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Tips to plan your approach

1. Ensure you are focusing on the right type of prospects before spending time and effort.   Refer to Manulife’s Target the right market segment summary.

2. Identify the proper contact for each business prospect. Time and energy may be wasted if you don’t target the right person with your initial communication.

3. Use prospecting letters and questions provided by Manulife for your initial contact.  

Prepare a one-page summary outlining the services you will offer plan members and the plan sponsor to illustrate the value-added support you provide as the Advisor of record.

  • Use Manulife’s prospecting script to identify issues with an established group retirement plan or reasons why no plan currently exists.
  • Try to obtain insights about the company, its culture, financial stability, and employee management policies before initiating contact.
  • Qualify potential clients and determine those who are in the position to move forward, using The Qualification of Prospects brochure.
  • Use the Fact Finding Questionnaire to gather details about the company’s group retirement plan needs to help prepare an effective proposal.

4. Recognize that prospecting for group retirement plan business is different than prospecting for individual accounts.

  • The sales cycle can be longer and decisions may be made by a committee or multiple individuals.
  • Regular follow-up is typically required to maintain sales momentum.
  • Formal proposals and presentations are a key part of the sales process.

5. Use Manulife sales and marketing resources to close the sale.

GPDS Online Training module brochure
Group Retirement Plan Fact Finding Questionnaire