you don’t have to complete the training necessarily to apply for the RF certification</li> <li>How DALBAR actively promotes the RF Certification</li> <li>Who would be the ideal person to go through this certification process</li> <li>The limits Cory has seen on who is allowed to use this certification in marketing and who isn't</li> <li>What is the biggest difference between the RF Certification and other options out there (designation and certification programs for advisors)</li> </ol> To learn more about DALBAR’s Registered Fiduciary certification, visit: <ul> <li><a href="http://www.fiduciaryregistry.com/" rel="noopener noreferrer nofollow" target="_blank">FiduciaryRegistry.com</a></li> </ul> COMING SOON… <ul> <li>Full video interview with transcript</li> <li>Full review of the RF program as I complete it…</li> </ul> Don't miss out on all the strategies we'll be sharing in the future.<a href="https://itunes.apple.com/us/podcast/ask-the-401k-experts/id966086158" rel="noopener noreferrer nofollow" target="_blank"> Subscribe via iTunes</a> to get access to future episodes and <a href="https://itunes.apple.com/us/podcast/ask-the-401k-experts/id966086158" rel="noopener noreferrer nofollow" target="_blank">don't forget to leave a rating in iTunes</a>. It helps more people find our show. Disclaimer:  The information provided in these videos is for professional use only and not for use with plan sponsors or plan participants.  The information provided, ideas, opinions and commentary are meant to be educational and general in nature and any reference to ERISA or retirement plan regulations is not meant to be legal or financial advice or an interpretation of the laws, but rather a general discussion. Check with your ERISA attorney and compliance department for the applicability of any matters discussed to your specific situation.

401kExperts 005: DALBAR's Registered Fiduciary (RF) Certification

Episode #7    What is your origin story… how did you get here? Advisors often ask how they can build their trust, credibility, and authority online and a frequent answer I give is to make sure you “story” is very clear in your marketing. Why are you in this market? What was the reason or force that pulled you to choose the complex world of ERISA. Why do you want to help plan sponsors and participants. We all have a story. In this episode you'll hear my story. But that’s not enough. Don’t stop there. I encourage you to think about your own origin story… “Your origin story helps people decide whether or not to trust you.” In this article, To Quickly Build Trust, Tell Your Origin Story – Andy Raskin outlines 5 script prompts (with examples) to help you craft your story that include:  “Once upon a time…” “Then one day…” “Because of that…” “Until finally…” “So now…”  I’d encourage you to read the full article, then sit down and write out your own story. Then start using parts of it in your marketing:  Add a condensed version to your summary on LinkedIn. Include it in the “About” section of your website. Make it part of your story when people ask you what you do (a shorter vision of course).  Mentioned in this episode:  “Wealth Without Risk” by Charles Givens  Transcript: Okay, so today I’m going to do something a little bit different… I want to talk to you about what is your story? Why are you in the 401k market? Why do you want to serve as 401k plans? That story is an important part of your marketing. It should be an important part of your story that you tell when you’re out there talking to plan sponsors. So I thought I’d start by sharing my story. A lot of people don’t know much about me and that’s okay. But to give you a little background, when I was 24 years old, I was in the Army and I was stationed over in Kuwait with a lot of extra time on my hands. And one of the books that I was reading, it just made me pause. It made me stop dead in my tracks. And the name of that book that really changed the course of my life was called, “Wealth Without Risk” by Charles Givens. The book had so many concepts in it that as a 24 year old I had never heard before in my life – about how to save money, about how to make money, about how to invest money. And when I read that book, a light bulb just went off in my head and I said, “If more people knew these concepts, more people would have more money. And when I get out of the Army, I want to help people with their finances. I want to educate people on concepts such as this.” And I did… As soon as my four years of active duty was up, I opened an Edward Jones office right outside of Pittsburgh and became an Edward Jones Rep and… I’m married – I got married just after getting out of the Army. I met my husband in the Army. And so we were starting this new life together and I was on this path to become an Edward Jones Investment Representative. And all I had known about being an investment advisor prior to being an investment advisor was that I thought they made a lot of money ;-). And I wanted to be an investment advisor to really make an impact and make a difference in the lives of other individuals. And it wasn’t easy