WealthManagement Edge>RIA Edge Seven Reasons Why RIAs Should Offer 401(k) Plan Services to Clients

Joel Schiffman | Nov 15, 2023

Start Slideshow › Managing defined contribution plans solidifies relationships with existing clients while potentially opening doors to new, long-term HNW partnerships.

In the intensely competitive world of financial advising, establishing and nurturing client relationships is critical. Advisors constantly explore strategies to strengthen these connections, ensuring they remain the primary resource for their clients' complex financial requirements.

As they navigate the intricate and ever-evolving financial landscape, one transformative opportunity that often goes under-utilized is the defined contribution plan, particularly for startups and smaller businesses. Offering DC services not only enhances an advisor's suite of offerings but also solidifies their client bonds, safeguarding against potential competitor advances. Proactively introducing these plans to small business owners is a strategic move every advisor should consider.

Related: 401(k) Industry Sends Urgent Call to Wealth Advisors

Focusing on DC plans inherently brings the advisor's attention to business owners—a demographic often synonymous with high net worth individuals. By discussing, introducing or managing DC plans, advisors open doors to broader conversations. From business growth to succession planning, advisors can delve deeper, reinforcing their roles as indispensable partners by adding another service to their repertoire and at the same time strategically positioning themselves to attract potential HNW clients. It’s a dual advantage: solidifying relationships with existing clients while potentially opening doors to new, long-term HNW partnerships. 

Here are a few of the many reasons why advisors should offer DC services to their clients:

 

Joel Schiffman is the founder of Schiffman Growth Strategies

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