Cross Selling

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Aug 18, 2009 12:06 pm

I have closed a few 401(k)s recently and am at the point that I want to cross sell them other products.  Anyone have any success doing this in that past.  What has worked for you and what hasn't?  What are some ideas?  Thanks for all of your positive reposnses in advance.

 
If you feel compelled to post some kind of sarcastic drivel, post a funny joke instead. 
Aug 18, 2009 12:40 pm

I'd be careful about selling group health.  The money's good but it's a pain in the rear, the price will always go up, and the employees will always complain about it no matter what plan they get.  You'd be well served to refer your 401k clients to a trusted health broker to help them with their healthplan and have him compensate you for doing so.  I wouldn't get involved in it if you're an investment guy.

Aug 18, 2009 1:24 pm

I don't sell health. Looking more for personal investments and/or insurance.

Aug 18, 2009 3:18 pm

Voluntary benefits.  Find out what they have already and a voluntary offering around it.  You'll do a lot of good for the employees who otherwise likely wouldn't get any protection.   If they already have STD/LTD, many times the income caps are at $5000, talk supplemental protection for those with high earnings.  You may also be able to come in for the rank and file employees depending on the current LTD plan and tax treatment and help them get supplemental DI to solve the "taxable 60% problem".  Depending on the industry and employer size, you may be able to get guaranteed issue.

Aug 18, 2009 4:56 pm

Send a letter to the participants and offer to meet with them regarding personal investments.  Offer youself as available to answer questions etc.  Most people have changed jobs in the last 10yr.  Many mid and snr level execs have multiple old 401k and rollover balances out there.  You would be surprised how many 100k+ balances are spread among several differant accounts.  You now handle their 401k therefore you have instant credibilty with the employees and decision makers.

Aug 27, 2009 3:52 am

Neither are good forms of business practice. Both incidents decieve the
customer from the truth. Now if you are working for a corporation that
is making you do this, well shxt, keep your job. But also know that
you're screwing the rest of us over. I have quit 2 jobs due to the fact
i KNEW they were screwing people over. The saying goes, you can't have
your job and feel good about it too. Unless you sell neden. Then both
parties feel good.


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Aug 27, 2009 8:40 am
Cory Layton:

Neither are good forms of business practice. Both incidents decieve the customer from the truth. Now if you are working for a corporation that is making you do this, well shxt, keep your job. But also know that you're screwing the rest of us over. I have quit 2 jobs due to the fact i KNEW they were screwing people over. The saying goes, you can't have your job and feel good about it too. Unless you sell neden. Then both parties feel good.


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Wow, I didn't know there were any Cory's in India!!  Good to know.