though. I wanted to make money, I wanted to change the world. And yeah, when you first start out in any career, but most, especially as a financial advisor, you put in a lot of hours, you put a lot of work. I was knocking on a lot of doors, shaking a lot of hands, joining a lot of organizations. I was president of the Rotary Club. It was a struggle, but at some point I got up to $60 million in assets under management, with a couple of hundred clients. But I had this conflict internally because I realized that I didn’t like selling and selling wasn’t necessarily educating or providing advice. I wasn’t doing what I originally set out to do. I was… I was selling, I was pushing product. There was a product of the month, there was a preferred fund family and it just, it just didn’t settle well with me. So after about seven years, I left Edward Jones and found a certified financial planning office in the South Hills of Pittsburgh where the advisor there was giving investment advice. He was educating and he had this amazing process and something that was new to me was… Half of his book of business was all 401k plans and it occurred to me, a light bulb went off right there, that you can help more people if you have a 401k plan client than you can if you help out one individual client, two individual clients, three individual clients. Having a 401k plan allows you access to a hundred individual potential clients, potentially a thousand individual clients. And so I wanted to become a 401k expert. I wanted to become a 401k advisor. And the first thing that I think anyone should do when you say, “This is the market I want to go to, “is start to research, start to look at what are the regulations, what is the training out there? What should I know and do in order to be able to actually service this market effectively and in the best interest of the clients? And I quickly realized that whoa! – it is not the same as working with individual clients. The retirement market has regulations. The 401K market has this huge 500 plus page regulation called ERISA, the Employee Retirement Income Security Act. And that hit me like a ton of bricks. I had tried to compete for 401k business when I was a Jones broker and thank goodness I never actually closed that business because I was not qualified to be a 401k advisor without the proper training and education. And the more I started going through the education necessary to become a qualified 401k advisor, the more I realized that a lot of the education out there was missing a critical component. It was missing the practical side of, well, if these are the regulations, how do you actually implement? How do you demonstrate? How does the plan sponsor meet the regulations? Where’s the process for doing that? And so I created a program called the 401k Service Training Program that culminated in a new designation at the time called Professional Plan Consultant. And that was kind of my way of saying, “If you’re going to be an advisor in this industry, you need to know what you’re doing and you need to have a process to be able to help plan sponsors demonstrate that they’re meeting regulation.” And that training program, we had it accredited through Robert Morris University. It was initially a classroom training program and eventually we took it online and eventually we sold it to fi360 because they had a much bigger reach. They were another local Pittsburgh company with a much wider audience and wider reach because really I wanted to make sure advisors were educated if they were going to be helping plan sponsors. Kind of the same thing with that Charles Givens book. It was one of those Aha moments where, “Man, individuals need to know this stuff!” After going through the training, I said, “Man, advisors need to know this stuff and they need to be able to demonstrate that they’re doing this, they need to help plan sponsors with this because plan sponsors don’t know what they don’t know!” And so after creating that training program, I kind of hit another wall where I said, there’s this challenge that once you know what to do, how do you actually do it? A process is one thing, but what does that process look like? If an auditor comes in and says, show me your process, what are they going to show them? And so then I created the 401k Service Solution, which was a complete set of documents from A to Z, selling to educating, to servicing, to managing a 401k business. And that document pack won an award by the Profit Sharing Council of America for actually helping plan sponsors to understand and demonstrate that they were meeting their fiduciary responsibilities. I’m very proud of that. And we sold that to fi360 as well. And so fast forward six years… Today I still run a 401k blog. It’s really kind of more of my passion hobby. Whenever I get an email from an advisor that says, “How do I do this or where do I begin?” Or it’s usually most often advisors just getting started looking to grow their 401k practice, looking to get into the 401k business, looking to make a bigger impact, how to sell or service, how to manage… I always evaluate