Coach Thinker Newsletter
Impacting the Success, Satisfaction and Significance

of the Retirement Plan Industry 

  

May 2012


Table of Contents
Upcoming Events
Media Buzz
Welcome Our Tech Guru
The Tech Tip Corner
2012 Year 1 Program: Additional Dates
Did You Miss Our Webinars?
Paychecks For Life: Order Today!
401k Coach Store
Vendor Recommendation
Take Your Business to the Next Level
Your 2012 Success Formula Action Plan
Coach's Success Corner
How Do You Do Special?
Upcoming Events  

 

Webinar: The Standard

Presenter: Charlie Epstein

Date: Tuesday, June 5th

Time: 1PM ET

Increase your income 10x and help your participants create a Paycheck for Life! Learn how the Paychecks for Life System can help you exponentially increase your success! 


 

 

401k Coach Media Buzz  

 

 

 

 

 

 Plan Adviser Magazine quotes Charlie about social media in the January/February issue. 

 

Welcome Our Tech Guru 
 DJWare

Welcome the newest member of the 401k Coach Team, our Tech Guru, DJ Ware. Part of DJ's responsibility is reviewing technology applications and then writing about them, so you can keep up to date with the latest apps that can make your life easier or more interesting. In a recent interview, DJ talks about how he got into the technology field. "I began when I was four years old after my father let me play Super Mario Brothers on his Super Nintendo. I cracked the pattern of the sprites within days and beat the game shortly after, which lead my eager mind to find other things to play with - like my father's desktop computer. Since that moment, I've been dedicated to the wonderful world of technology."

 

Four years old? But wait, there's more jaw dropping descriptions of his "career" path. DJ continues, "At 13 years old, I taught myself HTML coding and began building websites a year later as I entered high school. I then studied C++, Java and Visual Basic while honing my skills in Adobe Creative Suite. At the age of 17, I was hired as the Online Marketing Manager for a major photography company in Western Massachusetts (I was also the youngest person in the company). After holding my position in the company for over a year, I left to focus on my academics in college where I studied Database Management and Computer Information Systems."

 

The 401k Coach is lucky to have this brainiac contribute to our firm and our newsletter with our new column, The Tech Corner, where DJ will describe the best apps for transforming your business...and possibly make you a Tech Brainiac as well!

power button
The Tech Tip Corner
by the Tech Guru 
 

Wunderlist is a to-do list that you can share with anyone! Everyone in the office has it and Charlie uses it for his personal life too - he loves it! You can create lists in the application, share it with certain people or keep it private, and then you add your tasks that need to be done into the list. You can also add notes to the task and an expiration date, and Wunderlist will prioritize the tasks that are expiring soon. It will also email you a friendly reminder if you forgot to get it done. The way we have it setup here is that Charlie has a specific list with everyone and it's strictly between that employee and him. We also have team lists that are shared across 4+ people and it helps us figure out what needs to be done. Plus, it's cross-platform and free!

  

Easier, Faster, Cheaper, Bigger
  
Wunderlist makes it easier and faster
for you to organize your tasks and it adds the functionality of sharing it with your team on whichever platform you find most convenient. (iPhone, iPad, Android, Black-berry, Linux, Mac OSX, Windows, WinPhone, and their Web-based app)
Such a powerful tool and it's available for free, making it a cheap
method of organization. 
  
Investment 

Wunderlist is a free cross-platform tool. Time is the only thing you'll need to invest.
 

 

How To Get Started 

 

PC users:

Head to 6wunderkinder.com/wunderlist 

and download the installation file. Upon installation, it will ask you to create an account.

 

Mobile users:

Open your application store and download the app. Like the PC users, upon installation it will ask you to
create an account. 

New 401k Coach Year 1 Program Opening!

  

 

Session 1 & 2: Nov. 29 & 30

Session 3 (webcast): Feb. 6

Session 4: Apr. 12, 2013

  

401k Coach Webinars Help You Grow Your Business!  

 

Did you miss our previous webinars? Click on the links to learn more.

  

Optimizing 401(k) Plans Using the Cash Balance Option 

 


 
  
 

PFL Final Logo  

America's Most Powerful Retirement Tool

Paychecks for Life

 

Join the hundreds of advisors who are sharing Paychecks for Life with their participants. Learn how to help your participants turn their 401(k) into a Paycheck for Life! 

