403B Marketing to Schools/Universities

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Jun 7, 2005 5:31 pm

I wanted to get everyone's experience in marketing 403B accounts to scholl and university employees. I have about 4 years of experience doing just that back east, and was wondering what worked/failed for you all.... In my opinion its a nice market to go after- with EGTTRA allowing for pension portability, increased deferral limits, the lack of solid investment professionals running around in there, etc, etc. It would be interesting if any of you devote a portion of your time targeting those areas. Again, my experience is that primarily insurance pro's are the ones who have had the monopoly on this market for decades, so a full service broker could potentially have a field day with a few solid clients and the referral possibilities... Any input would be welcomed...

Jun 7, 2005 5:46 pm

Talk to Citistreet or TIAA-CREF.  Ask them how they do it.

Jun 7, 2005 6:11 pm

I worked for AXA and we used to run into those characters every day. Personally, I used to transfer a nice chunk out of TIAA Cref every year at this one community college. I know the players ( those two plus ING, VALIC, etc), but wanted to start a topic on sharing good marketing ideas, good/bad experiences etc. etc.. This may not be the place to post this only because my experience has been that the indy's and wire's barely pay attention to this market... Wanted to see what works in other parts of the country.......

Jun 9, 2005 11:30 pm
blarmston:

This may not be the place to post this only because my experience has been that the indy's and wire's barely pay attention to this market...


I agree, this isn't the place, but for a different reason:  this is the Technology Forum.


[/quote] Wanted to see what works in other parts of the country.......[/quote]


I went to an in-service day at the local school district and set up a table.  Offered a raffle for dinner and had them put their name, number, and investment interest on a card to sign up.  Ended up with a few good clients.  Nothing spectacular, but not bad for spending $20 and a few hours sitting on my butt.

May 8, 2006 7:57 am

Blarm, I'm gearing up to go after this market in my town. I have an appointment with the community college president this Thursday to try and get on their vendor list. Right now on their plan, only 3 reps are allowed per vendor. If I can get on the list I should be able to so some good for the cause...

May 8, 2006 10:28 am

good work. tell them about the lack of service their faculty/staff have been getting, tell them how you have dozens of clients who wish to invest with you and 90-24 their accounts over to you. tell them how you will be available on site to do presentations and educational workshops. tell them how you have the ability to offer multiple products..... them be prepared for them to tell you to call the HR or benefits guy.... might as well get cozy with that person beforehand. good luck. that market is underserved, usually only being worked by insurance guys....

May 30, 2006 10:20 pm

Good luck in trying to get a school teacher to make a decision.

May 30, 2006 11:19 pm

I found from my early years they are more than willing to set up a 403B for $50 per pay or $1300 a year.  I had a better experience recently with a doctor who is putting $5000 per month and referring friends with assets...cha ching

May 31, 2006 10:49 am

The decent money is never in the monthly contributions (unless perhaps they are maxing out and utilyzing catch-up's). Where there is opportnuity is capturing other business- whether its rollovers, NQ money, managing cash, etc, etc... I cant tell you how many times I sat down with a 5th grade teacher making 45K a year, and their spouse was an executive pulling in 200K with a 300K 401K still sitting at the old firm.....

Jun 2, 2006 10:13 am

Blarmstorm-- in my experience it is too many people with too little money.  Just bigger opportunities out there.  Oh, they take too long to close too.  Good luck.


clementine- what is your problem? blarmstorm has posted in an appropriate area.  take your hard hat off and go back to work.

Jun 2, 2006 12:25 pm
Starka:

Good luck in trying to get a school teacher to make a decision.



Say THAT again- I absolutely will NOT market teachers on purpose. I came to the conclusion that Teachers have a mechanism in their brain that allows them only to regurgitate information, they cannot take any new information in- and I would cringe every time I heard one call their TSA's  Teacher Special Annuity.

Jun 5, 2006 10:55 pm
munytalks:
Starka:

Good luck in trying to get a school teacher to make a decision.



Say THAT again- I absolutely will NOT market teachers on purpose. I came to the conclusion that Teachers have a mechanism in their brain that allows them only to regurgitate information, they cannot take any new information in- and I would cringe every time I heard one call their TSA's  Teacher Special Annuity.



My state had a DROP program a few years ago where the teachers HAD to do something within five years, if memory serves.  They all had that TIAA-CREF garbage, and with all that they STILL wouldn't move.


More effort than they're worth, you ask me.

Jun 6, 2006 2:39 pm
Starka:
munytalks:
Starka:

Good luck in trying to get a school teacher to make a decision.



Say THAT again- I absolutely will NOT market teachers on purpose. I came to the conclusion that Teachers have a mechanism in their brain that allows them only to regurgitate information, they cannot take any new information in- and I would cringe every time I heard one call their TSA's  Teacher Special Annuity.



My state had a DROP program a few years ago where the teachers HAD to do something within five years, if memory serves.  They all had that TIAA-CREF garbage, and with all that they STILL wouldn't move.


More effort than they're worth, you ask me.




AMEN! And even IF you can get a teacher to make a decision, you need the Jaws Of Life to extract the money out of TIAA-CREF.

Jun 6, 2006 3:10 pm

lol Muny. I've heard that about TIAA-CREF.