the question and see if I can’t provide a solution. It might be training or it might be a blog post or it might be a set of documents that could help them. That initial set of documents that we sold to fi360 oh so many years ago – some of those documents have been made available in their designee portal, but not all of them. And there’s a lot that never actually got pushed out and made available. So I’m going to be revitalizing that because I continue to get inquiries about how do I do this? What does that process look like? Can you help me with creating these documents? So look for that to come. But that’s my story. That’s how I went from being in the Army to being a 401k specialist and I would love to know your story, and your plan sponsor clients, your prospects, would like to know your story. Why are you in this industry? Why are you looking to help clients in this industry? What is your story? What is your why? And what challenges or obstacles have you seen as you are on this journey to make a difference in the lives of your plan sponsor clients and ultimately in the lives of the participants in those plans. I’d love to hear from you. So that’s today’s episode and I look forward to talking to you again soon. Don't miss out on all the strategies we'll be sharing in the future. Subscribe via iTunes to get access to future episodes and don't forget to leave a rating in iTunes. It helps more people find the show. Disclaimer:  The information provided in these videos is for professional use only and not for use with plan sponsors or plan participants.  The information provided, ideas, opinions and commentary are meant to be educational and general in nature and any reference to ERISA or retirement plan regulations is not meant to be legal or financial advice or an interpretation of the laws, but rather a general discussion. Check with your ERISA attorney and compliance department for the applicability of any matters discussed to your specific situation. 

<h3>Episode #7   What is your origin story… how did you get here?</h3> Advisors often ask how they can build their trust, credibility, and authority online and a frequent answer I give is to make sure you “story” is very clear in your marketing. Why are you in this market? What was the reason or force that pulled you to choose the complex world of ERISA. Why do you want to help plan sponsors and participants. We all have a story. <h3>In this episode you'll hear my story.</h3> But that’s not enough. Don’t stop there. I encourage you to think about your own origin story… “Your origin story helps people decide whether or not to trust you.” In this article, <a href="https://medium.com/the-mission/want-trust-share-your-origin-story-78db82157cca" rel="noopener noreferrer nofollow" target="_blank">To Quickly Build Trust, Tell Your Origin Story</a> – Andy Raskin outlines 5 script prompts (with examples) to help you craft your story that include: <ol> <li>“Once upon a time…”</li> <li>“Then one day…”</li> <li>“Because of that…”</li> <li>“Until finally…”</li> <li>“So now…”</li> </ol> I’d encourage you to read the full article, then sit down and write out your own story. Then start using parts of it in your marketing: <ul> <li>Add a condensed version to your summary on LinkedIn.</li> <li>Include it in the “About” section of your website.</li> <li>Make it part of your story when people ask you what you do (a shorter vision of course).</li> </ul> Mentioned in this episode: <ul> <li>“<a href="https://amzn.to/2ZnVzBI" rel="noopener noreferrer nofollow" target="_blank">Wealth Without Risk</a>” by Charles Givens</li> </ul> Transcript: Okay, so today I’m going to do something a little bit different… I want to talk to you about what is your story? Why are you in the 401k market? Why do you want to serve as 401k plans? That story is an important part of your marketing. It should be an important part of your story that you tell when you’re out there talking to plan sponsors. So I thought I’d start by sharing my story. A lot of people don’t know much about me and that’s okay. But to give you a little background, when I was 24 years old, I was in the Army and I was stationed over in Kuwait with a lot of extra time on my hands. And one of the books that I was reading, it just made me pause. It made me stop dead in my tracks. And the name of that book that really changed the course of my life was called, “Wealth Without Risk” by Charles Givens. The book had so many concepts in it that as a 24 year old I had never heard before in my life – about how to save money, about how to make money, about how to invest money. And when I read that book, a light bulb just went off in my head and I said, “If more people knew these concepts, more people would have more money. And when I get out of the Army, I want to help people with their finances. I want to educate people on concepts such as this.” And I did… As soon as my four years of active duty was up, I opened an Edward Jones office right outside of Pittsburgh and became an Edward Jones Rep and… I’m married – I got married just after getting out of the Army. I met my husband