It’s a new year, and new opportunities for advisors are ripe for the picking. Are you ready to grab them? Or are you hanging on to old approaches?
Find out by answering these five questions:
1. Do you have a one-size-fits-all approach to retirement education?
If so, you’re limiting yourself. To attract and serve more clients, you need to embrace demographic and cultural diversity. For instance, the Employee Benefit Research Institute says Hispanic workers born outside of the United States have the lowest retirement plan participation rate of all other workers — often due to language barriers and cultural influences. As this study found, addressing language barriers doesn’t go far enough to deal with the cultural underpinnings that may be preventing U.S. Latinos from embracing retirement savings. The approach needs to go beyond bilingual to bicultural to be successful with the booming Hispanic marketplace.
2. Are you really ready for retirement readiness?
You’ve heard the buzz about retirement readiness. But does your strategy still focus on saving instead of retirement income? My last blog post explains why you should make the switch—and how to get started. You can also check with your service providers and third party administrators. They may have the resources you need to assess your clients’ plans and consult on plan design changes.
3. Have you changed how you approach retirement plan investment lineups?