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Hi all, want to activate my DMs. Please like. TIA!
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What specific tasks do your Assistants do?
Anyone knows about the base for chase PCA?
My Week in Emoji: ⏰☎️🧹🚽☕️📥🧾💤 Hbu?
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Just say "the reason for my call is to ask when your 401k plan is coming up for review". Its short and sweet, you will find out if it even gets reviewed, it will put you in a position to ask a few questions, send them your card and whatever bs marketing stuff you have, and call them again. Also ask them when they last reviewed their Investment Policy Statement". Because 95% likely, they dont have one. And ask them if they'd be interested in learning how they could put more away for themselves as owner.Ask about their service and if they know what the real cost of the plan is.Small business owners don't understand and don't give a crap about Fiduciary Responsibility, which is what all the wholesalers will tell you to talk to them about. They only care about WIIFM.
Post DOL, it’s hard to really make these plans work (revenue wise). I’d steer clear and focus more on baby boomers and millions of new retirees needing a plan
@FA2 - simply not true. Just like any investment, perform your due diligence to ensure the move is in their best interest. If it is, move them with an issue; if it’s in your wallets best interest, you shouldn’t move them anyway.
☝️401k biz is more of a liability post dol. when EE retires you have to leave them in the plan
Fa3 what about the ones you leave in the plan
What do you mean FA2? What about the accounts I leave in the plan? Retires always have a choice to leave their funds in the plan if $5k or over (depending on distribution options post separation of service, plan costs, fund costs, etc - may not be the best to leave it in the plan), take a distribution, rollover to a new ERISA plan/IRA. If you are the advisor on the 401(k) plan, you can still help the client. Please clarify - happy to assist if I can.
DOL just made it tougher to do.
But definitely not impossible.
Document - Document - Document
Oh yeah...and sometimes even document to the extent that client signs a form that says even though you advise them to stay in the plan, they want YOU and to roll it anyway.
Seriously....litigious society and things have gotten wacky