Most financial advisors focus primarily on the pre-retirement phase of clients’ lives. That approach makes sense because that’s when clients are accumulating wealth. Nonetheless, it’s possible to build a thriving business after clients stop working in the retirement income planning market. Retirement Advisor spoke with several advisors who are succeeding in this market.
Lessons from the downturn
Becoming a media presence
Nowadays advisors can choose from multiple professional education programs that focus exclusively on retirement income planning. But that wasn’t true ten years ago, says Phil Rousseaux, RICP with Everest Wealth Management in Towson, Maryland, who estimates that 75 to 85 percent of his clients are in or very close to retirement. In the early 2000s Rousseaux decided to add retirement income planning to his services but acquiring the knowledge and skills to serve that market involved “learning on the job,” he says. He attended workshops and events sponsored by the Million Dollar Roundtable (MDRT) and other organizations in an effort to piece together a coherent body of knowledge. Rousseaux subsequently earned the Retirement Income Certified Professional® (RICP®) designation from The American College and he now requires his staff members to earn the RICP, as well.
Sullivan is another proponent of radio marketing. He hosts a weekly Saturday morning show called Retire, Set, Go that focuses exclusively on retirement topics. The show’s value extends beyond airtime, though, says Sullivan. He takes different segments from the shows and distributes them to clients and prospects by email and social media. Those subsequent exposures leverage the shows’ content, highlight Sullivan’s credibility as a retirement income expert and generate leads and referrals. He has hired Chandler, Arizona-based Infusionsoft to manage and nurture the leads generated by the radio show and other marketing efforts.
Catching the eye