Traditional and Roth IRAs

Want to grow your retirement business efficiently and effectively? The following tips and techniques can help you whether you are just starting out or looking to expand your existing retirement relationships.

Evaluate Your Client Base

If you’re just getting started, the best place to begin is with your current clients. After all, they represent established relationships with individuals who value your expertise.

Develop a list of 20 high potential clients based on the following defined criteria:

  • Between 45 and 55 years old.
  • Recently changed jobs or were downsized.
  • Hold accounts at more than one institution (to benefit from account consolidation).
  • Close to retirement with the need for an income distribution strategy.

Then create a written profile using a Client Profile Sheet and call your top priority clients to set up appointments.

Educate Yourself and Prepare for Meetings

Learn more about conducting individual retirement business, particularly the “ins and outs” of rollovers, including regulations around contribution limits and required minimum distributions.

Use Pershing tools to learn about various offerings and plan for your client meetings:

  • Use the IRA Selector with clients to illustrate who may benefit from a Traditional or Roth IRA
  • Generate customized client reports with our retirement calculators that compare IRAs, calculate required minimum distributions and help clients who own company stock in their employer plans with important decisions before they consider a rollover

Conduct Client Meetings

Now that you’re prepared, use this meeting to share your knowledge with your client.

Be sure to bring the proper forms and update your Client Profile Sheet after the meeting with notes and next steps.

Identify 20 New Prospects

  • Focus on identifying prospective clients that reflect the criteria you identified earlier:
    • Between 45 and 55 years old
    • Recently changed jobs or were downsized
    • Own accounts at more than one organization (to benefit from account consolidation)
    • Close to retirement with the need for an income distribution strategy
  • Research local media to identify possible triggers for prospective client transitions, such as company relocations or displacements.
  • Identify and cultivate business relationships with centers of influence, including accountants, attorneys and local businesses.
  • Host a wine and cheese party for local professionals with whom you may have ties. Visit your local Chamber of Commerce website and register if required.

Introduce Promotions

Create a promotion to attract rollover assets for your clients who invest in mutual funds by introducing Pershing’s Mutual Fund Only option for IRAs, which has a lower annual maintenance fee than our brokerage IRA.

The Mutual Fund Only IRA option is available for Traditional, Roth and Rollover IRAs for which Pershing serves as custodian.

Focus Clients on the Need for Distribution Planning

Become known for retirement income planning and educate clients on the importance of assessing their income needs and risk tolerance.

Tap into Pershing’s retirement income webcasts:

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