in the Army. And so we were starting this new life together and I was on this path to become an Edward Jones Investment Representative. And all I had known about being an investment advisor prior to being an investment advisor was that I thought they made a lot of money ;-). And I wanted to be an investment advisor to really make an impact and make a difference in the lives of other individuals. And it wasn’t easy though. I wanted to make money, I wanted to change the world. And yeah, when you first start out in any career, but most, especially as a financial advisor, you put in a lot of hours, you put a lot of work. I was knocking on a lot of doors, shaking a lot of hands, joining a lot of organizations. I was president of the Rotary Club. It was a struggle, but at some point I got up to $60 million in assets under management, with a couple of hundred clients. But I had this conflict internally because I realized that I didn’t like selling and selling wasn’t necessarily educating or providing advice. I wasn’t doing what I originally set out to do. I was… I was selling, I was pushing product. There was a product of the month, there was a preferred fund family and it just, it just didn’t settle well with me. So after about seven years, I left Edward Jones and found a certified financial planning office in the South Hills of Pittsburgh where the advisor there was giving investment advice. He was educating and he had this amazing process and something that was new to me was… Half of his book of business was all 401k plans and it occurred to me, a light bulb went off right there, that you can help more people if you have a 401k plan client than you can if you help out one individual client, two individual clients, three individual clients. Having a 401k plan allows you access to a hundred individual potential clients, potentially a thousand individual clients. And so I wanted to become a 401k expert. I wanted to become a 401k advisor. And the first thing that I think anyone should do when you say, “This is the market I want to go to, “is start to research, start to look at what are the regulations, what is the training out there? What should I know and do in order to be able to actually service this market effectively and in the best interest of the clients? And I quickly realized that whoa! – it is not the same as working with individual clients. The retirement market has regulations. The 401K market has this huge 500 plus page regulation called ERISA, the Employee Retirement Income Security Act. And that hit me like a ton of bricks. I had tried to compete for 401k business when I was a Jones broker and thank goodness I never actually closed that business because I was not qualified to be a 401k advisor without the proper training and education. And the more I started going through the education necessary to become a qualified 401k advisor, the more I realized that a lot of the education out there was missing a critical component. It was missing the practical side of, well, if these are the regulations, how do you actually implement? How do you demonstrate? How does the plan sponsor meet the regulations? Where’s the process for doing that? And so I created a program called the 401k Service Training Program that culminated in a new designation at the time called Professional Plan Consultant. And that was kind of my way of saying, “If you’re going to be an advisor in this industry, you need to know what you’re doing and you need to have a process to be able to help plan sponsors demonstrate that they’re meeting regulation.” And that training program, we had it accredited through Robert Morris University. It was initially a classroom training program and eventually we took it online and eventually we sold it to fi360 because they had a much bigger reach. They were another local Pittsburgh company with a much wider audience and wider reach because really I wanted to make sure advisors were educated if they were going to be helping plan sponsors. Kind of the same thing with that Charles Givens book. It was one of those Aha moments where, “Man, individuals need to know this stuff!” After going through the training, I said, “Man, advisors need to know this stuff and they need to be able to demonstrate that they’re doing this, they need to help plan sponsors with this because plan sponsors don’t know what they don’t know!” And so after creating that training program, I kind of hit another wall where I said, there’s this challenge that once you know what to do, how do you actually do it? A process is one thing, but what does that process look like? If an auditor comes in and says, show me your process, what are they going to show them? And so then I created the 401k Service Solution, which was a complete set of documents from A to Z, selling to educating, to servicing, to managing a 401k business. And that document pack won an award by the Profit Sharing Council of America for actually helping plan sponsors to understand and demonstrate that they were meeting their fiduciary responsibilities. I’m very proud of that. And we sold that to fi360 as well. And