403b prospecting

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Jun 5, 2006 10:06 pm

For you guys in this arena, do y'all  have a specific time of year
when you prospect for 403's? Any other 403b marketing ideas are
appreciated.

Thanks.

Jun 5, 2006 10:10 pm

Between semesters and over the summer. Catch them at the beginning of summer and there's a great chance they will be your clients when classses begin in late- August.

Jun 5, 2006 10:44 pm

is that individual teachers or plans?

Jun 6, 2006 9:59 am

individual teachers

Jun 6, 2006 11:39 am

how will the new IRS rules effective Jan/2007 concerning 90-24 txfers effect your business and marketing in this area?



Jun 6, 2006 12:37 pm

If you want a schoolteachers income, prospect schoolteachers.


If you want a millionaires income, prospect millionaires.

Jun 6, 2006 12:41 pm

or 10 teachers

Jun 6, 2006 1:11 pm

I'm  actually looking at college profs. There is  a major
university and  a community college where I live. So that's where
I'm looking.

TX rep- I have no idea how that will affect me. I'm just starting to prospect in this area.



Jun 6, 2006 1:55 pm
Lakers:

If you want a schoolteachers income, prospect schoolteachers.


If you want a millionaires income, prospect millionaires.



Most over used quote by the wire houses?  In my area 5 plumbers = 10 teachers = 1 CEO.  The 1 CEO gets 4 phone calls per week wanting his business and the plumbers and teachers never get called - you be the judge.

Jun 6, 2006 2:09 pm

Amen brother beagle and my experience is that usually they are better clients.

Jun 6, 2006 2:39 pm
no idea:

I'm  actually looking at college profs. There is  a major university and  a community college where I live. So that's where I'm looking.
TX rep- I have no idea how that will affect me. I'm just starting to prospect in this area.



seems that the 90/24 allowed for a rollover type jumpstart for 403b txfer clients, but now will no longer be allowed--  i'm wondering what this provision was replaced with, if anything, which will allow the fat balances of teachers with tenure to be txferred into your product?


does the disallowed 90/24 option get replaced with another mechanism to facilitate this exchange/rollover type business?




Jun 6, 2006 3:08 pm

I honestly have no idea, hence the handle. Guess I'll cross that proverbial bridge when I come to it. On another front, I'm looking forward to the Roth 403b coming online soon. I think that will spur some new biz. Cheers!

Jun 7, 2006 10:53 am

403b prospecting is largely scavenging for crumbs. 100/month contributions aren't gonna do much to pay the bills.


The only real hope (and reason for doing the 403b market at all) is cross-selling. If they have a workable spouse, had some assets from a previous career's retirement plan, are a long-timer ready to retire, or you sell insurance, then it can be worth your while.

Jun 7, 2006 2:59 pm

Carefull with college professors - they're worse than doctors.  Doctors think they're smarter than you - college professors know they're superior to mankind.


Best approach - network with a few college professors (that you know or can be referred to).  Ask them some 'advice' questions and have them tell you how their 'niche' likes to be approached and what's their 'propensity to buy' with FA's. 


Here's your approach:  Get a list of 3 or 4 professors that you can call on for advice and help.  Build this list from either people you know that are professors - of from friends/family memebers who can introduce you to them.  Note that this list of 3 or 4 are not necessarily one's you'd ask for their business.  Call them up for an appointment - make sure you meet with them face to face - then conduct your 'brief' interview.  They'll sing like birds.  Everything they tell you - write down or digest mentally.  Ask questions like; Mr./Mrs. Professor, what do you like most about your current financial provider?  What are some of the most pressing issues college professors face in today's world?  What types of publications do you subscribe to?  What types of conferences to professors attend when class is not in session?  What advice would you have for me if I were to offer my expertise within the 'community' of college professors?  Can you think of anyone else I should be speaking to?


You get the idea -

Jun 7, 2006 4:05 pm

Good advice right there.... My experience has been to cultivate great rerlationships with long tenured professors (also dept heads, distinguished academics, etc), and leverage that relationship to the hilt. Currently, I have one lcient in particular who has 22 years at a local university, and she has since referred us to 6 new clients (3 being our largest) and 7-8 prospects in the past 10 months alone..... The trick is to get in with a select few and leverage that....

Jun 7, 2006 5:19 pm

Blarm,


Any of the prof's at SDSU? Is the "scenery" (aka women)still so fine there?