In Practice September 26, 2007

PA NC: Making Your Designation(s) Work

Plan sponsors and participants may not appreciate what specific adviser designations mean, but designations can still be useful for a retirement plan adviser’s business.
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Because most sponsors and participants do not understand specific designations, panel member Barnaby W. Horton, Assistant VP of Merrill Lynch Global Private Client Group, speaking at PLANADVISER’s National Conference in Orlando, Florida, said he incorporates an explanation of his designations in his marketing materials. He said advisers should get designations that show clients they are focused on a specialized space in the market.

A designation should be practical, helping an adviser grow business. According to panel member Gregg Andonian, Accredited Investment Fiduciary of Bayside 401(k) Advisors, an NRP Member Firm, designations should parallel with an adviser’s business model or focus. He said a good designation delivers processes for advisers to use in their businesses.

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Advisers should also be warned that legislation focused on retirement planning designations is coming. Horton pointed out that legislation currently pending in Massachusetts dictates that those with designations identified as dealing with retirement or labeled Elder, Chartered, or Specialist, among others, will be audited by a state regulator, something that might become more prevalent as other states look to the possibility of similar legislation (see Target Market).

In Practice September 26, 2007

PA NC: Powerful Presentations

Knowing the audience and customizing presentations for specific participant groups are the keys to having an effective participant meeting, according to a panel of industry professionals at PLANADVISER’s National Conference 2007 in Orlando, Florida, this week.
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“That is the key to a powerful presentation: know your audience,” said panel member Janet L. Ganong, Financial Consultant at The Kieckhefer Group of RBC Dain Rauscher. Ganong suggests advisers look at the plan material of the plan sponsor and customize it for the presentation. She also said “simple is impactful,” and that advisers should offer their services on an individual basis to participants before and/or after the meeting.

Chad Larsen, SVP Retirement Services of Moreton Financial Solutions, LLC, an NRP Member Firm, pointed out that he thinks the most important thing is to know what the sponsor is looking for from the presentation. He also suggests segmenting employees into demographic groups and hosting different meetings. An adviser can focus on what will really matter to, and make a difference for, participants if they are segmented into groups according to whether they are already in the plan or not, or whether they are approaching retirement, Larsen gave as examples.

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Panel member Joe Frustaglio, VP, National Sales Manager of Nationwide Financial, suggested segmenting employees based on their investment personality – whether they are “do it myself” or “do it for me” investors. From a vendor standpoint, Frustaglio said he uses fund partner presentation materials in participant meetings.

“I’m not convinced the content really matters,” offered Larsen. “I think it’s all in the presentation and commitment of the people giving the presentation.”

Larsen said, instead of a presentation, many employees just need help with the paperwork. He also suggested making the meeting fun for employees. “If they walk off and they haven’t laughed, we’ve failed,” he said.

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