so fast forward six years… Today I still run a 401k blog. It’s really kind of more of my passion hobby. Whenever I get an email from an advisor that says, “How do I do this or where do I begin?” Or it’s usually most often advisors just getting started looking to grow their 401k practice, looking to get into the 401k business, looking to make a bigger impact, how to sell or service, how to manage… I always evaluate the question and see if I can’t provide a solution. It might be training or it might be a blog post or it might be a set of documents that could help them. That initial set of documents that we sold to fi360 oh so many years ago – some of those documents have been made available in their designee portal, but not all of them. And there’s a lot that never actually got pushed out and made available. So I’m going to be revitalizing that because I continue to get inquiries about how do I do this? What does that process look like? Can you help me with creating these documents? So look for that to come. But that’s my story. That’s how I went from being in the Army to being a 401k specialist and I would love to know your story, and your plan sponsor clients, your prospects, would like to know your story. Why are you in this industry? Why are you looking to help clients in this industry? What is your story? What is your why? And what challenges or obstacles have you seen as you are on this journey to make a difference in the lives of your plan sponsor clients and ultimately in the lives of the participants in those plans. I’d love to hear from you. So that’s today’s episode and I look forward to talking to you again soon. Don't miss out on all the strategies we'll be sharing in the future.<a href="https://itunes.apple.com/us/podcast/ask-the-401k-experts/id966086158" rel="noopener noreferrer nofollow" target="_blank"> Subscribe via iTunes</a> to get access to future episodes and <a href="https://itunes.apple.com/us/podcast/ask-the-401k-experts/id966086158" rel="noopener noreferrer nofollow" target="_blank">don't forget to leave a rating in iTunes</a>. It helps more people find the show. Disclaimer:  The information provided in these videos is for professional use only and not for use with plan sponsors or plan participants.  The information provided, ideas, opinions and commentary are meant to be educational and general in nature and any reference to ERISA or retirement plan regulations is not meant to be legal or financial advice or an interpretation of the laws, but rather a general discussion. Check with your ERISA attorney and compliance department for the applicability of any matters discussed to your specific situation.

401kExperts 007: What is Your Origin Story?

Episode #3    The Why and How of Fiduciary Training for Investment Committees With our Expert Panelists weighing in  Since one thing I've always felt strongly about is the need for education by both 401k professionals and plan sponsors that have decision-making authority (see The Need for 401k Specialization), when a reader recently posed a question to the panel about fiduciary education, it wasn't a difficult call to include this critical topic. In this episode, the panel tackles this recently submitted reader question: How important is fiduciary education for retirement committee members and what resources are you using or would you recommend advisors look at for educating committee members? Listen in as Chip Hardy, Sheri Fitts, James Watkins, Mario Giganti, and Jason Roberts share their thoughts on the best way to educate plan sponsors on their critical responsibilities. In this episode you'll learn:  Why it's essential to include plan sponsor training in your service offering The marketing angle advisors that offer committee training can use to gain a competitive advantage How to address a wide range of topics effectively A quarterly approach to committee training How to avoid overwhelming plan sponsors with too much information What resources, training and education tools are available to offer plan sponsor education to your clients And more   Items discussed in this program:  Department of Labor Education Resources Meeting Your Fiduciary Responsibilities guide by the DOL Prudent Practices Handbook Series by fi360 Fiduciary Essentials for DC Plans training by fi360 fi360.com website GMAP by the Pension Resource Institute  Don't miss out on all the strategies we'll be sharing in the future. Subscribe via iTunes to get access to future episodes and don't forget to leave a rating in iTunes. It helps more people find our show. Disclaimer:  The information provided in these podcasts is for professional use only and not for use with plan sponsors or plan participants.  The information provided, ideas, opinions and commentary are meant to be educational and general in nature and any reference to ERISA or retirement plan regulations is not meant to be legal or financial advice or an interpretation of the laws, but rather a general discussion. Check with your ERISA attorney and compliance department for the applicability of any matters discussed to your specific situation.

