If advisers don’t do a better job touting their services, they’ll lose clients, according to retirement advisers who spoke Tuesday at the Center for Due Diligence’sconference in Scottsdale, Ariz.
It’s important that advisers let their clients know what they’re doing for them on a regular basis, said Dorann Cafaro, an adviser and partner with Cafaro Greenleaf Retirement Plan Advisors in Little Silver, N.J.
Specifically, advisers in the 401(k) arena need to show employers what they’ve done for their participants and emphasize the ways they stand out from their competitors, she said.
To that end, Ms. Cafaro is considering sending out a monthly calendar that details her firm’s activities.
“One of the things that we think is unique to us is our plan design work,” she said.
“Right up front, when we’re talking about the value we add, we tell them we do an incredible plan design review.”
Showing value is something many advisers need to improve on, agrees James Worrell, an investment adviser and president of GPS Investment Advisors LLC in Providence, RI.
“We’ve got to do a better job of explaining what we do,” he said.
The Center for Due Diligence is based in Western Springs, Ill.
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