Enrollment Meeting "Script"

[austin3515]

This might sound strange but does anyone have a script for an enrollment meeting, where the focus is on motivating people to save more? So stuff like "Social security is not enough" and "to replace income in retirement you need to save 10% a year" and "the longer you wait the harder it gets to meet your goals because of compounding, etc."

Maybe not a script per se, but detailed talking points.  I know everyone has their own flavor to these things, but the good advisors I have watched do a fantastic job of motivating people to save with these little tid-bits.

I'm not talking about anything to do with the investments, just education on the importance of saving.

Thanks!

[Lou S.]

I like to put up a slide of a homeless man going through a dumpster and saying "Don't let this be your retirement Plan".

[austin3515]

That's fabulous...  It's too bad it is unusuable because it is absolutely hysterical...

[BG5150]

Maybe you should contact one of those good advisers you've seen.

[Tom Poje]

I know Elvis had a few motivational songs, and Louis Armstrong and others

and surely you are familiar with the Beatles sang

Yesterday

 

Yesterday, sixty-five it seemed so far away

Now it’s come today, it’s here to stay

I wish I had a 4-0-1 k

 

Suddenly, I’ve not half the cash I used to see

The bill collectors shadow me

 Retirement came suddenly

 

My sa-vings are so low, I don’t know just where I’ll stay

I did something wrong, should have saved and put away

 

4-0-1(k)s, oh it’s such an easy way to save

now I need a place to hide away

and it’s too late for a 4-0-1 k

 

My sa-vings are so low, I don’t know just where I’ll stay

I did something wrong, should have saved and put away

 

4-0-1(k)s, oh it’s such an easy way to save

now I need a place to hide away

and it’s too late for a 4-0-1 k

.....................................................

 

 

[Belgarath]

I'm not in sales, but I do mention, when asked, or doing presentations on plans in general where a match is provided, something along the lines of, "Your employer is doing a great thing for you here. Aside from any interest you may earn, your return on your deposit is  (50%, 100%, whatever the match is - tailor it to your plan) - that's better than a license to steal! There is no other way to legally obtain that kind of return on your investment, with any degree of safety, and if you don't take advantage of it, you are probably missing out on the greatest investment opportunity of your lifetime."

Dressed up, expanded, etc. - but that's the gist. I can say this since we don't sell any product - if we did, not sure how the new fiduciary regulations would impact such a statement (if at all).

[Tom Poje]

Aug 11, 2010

 

of course if that is not enough, there is always the Lockhorns!

[401king]

Nothing new but here are a few of the slides I have in my master template:

• Social security stats - avg payment
• Estimated budgets based on nationwide averages, contrasted to avg ss payment, creating a deficit. solving to meet that deficit by saving in the 401k
• Pre-Tax vs. Roth
• "Take control of your retirement" i.e. don't count on pension, SS
• Tax deferred growth vs taxable growth
• Saving in a taxable savings account vs 401k & net effect on paycheck (401k = higher paycheck for same savings amount)
• How your investment decisions are crushing your retirement account (for advisors)
• Debt payoff strategies
• Explaining 'jargon' stats (i.e. you need 80% of your income per year in retirement; you will withdraw 4% per year; you need 10-20x your annual income as a retirement balance)

 

Usually spend 15 minutes explaining my company, what we do, what the 401(k) Plan rules are. Then throw in 15-20 minutes worth of these slides. Then 10 minutes on how to enroll. 

What's everyone's average time spent during an enrollment presentation? Feels like I lose them too quickly to drive home any poignant information. 

[Tom Poje]

Austin - despite the humor

I am serious, I'd start out with something to grab their attention and yet still drive home the point.

[CuseFan]

Tom, is that your song or did you "borrow" from Derrin Watson, it sounds like one of his?

[Tom Poje]

one of mine, so you have to blame me for suffering through it.

I think I only heard Derrin once, his are probably a step above mine I'm sure.

[austin3515]

He has set the bar high, but you're right there...

[austin3515]

1 hour ago, Tom Poje said:

Austin - despite the humor

I am serious, I'd start out with something to grab their attention and yet still drive home the point.

I have actually been known to sing publicly (I went to summer camp for 12 or 15 years and have no problem making a fool of myself).  But man I just don't know if I could sign that song and even if I could, what would my client say??

[Tom Poje]

that you did an excellent job singing...

 

wait for it...groan

 

good yesterdy.mid

401 [Karao] - k

[TPAJake]

Tell them you'll stop singing if they all defer at least 6%.  Your client will say thank you for scarring the Employees' collective psyche to such an extent as to never risk failing ADP ever again--Money & time well spent!  "Enroll in the 401k or else the HR team will bring that goofy singing CPA back in here"

[K2retire]

Both music and humor are well documented to enhance memory of information. These are great ideas!

[david rigby]

1 hour ago, TPAJake said:

Tell them you'll stop singing if they all defer at least 6%. 

Best idea yet!

[TPAJake]

And they are exempt from the encore if they roll-in their old 401k...I can do this all day!