While maintaining current client relationships is crucial, expanding your client base can lead to increased revenue and growth for your business.

Having a range of clients can help mitigate business risk in case one decides to leave, or is acquired/merged, or its leadership changes. By cultivating a strong pipeline of potential clients, advisers can protect themselves in such cases from potential revenue loss.

Ultimately, finding new 401(k) and other retirement plan clients should be an ongoing priority for plan advisers who want to stay competitive. With the right strategies in place, advisers can attract and retain high-quality plan clients while building a practice that thrives for years to come.

Before acting on the ideas at right, advisers should have a defined marketing strategy that identifies their target group and business development tactics and goals. You also need a budget allocated for marketing efforts. For a rough guideline, in 2022 the average retirement plan adviser invested $17,400 in marketing, according to data from Broadridge.

10 Effective Business Development Ideas

	Connect with decisionmakers on LinkedIn.
	Send informative content to plan sponsors via email.
	Host a 401(k) boot-camp lunch-and-learn event, and invite ideal prospects.
	Partner with a respected third-party administrator and record a podcast on the benefits of offering a 401(k) plan.
	Link up with a wholesaler and do a webinar on a trending employer topic such as the SECURE—i.e., Setting Every Community Up for Retirement Enhancement—2.0 Act.
	Promote your practice via social media with a “Meet the Team” campaign: Each team member shares a candid picture and fun fact about themselves.
	Meet for coffee with a center of influence such as a certified public accountant, TPA, benefit adviser, etc.—all being natural connectors—for potential collaboration.
	Survey current clients and ask them to post testimonials and rate you on Google My Business. Note that testimonials and endorsements are addressed in the Securities and Exchange Commission’s new marketing rule; before taking this step, work with your home office to learn your firm’s and the rule’s requirements.
	Run digital ads to increase brand awareness.
	Record a video that explains the benefits of working with an experienced 401(k) adviser, and share it on LinkedIn.

These creative marketing ideas can help you earn new clients and influence business leaders to choose your advisory services. By taking a fun and practical approach, you can stand out from the competition and become a trusted partner. Start implementing these ideas today and see the impact they can have on your 401(k) business growth!

Rebecca ­Hourihan

Founder of 401(k) Marketing, in San Diego, ­California, has over 15 years of experience helping 401(k) advisers build brand awareness and ­promote their specialized skill sets.