Read Press Release 

  
PFL Book Cover
 
Click Here to order your copy today or view our special Bulk Rates to include copies for your clients! 
Visit  

PFL website laptop icon

and demo The Desirement
Mortgage® Calculator!
 
Help Plan Participants calculate their Desirement Number and purchase The Desirement Mortgage PC App!

Calculator Icon
Early Release Pricing:

1 yr subscription = $99
3 yr subscription = $249

Please Contact Us directly if you are interested in purchasing a subscription for the calculator.

 

 

MoO Bootcamp ad
 401k Coach Products

 

Don't forget to visit our online Coach Store for unique tools created to help distinguish your value-added services.

  

If you are a 401k Coach Member, be sure you are logged in to take advantage of the member discount! 

Coach Store icon

Vendor Recommendation 
 
Pension Analytix
Occasionally, I recommend companies that are great resources for you. Pension Analytix, founded by Colin Fernandes in 2008, is one of those companies. Pension Analytix supports consultants, recordkeepers, financial advisors, third party administrators (TPAs) and RIAs. Through the use of marketing and analytic insights, Pension Analytix focuses on helping companies that specialize in retirement services enhance their sales and develop new business. Their mission is to help reduce acquisition costs and increase acquisition efficiency through targeted marketing.

 

Pension Analytix provides the databases, marketing expertise and analytics required to help their clients find prospects that best fit their universe and convert them into clients. Their unique methods combine the power of their proprietary databases with their client's needs and objectives to deliver customized solutions that cater to their specific goals.

 

Learn more about how Pension Analytix can help you at www.pensionanalytix.com.

Take Your Business to the Next Level

Don't delay in creating a more successful 401(k) practice for yourself. Speak to a 401k Coach team member to learn more about the tools, systems and processes we provide that help you bring your business to the next level.

 

What are you waiting for?

 

Toll Free: (877) 932-6236 X7

info@The401kCoach.com

www.The401kCoach.com
Charlie Epstein, CLU, ChFC, AIF® is the founder of The 401k Coach Program, which offers expert training for financial professionals to develop the skills, systems and processes necessary to excel in the 401(k) industry and facilitate successful retirement outcomes for plan sponsors and participants. Charlie has frequently been named to 401kWire's Top 100 Most Influential People in the 401(k) Industry List and Top 300 Most Influential DC Advisor List and was named to the Legg Mason Retirement Advisory Council.
Greetings!Top

Charlie

Creating Success.

 

That's your job. As the advisor to a 401(k) plan, it's your job to make sure those who are charged with operating the plan are successful, and those who "voluntarily" enter the plan are successful. It's really that simple.

 

The tricky part is in the execution of that success. Ah, but if it was really all that simple, you and I wouldn't have a job. So be grateful for the challenge.

 

To make others successful and to support others in their pursuit and achievement of their desired objectives and goals is the ultimate aim and reward.

 

As an advisor to a 401(k) plan, it should be your singular purpose to make those individuals who are engaged in the plan successful. Period.

 

Every 401(k) plan has two constituents: The plan sponsor who is charged with operating the plan successfully for the benefit of others, and the plan participants who are trying to achieve success by saving and investing enough money to ultimately create a "Paycheck for Life."

 

Your success as an advisor rests on your ability to demonstrate and deliver success. The first step to ensuring that you are fulfilling that role is to define, demonstrate and deliver a clear Success Formula to the plan sponsor and plan participants.

 

To help you do that, I have outlined what I believe to be a clear and simple Plan Sponsor Success Formula. Use this formula to:

 

1.    Demonstrate your value to plan sponsors and your fees.

2.    Define everyone's roles and responsibilities.

3.    Scale your business; hire or outsource talent that can fulfill steps in your solution.

 

I hope you find this helpful in creating greater success for you, your practice and your plan sponsors.

  

Advisor Success

Each newsletter, we'll spotlight a success story from one of our members. This month, we highlight David Hill and how he used what he learned in our Year 1 Program. Tell me your success story. 

 

Warmest Regards,  

Charlie Epstein, The 401k Coach® 

 

View my profile on LinkedIn 

 

 

Your 2012 Success Formula
Action Plan

 

Vision Planning for 2012: What advisors need to focus on to achieve greater success, influence and marketing.

 

Have a Success Formula Mindset: Start thinking in terms of how you can create a repeatable system of success for plan sponsors, plan participants and yourself as the 401(k) Success Consultant.

