How To Ask For The 7-Of-Every-8 Dollars You Are Now Not Getting

Register now

Participant meetings are one of the best opportunities you have for your credit union's financial advisors to boost your assets under management and to provide much-needed guidance to members.

Rule of thumb is that for every one dollar in the participant's account, there are seven dollars of participant assets that in other accounts, which you could potentially manage, depending on the sophistication of your CU's offerings.

The conclusion of enrollment meetings is an ideal time to schedule one-on-one meetings with the plan sponsor's employees. The purpose of these meetings is to answer questions and encourage non-participants to enroll in the retirement plan and to help participants build their 401(k) assets, as well as manage other assets that are not in the plan.

At your first meeting, it can be difficult, occasionally, to gather the necessary information without feeling as if you're "grilling" the person. Participants may not want to reveal too much about themselves; however, you need to get as much information as possible. By starting a social conversation with your client, you can help to put them at ease, building their trust while you collect all the essential data.

Consider these steps:


Create a Dialogue. You should ask questions, but don't be afraid to tell the member about your personal life, too. For example, you have a son or daughter who is just applying to college and the member's child is now a freshman at the local university. You shouldn't hesitate to ask them how he or she likes the school. By sharing a little bit about your personal life (when appropriate), you can relate to your member on a deeper level. If they know that they can trust you, they will share more information with you.


Don't Sell Them. It's important to put the member at ease. It may be stressful for them to talk about their financial situation with you. If they are like most other people, their retirement savings have been volatile the past few years. Let them know that you genuinely want to help them to achieve a brighter financial future.


Work From a Paper, But Don't be Afraid to Go Off Topic. Sometimes, it is best to have an outline of questions that you need answered, but if you get off topic, that's alright. It's better for your relationship to get to know the member better. However, don't stray too far so that you end up talking sports or politics for an hour. The member's time (like yours) is valuable. There's a delicate balance between building trust and wasting time, but it is essential not to make the member feel rushed.


Discover What They Aren't Telling You. A large portion of communication is non-verbal. Make sure you can tell the difference between an anxious member and one who is in a hurry. Similarly, you should try to control your body language as much as possible to keep the conversation going.

If the person is talking about something important, nod your head as a way of prompting him or her to continue. Don't cross your arms in front of your chest, even if the conversation is not going the way you want it. This is a signal that you are uncomfortable or bored and literally creates a barrier between you and the person. Keeping an open posture, facing them with your arms at your sides (or discreetly taking notes on important points), is an invitation for them to keep talking.


Be Prepared to Listen. You should be listening to everything the person has to say. Make eye contact, and if the discussion pertinent, ask for more information. Be attentive and present in the conversation.


Your initial meeting with either a participant or non-participant is a crucial moment. You need to gather their financial information, while beginning a long-term professional relationship-something that is true for the rest of your interactions with members, as well.

Not everyone is blessed with the gift of gab, but if you can master a few tactics, you will be well on your way to putting people at ease, building their trust in you and, hopefully, increasing your assets under management while helping the member.

Charlie Epstein is the founder of The 401k Coach Program, which offers training for financial professionals to develop the skills, systems and processes necessary to excel in successful retirement outcomes for plan sponsors and participants.

For reprint and licensing requests for this article, click here.