<h3>Episode #3    The Why and How of Fiduciary Training for Investment Committees With our Expert Panelists weighing in </h3> Since one thing I've always felt strongly about is the need for education by both 401k professionals and plan sponsors that have decision-making authority (see <a href="https://401kbestpractices.com/401k-industry-needs-specialists/" rel="noopener noreferrer nofollow" target="_blank">The Need for 401k Specialization</a>), when a reader recently posed a question to the panel about fiduciary education, it wasn't a difficult call to include this critical topic. In this episode, the panel tackles this recently submitted reader question: <blockquote>How important is fiduciary education for retirement committee members and what resources are you using or would you recommend advisors look at for educating committee members?</blockquote> Listen in as Chip Hardy, Sheri Fitts, James Watkins, Mario Giganti, and Jason Roberts share their thoughts on the best way to educate plan sponsors on their critical responsibilities. <h3>In this episode you'll learn:</h3> <ol> <li>Why it's essential to include plan sponsor training in your service offering</li> <li>The marketing angle advisors that offer committee training can use to gain a competitive advantage</li> <li>How to address a wide range of topics effectively</li> <li>A quarterly approach to committee training</li> <li>How to avoid overwhelming plan sponsors with too much information</li> <li>What resources, training and education tools are available to offer plan sponsor education to your clients</li> <li>And more </li> </ol> Items discussed in this program: <ul> <li><a href="https://www.dol.gov/agencies/ebsa/employers-and-advisers/plan-administration-and-compliance/retirement" rel="noopener noreferrer nofollow" target="_blank">Department of Labor Education Resources</a></li> <li><a href="https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/meeting-your-fiduciary-responsibilities.pdf" rel="noopener noreferrer nofollow" target="_blank">Meeting Your Fiduciary Responsibilities</a> guide by the DOL</li> <li><a href="http://fiduciarystore.com/fiduciaryhandbooks.aspx" rel="noopener noreferrer nofollow" target="_blank">Prudent Practices Handbook Series</a> by fi360</li> <li><a href="https://www.fi360.com/what-we-do/learning-development/fiduciary-essentials-for-defined-contribution-plans/" rel="noopener noreferrer nofollow" target="_blank">Fiduciary Essentials for DC Plans</a> training by fi360</li> <li><a href="http://www.fi360.com/" rel="noopener noreferrer nofollow" target="_blank">fi360.com website</a></li> <li><a href="https://portal.pension-resources.com/" rel="noopener noreferrer nofollow" target="_blank">GMAP by the Pension Resource Institute</a></li> </ul> Don't miss out on all the strategies we'll be sharing in the future.<a href="https://itunes.apple.com/us/podcast/ask-the-401k-experts/id966086158" rel="noopener noreferrer nofollow" target="_blank"> Subscribe via iTunes</a> to get access to future episodes and <a href="https://itunes.apple.com/us/podcast/ask-the-401k-experts/id966086158" rel="noopener noreferrer nofollow" target="_blank">don't forget to leave a rating in iTunes</a>. It helps more people find our show. Disclaimer:  The information provided in these podcasts is for professional use only and not for use with plan sponsors or plan participants.  The information provided, ideas, opinions and commentary are meant to be educational and general in nature and any reference to ERISA or retirement plan regulations is not meant to be legal or financial advice or an interpretation of the laws, but rather a general discussion. Check with your ERISA attorney and compliance department for the applicability of any matters discussed to your specific situation.

401kExperts 003: Plan Sponsor Education

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