As explained in our previous post (#3 in this series), cash balance plans are often easier for business owners (your clients) to understand and offer more flexibility than many other types of retirement plans. And in our second post we clarified how cash balance plans often can help business owners accumulate greater retirement savings than other plan types.

Partnership_24788073For financial advisors, however, there are even more reasons to focus on selling cash balance plans—reasons which are much broader than a client’s retirement needs or goals. Simply stated, providing cash balance options to prospects and clients can enhance your sales process and increase your revenues:

  1. Providing options other than a 401(k)/profit sharing plan increases the advisor’s credibility. Regardless of the appropriate retirement plan design for the employer, showing multiple solutions based upon employer objectives, rather than a “one plan fits all” approach, can make the sales process easier.
  2. There is less competition in the cash balance market. Every prospect and client has a friend or relative already selling the 401(k) option.
  3. Greater dollars to manage are flowing into the plan, meaning more assets under management.
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  5. Far less administrative tasks for advisor under the cash balance plan. There are no enrollment meetings or managing of numerous individual accounts. One pooled account is maintained to provide benefits for all participants.
  6. By servicing the cash balance plan on an ongoing basis, there is a competitive advantage to build the relationship and maintain the assets rolled into IRAs after termination.

In short, cash balance plans are the clear choice for financial advisors who want stronger, more profitable client relationships. Shore Tompkins has helped many of these advisors by custom-designing and administering their clients’ cash balance plans. Please contact us to learn more about how our services can benefit you and your client.