 

Plan Sponsor Success Formula: How do you, as a "401(k) Success Consultant," assist the Plan Sponsor in successfully managing their fiduciary roles and responsibilities? What is your success formula - is it repeatable and scalable?

  1. Create a Plan Sponsor Annual Service Plan. Have the plan sponsor sign off on it; this becomes your Annual Report Card and documentation of "Services Promised and Delivered."
  2. Review and update the Plan IPS. Does the Plan Sponsor have one? Is it still applicable?
  3. 408(b)(2) Readiness Formula. Obtain all Plan Service Agreements and Disclosure Statements; create an inventory and spreadsheet of all services provided and fees for Plan Sponsors' 408(b)(2) success.
  4. Benchmark. Create a benchmark of all plan services and fees for Plan Sponsors.
  5. Due Diligence Success Formula. Create a predictable future for your Plan Sponsors by scheduling all due diligence review meetings 12 months in advance. Act like a doctor's office by scheduling annual, semi- annual and quarterly reviews 12 months out. This creates greater certainty for them and allows your office to plan accordingly.
  6. Email Due Diligence Reports Quarterly. If you only do annual or semi-annual reviews, then send due diligence reports the other quarters.
  7. Be DOL Audit Ready. Document, Document, Document. Create a documentation service for your Plan Sponsors. Keep records of all trustee meetings, send copies for client files and maintain all reports.
  8. Benchmark Vendors every three to five years. Provide vendor benchmarking services to all plans and documentation. 
By creating a Plan Sponsor Success Formula, you'll be more successful. 
Coach's Success Corner:
Spotlight on David Hill
 
"I had never paid for a coach," recounts David Hill, a Managing Partner with Riverstone Financial Advisors, located in Joliet, Illinois with over $150 million in assets under management. However, he changed his mind after attending a webinar conducted by Charlie Epstein about The 401k Coach's Year 1 Program in April 2012 (the sold out program will be repeated in November 2012 - see sidebar).

 

"He spoke my language on how to balance the 401(k) and the wealth management business," continues David, who paid $5,000 to attend the two-day program with two follow-up online webcasts. Was it worth it? "Absolutely," he exudes. "I didn't sleep for a few nights after the program, because I was so wound up working on my 401(k) syntax about who I am and what I do." 

 

David highlights some of the Year 1 Program deliverables, which he immediately tested when he returned. "I learned how to create a wedge between the client and their current advisor without badmouthing the advisor, which is a killer," he says." They were conversation stoppers on the current handling of their investments and plan processes." He tried out his new process with a $9.5 million endowment by asking two questions that created a wedge. "Then I used the 401k Coach phraseology that I learned and continued with the process," he continues.

 

He used the same process with another firm, asking questions that forced the owners to think about how their current advisors were not having the right discussions with them. "The wedge is a critical mindset; you need to create one without bashing the competition." David finds it easy to have a conversation with anyone about 401(k) plans, whether a participant or a plan sponsor. David will start a conversation with just about anyone, including the man who was sitting next to him while he was waiting for his oil change. "Now I'm confident that I can approach this business without hesitation or reluctance, because of the tools provided by Coach," he says.

 

David points to a number of tools as part of The 401k Coach arsenal that help advisors, such as the Six Step Process, which David customized, and the Retirement Plan Checklist. "I didn't need to take the time to design a process, since Charlie had already completed it for me," he concludes. "I've been able to use all of The 401k Coach information in such a short period of time. Take the plunge, trust the system, it's that simple."


 
How Do You Do Special?

 

I never cease to be delighted by how other organizations "do special" in today's fast-paced mass market society. Doing special, I believe, in the littlest of ways can make all the difference in making your customers feel: 

  • Recognized for the value of their business.
  • Acknowledged for having chosen to do business with you.
  • Made to feel special for just trying your products, services or unique offerings.

The key, as the authors of Markets of One describe, is to customize your products, services or value offerings to each client by specifically making them feel as if they are the only one to which you are providing this service or product.

  

Never forget the power of "doing special" for your clients and customers. It will always bring you special in return in so many unexpected ways.

 

Recently, I was on a United flight from Chicago to San Diego. Now I travel a lot and I will be the first to tell you (but certainly not the last) that the airlines in America have forgotten how to spell special, let alone do special. I know you will agree that flying is one of the worst service experiences available in America. Security lines aside, which the airlines have no control over, this industry has figured out every possible way to make their customers angry and frustrated. They piss us off before we even board the plane!

