Searching for a Recordkeeper

Searching for a Recordkeeper

The 401(k) market is massive. There’s nearly $3 trillion dollars in 401(k) plans. For white-collar America, it’s simply part of the on-boarding process at a new job. And those recordkeepers that sell primarily small plans, I think there’s an opportunity to increase sales from optimizing parts of the Web site.  By “optimizing,” I mean improving sales leads in two ways:

  1. Through search engine results
  2. By providing quick visibility into recordkeepers’ value proposition

Where does a CEO/entrepreneur start the search for a provider?  If they have a financial advisor, they may start there. Rarely, they may know a TPA or get an inbound call.  If not, the search may begin with someone in his/her network of friends and former colleagues. And many will start with Google.

Let’s examine results for such a Google search.

For a search on “setting up a 401k plan,”  there are both paid results and natural search results that look promising.

Paid search results are from:

  1. Intuit
  2. Prudential
  3. Wellington

Intuit and Wellington answer “Why us for 401(k)?” immediately and offer access to offline specialists directly from the landing page.  Fantastic.  (Note: Prudential provides a series of videos and statistics meant to alarm the under-invested person, but no clear way to learn about Prudential’s services)

Astonishing to me in the natural search results, the first recordkeeper doesn’t show up until the ninth result – AXA Equitable (and it’s for individual 401(k) plans).  Why not more actively promote your services through improved search engine optimization (SEO).  Additional content, prominently featured is a simple first step to improving search results.

Each recordkeeping firm is different: with different features, benefits, and value propositions. Therefore developing a site to actively promote the service isn’t one-size-fits-all. However, for prospects who encounter the firm’s Web site, I can think of five features each firm should consider:

  1. Access to a specialist – Present a telephone number and email form. Many prospects will find speaking with someone easier and more direct than reviewing a Web site.
  2. Why Us – In something succinct, reveal the firm’s top drivers (i.e., cost, open architecture, implementation simplicity, paperless, etc.).
  3. Process – Simplify the process an entrepreneur may be embarking on into a series of steps.
  4. Example – Lead by showing how a 401(k) plan implementation was successful and straightforward, with a real client.
  5. FAQ – No more than 10 questions; describe breadth of services, speed to implementation, and process through straightforward questions.