How a Printed Compliance File Can Help You Win New Business

In this post I wanted to share a quick story about how an advisor I worked with won a $200 million dollar plan…

They walked into the meeting with a binder. A Plan Compliance File binder. They were hired to manage the plan.*

Shortest story in the world – and not the only time I’d heard an advisor retell an almost identical story. I’ve heard that story many times from advisors I’ve worked with over the years.

It seems so simple. Maybe even counterintuitive if you’re going for the whole – “keep it simple” strategy.

So why does having a printed binder to show prospects the value you bring to the table work so well?

Besides the fact that it makes what you tell you offer them a lot more real and tangible…
It demonstrates you’re not just winging it.
It demonstrates you have a robust service process.
It demonstrates you can help them organize and document stuff they don’t necessarily understand or have time to try to figure out on their own.

Have you seen the 401(k) Plan Compliance File Complete Kit Yet?

Inside the Compliance File Kit, you get graphics to print out your own sample binder.

Rename it if you want… Audit file, compliance file, fiduciary manager, fiduciary risk management kit… – add your logo and brand colors.

Now you can show and tell – not just tell.

And it’s a lot more than just saying – “Here’s a checklist of items we suggest you keep on file and have ready in the case of an audit.”

It’s that – plus additional documents that can demonstrate an understanding of the regulations, and a prudent decision making process.

Print it out or not – it’s a very powerful value proposition when prospecting.

PLUS – when you start going through the list of enhanced documents in this kit – you’ll find as you move up market advisors are talking to plan sponsors about many of these documents – so it’s a great way to systematically add value to your existing book by introducing a new document each time you meet that can help them document and demonstrate a sound process. (and help bullet proof your book).

Here’s a list of some of the enhanced documents you’ll find:

Fiduciary Document Add-Ons:

Internal Fiduciary Worksheet
Fiduciary Appointment & Acknowledgement Letters
Fiduciary Resignation Letter Sample
Sample Bylaws
Sample Code of Ethics
Sample Conflict of Interest Policy
Recommended Reading Form for New Committee Members
Sample Committee Minutes

Investment Document Add-Ons:

IPS Review Checklist
Investment Review Checklist
Provider Document Add-Ons:
Service Provider Agreement Checklist
Service Provider Review Checklist

Participant Document Add-Ons:

Required Participant Disclosures Checklist
ERISA Section 404(c) Checklist
Sample 401(c) Notice to Participants
Participant Education Program Checklist

Plan Admin Document Add-Ons:

Sample Plan Administration Calendar
Plan Operations Review Checklist
Committee / Advisor Responsibility Checklist
Document Retention Checklist

A printed Compliance File Kit…A great tool to have in your toolbox.

* In the story, the Plan Compliance file was one reason the plan sponsor cited for hiring that plan advisor (it was not the ONLY reason). There is no promise or guarantee you will win a $200 million dollar plan by simply showing up with a binder ;-)… There is more to selling than that – but it can certainly help demonstrate your value visually.

Listen to the Podcast episode of this topic here.Or watch the video on YouTube here.

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