  

Let's face it, how many of us are sick and tired of dealing with the process of getting your tickets and checking your bags at the counter. (I can hear some of you already screaming, "Charlie, you've forgotten the horrible experience of just trying to buy a ticket either online or from a ticket agent over the phone who doesn't speak English or reside anywhere in the United States!")

  

Back to the ticket counter experience. First, there are 25 ticket machines to every one ticket counter agent. Airline executives, in the race to cut expenses, replaced human beings with ticket machines. In the process, they forgot the "markets of one" rule and, instead, have opted for the "annoy and frustrate the customer before they board the plane" rule. One could argue the lack of ticket agents is no great loss, since they are usually incapable of answering your questions anyway. Don't they always look annoyed before you even ask?

  

But how about those automated ticket machines. These things are worse than playing a slot machine at a casino. They have figured out more ways to "fleece your pocket" before they will print your ticket with their excruciating series of questions:

  

1. Would you like to add 237 miles to your mileage points for $38?

2. Would you like to upgrade your seat to one with 2 more inches of space for $56? (And I'm wondering is that in the overhead or my seat?) 

3. Would you like to pre-order your peanuts warmed for $7??

4. Would you like to pay to make sure your bags make it to your destination for $475???

  

I once saw a sophisticated business traveler crumple to the ground in tears, pleading with the machine, "I just want my tickets, please!"

  

You get the message. The airline executives who concoct these slot machine games truly believe they can cover the cost of fuel surcharges or their stock options with these crazy schemes, all of which only add to your aggravation and disdain for the airline you haven't boarded yet.

  

It's no wonder why being a flight attendant today is a contact sport and game of survival. They know we are all pissed before we even get on board. They know one of us could go postal at any moment. And we know the same is true of every flight attendant whose hours have been extended, benefits and pay cut, and pension stolen or just plain confiscated by greedy CEOs and hedge fund companies looking for the next merger opportunity in which to invest. Remember the Southwest flight attendant who went postal on a customer for trying to get their suitcase in the overhead. He hit the airbag bottom and hopped down the slide screaming, "Free at last...free at last!

  

So it is with great and "special" surprise that I share my experience on my this recent United flight from Chicago to San Diego. 

  

Usually, when I fly, it's coach, but as I have hundreds of thousands of points with United I was able to upgrade to first class.

  

Nothing special there, since every airline lets you upgrade.

  

And nothing special about first class on an American airline today. If you've ever flown an international airline, think Virgin Atlantic or Singapore, you'll recognize this story:  First class on an American airline is comparable to traveling like baggage on one of these premier international airlines. I kid you not. Other than a glass of wine, beer, a dried out meal or bag of chips that's slightly bigger than the bag you get in coach, the service and amenities are sub-par at best.

  

The good news was my flight was uneventful. And today that's a blessing.

  

It was just prior to landing that the "special" arrived. I noticed our flight attendant coming down the aisle handing out small cards. At first I thought it was another pitch from the executive branch. You know, when the plane is taking off and the flight attendant is screaming over the PA about fastening your belts, watching the safety video and  then inviting everyone to apply for the airlines new credit card and get 5,000 free miles today! Next thing you know, they are pushing an application into your face as you are just about to doze off!

  

When our flight attendant made it to my seat, I was all primed to say, "No thank you" to the credit card offer, when to my surprise she handed  me a business card, and not just any business card. It belonged to the captain of the plane.  I thought now why is she giving me a business card from our pilot? Before I could ask, she said, "This is from our pilot, Captain McFadden. He likes to personally thank everyone for flying with our United family."  

  

Curious, I turned the card to the back side and found the following handwritten note:

 

american airlines business card 

  

I turned to Lynne Peluso, our COO who was traveling with me. She was reading her card that had the same handwritten message, but was personalized with her name her seat number. "Wow, now that's special!" Lynne said, "She's handing out a card to everyone in first class! The Captain didn't write a personal handwritten card to everyone?" I watched as the flight attendant moved past us into coach and responded, "She is handing out the Captain's card, to everyone in both first class and coach!"

  

Imagine that: 150 personalized, handwritten thank you cards to each and every passenger.

  

Now that's special!

  

Never forget the power of doing something special for your customers. Turn the ordinary into extraordinary. Turn on the charm and be imaginative in your design and approach. It will bring you special in return in so many unexpected ways as well.

   

So how do you do special? Each month we'll highlight a story in our 401k Coach Thinker newsletters. Send your "special" story or idea to Danielle on our 401k Coach Team!

  

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