Are you overlooking technology when it comes to 401(k) client prospecting? Connecting with a company rep via LinkedIn and embracing web-search tools to identify the plan administrator are savvy first steps — but novel AI-based analytics that use data from the Employee Benefits Security Administration can energize prospecting and elevate it to the next level.
First, let’s consider how performance data leads to performance improvement. A usual pathway is that of choice and competition (i.e., public transparency causes underperformers to lose market share, which ratchets up competitive pressures). In healthcare, strong arguments can be made that it’s more effective to impact reputations. We suggest AI-based analytics to easily discover underperformers in 401(k)s whose shortfalls are addressable by an adviser‘s expertise, and then borrowing from the Challenger Sale model — this approach encourages sales reps to emulate high-performing peers, also known as “challengers,” and take control of the sales process.
