Does MSSB let you go after retirement plans?

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Aug 21, 2009 6:54 pm

I mean institutional plans?  EX... Find $10M plan whose advisor is charging too much comp, offer to become broker of record for xx basis points.

 
Help is appreciated.
Aug 21, 2009 8:03 pm
workinhard:

I mean institutional plans?  EX... Find $10M plan whose advisor is charging too much comp, offer to become broker of record for xx basis points.

 
Help is appreciated.



Yes but stay away from mine.

401K is great business - - can lead to IRA rollovers when people leave the company and a great warm prospect list of people you can go after for their non-401K assets.

BF

Aug 22, 2009 9:59 am

Don't worry, I'm only going to look locally for now.  We have a couple of decent sized plans in Western Mass.  I looked on Freeerisa.com and they are getting KILLED with the comissions they are paying some of their brokers.  I am only in the middle of the hiring process for MSSB, but my current job plays very well into institutional plans.  I work at MassMutual, Sales Consulting (which is essentially internal wholesaling/sales support) for a team of West Coast Sales Reps.  I've built a strong understanding of how plans price, what each size plan should expect, realistic commissions, as well as TON'S of competitive information.


Thanks for the response.

Aug 22, 2009 1:00 pm

I'm not looking at it as the initial way to grow my business, probably should have made that clear before.

 
It is one of my longer term goals to have a decent amount of insitutional plan business on my book, so I wanted to make sure that if I went with MSSB, they would let me tackle it at some point.
 
Thanks again :)
Aug 23, 2009 3:17 pm
workinhard:

I'm not looking at it as the initial way to grow my business, probably should have made that clear before.

 
It is one of my longer term goals to have a decent amount of insitutional plan business on my book, so I wanted to make sure that if I went with MSSB, they would let me tackle it at some point.
 
Thanks again :)


You will be happy to know that when you are ready to go that route, you can access to a nationwide database of prospects.  Basically, for virtually every business in the US, you can look up stats like: What plan the company has, who the administrator is, total assets in plan, total plan participation, etc...

I don't know if everyone has access to this kind of info, but it's really nice to build business lists off of (not necessarily going after institutional).  I can filter out all the CPA firms with less than 10 employees, specific types of law firms, etc.

Even if you don't touch institutional products, you can go into a conversation knowing what type of 401(k) plan a prospect has to get a good handle on what their needs might be.

MSSB also has a list of internal FA's who specialize in institutional business.  You can partner with them (for a fee split) so you can offer your clients institutional products without distracting you from your core business (unless, of course that's the kind of practice you want to build).

Aug 23, 2009 4:28 pm

Thanks for the awesome response.  I have access to a couple of tools now at my current job that allow me to search for prospects like you mentioned.

 
And it's also great to know that there are some specialists within the firm that I can work with when I am ready.  That is actually quite appealing and something I could see myself enjoying down the road.  Thanks for the awesome input.
Aug 24, 2009 7:20 pm

Well you better watch what is gonna happen with a "Universal Fidcuiary Standard" for all advisors or you might not be able to get any plans at the Borg.

Aug 24, 2009 7:27 pm

The Borg?