MassMutual Releases White Paper for Retirement Plan Advisers

MassMutual said in a release that “The Successful Retirement Advisor Part II: Best Practices and Key Drivers of Success” helps advisers understand the characteristics, attributes, and best practices that contribute to a plan sponsor’s satisfaction and to an adviser’s success in retaining satisfied clients and earning new retirement plan business. It follows MassMutual’s “The Successful Retirement Advisor Part I” white paper that provided the plan sponsor’s perspective, including interests, concerns, and priorities in relation to the role of the adviser.

For The Successful Retirement Advisor Part II, MassMutual commissioned Brightwork Partners to survey 250 advisers representing a diverse cross-section of financial services distribution channels, including fee-based and commission-based advisers. Overall, the surveyed group serves more than 8,700 plans with a total asset value of nearly $24 billion, according to the release.

“Our findings indicate that the most successful retirement advisers have four common characteristics…focus, preparedness, proactive strategic planning and consistent relationship management,” said Hugh O’Toole, senior vice president and head of national distribution and client relationship management for MassMutual’s Retirement Services Division, in the release. “One noteworthy factor is that the successful retirement adviser participates in face-to-face sponsor visits at least three times per year and averages at least two calls per sponsor per month.”

Other characteristics of the successful adviser covered in MassMutual’s white paper include the adviser’s business model, relationship management and business development practices, and client retention strategies, the company said.