Are YOU Capitalizing on 2011's $3 TRILLION Opportunity?

60 Minutes Clip on Undisclosed 401k Fees

For those of you not yet aware, the Department of Labor has created a $3 Trillion Opportunity this year for everyone in the financial services industry. As of July, 2011 - all 401k plans will be required to start DISCLOSING all of those fees that have been UNDISCLOSED since 401ks were created. If you know anything about 401k plans, you know it's not going to be pretty. Here's a timeline to help you prepare...

• July 16, 2011 - Disclosure to Plan Sponsors (Employers) Required
• October 31, 2011 - Disclosure to Plan Participants (Employees) Required
• First Quarter of 2012 - All Employer and Employee Statements will Include both Disclosed & Undisclosed Fees

So the better question - HOW CAN YOU CAPITALIZE

ON THIS MASSIVE OPPORTUNITY???

The first tool I'd like to share with you is what I consider one of the coolest (and even better) FREE financial services tools in the industry - BrightScope. Think of it as Morningstar for the 401k industry - it allows you to search for any 401k plan in the United States and stack it up against the best options in the industry by comparing Internal Fees, Investment Options, and Company Generosity among other things. Even better, it tells you how many additional years that client will need to work and their lost retirement savings by not being in the "best" plan. Full form 5500 data for each plan as well, AMAZING TOOL. Here's a screenshot below.

(Looks like Best Buy's Plan Needs Some Help)

Another tool that can be a huge help is actually knowing which companies allow In-service Distributions for those clients that are stuck in these inferior 401k plans. Having an extensive list of these companies can be a huge benefit as it's hard to help someone that can't move their account! If you'd like a copy of this list - simply email me below for 200 of the largest companies in the US that allow In-service Distributions.

Lastly, wouldn't it be nice to have a relationship that did all of the analysis for you? We thought so too - so we've partnered with a group that will do a comparative analysis for you. I've included a link to a sample analysis below that breaks down each and every fee to show the total cost that is associated with your prospect's current 401k plan and gives them an opportunity to improve their situation.

Sample of 401k Fee Analysis

I'd love to hear if any of you have any other ideas about marketing in the 401k market place, please leave comments below with any other tools or concepts that have worked for you!