How to Succeed at Advising Retirees

SPRINGFIELD, Mass. — MassMutual’s Retirement Services Division has published a new white paper entitled “The Successful Retirement Advisor Part II: Best Practices and Key Drivers of Success.” The paper explores factors that help make retirement advisors successful and the correlation between advisor success and plan sponsor satisfaction.

This second study, from the advisor’s perspective, helps advisors understand the characteristics, attributes and best practices that contribute to a plan sponsor’s satisfaction and to an advisor’s success in retaining satisfied clients and earning new retirement plan business. It follows MassMutual’s “The Successful Retirement Advisor Part I” white paper that provided the plan sponsor’s perspective, including interests, concerns and priorities in relation to the role of the advisor.

For “The Successful Retirement Advisor Part II,” MassMutual commissioned Brightwork Partners to survey 250 advisors representing a diverse cross-section of financial services distribution channels – including fee-based and commission-based advisors. Overall, the surveyed group serves more than 8,700 plans with a total asset value of nearly $24 billion.

“Our findings indicate that the most successful retirement advisors have four common characteristics . . . focus, preparedness, proactive strategic planning and consistent relationship management,” says Hugh O’Toole, senior vice president and head of national distribution and client relationship management for MassMutual’s Retirement Services Division. “One noteworthy factor is that the successful retirement advisor participates in face-to-face sponsor visits at least three times per year and averages at least two calls per sponsor per month,” he adds.

Other characteristics of the successful advisor covered in MassMutual’s white paper include the advisor’s business model, relationship management and business development practices, and client retention strategies. To request a complimentary copy of MassMutual’s “The Successful Retirement Advisor Part II” white paper, please contact your MassMutual Retirement Services representative or call MassMutual’s advisor support team at 1-888-626-4911. The report is also available by logging in to MassMutual’s website for financial professionals,

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