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Group Retirement Plans - Targeting the right market segment

Targeting the right companies is essential to maximizing your efforts and resources. Defining your target market will allow you to be more strategic in your prospecting efforts and will help to improve your success.  

Profile of preferred companies

  • 50 to 500 employees
  • Have an existing group retirement plan
  • Matching employer contributions (highly recommended)
  • Greater than $1,000 per member in annual contributions
  • Minimum of 2 plan participants with over $10,000 in total annual plan contributions

Why target this segment of the market

  • The business-owner typically makes the decision
  • There is often no pension committee
  • Pension consultants are usually less involved with plans under 500 employees
  • There is a shorter sales cycle
  • More companies and higher projected growth exist in this segment of the market

Less desirable companies include those

  • In seasonal or cyclical industries where employee turnover is often high
  • With many part-time employees who typically don’t participate in group retirement plans
  • With mostly lower-income employees (earning less than $30,000 per year)
  • That don’t contribute to employees’ retirement accounts (voluntary plans)

GPDS Online Training module brochure
Group Retirement Plan Fact Finding Questionnaire