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Warning – Rollover Assets Approaching

March 17, 2016

What common trait do financial advisors and sharks share? Both must keep moving forward. Advisors must continue bringing in new assets by increasing wallet share or opening new accounts.

The best way to gain new clients is through referrals because the prospect is presold by a friend or client. Money in motion provides opportunity for financial advisors.

Generally speaking, when companies are planning layoffs they are legally required to provide advance notice to employees. This is done by filing a public document, a Worker Adjustment and Retraining Notification or WARN notice.

These filings contain several pieces of data including the company name, layoff location, number of employees affected, plus the announcement and effective dates.

The simplest way to find them is by performing a Google search for WARN notices along with the relevant state or city. Typically they are found on a state labor department website.

WARN notices became law in 1988. Many good ideas are worth repeating.

This data provides the framework for a simple, concerned conversation with the advisor’s friend or client who is employed at that firm. They start by asking if the client was personally affected. If not, they are thankful. Were any of their friends affected? They shift to listening mode.

If a rationale is needed the advisor explains people leaving a firm have plenty on their mind. There’s a lot they need to know about moving their retirement assets. The advisor has helped others in a similar situation. They may be able to help them too.

The seed has been planted.

Now the advisor has an ally inside the firm working on their behalf. Although the firm might offer a seamless rollover process to a mass market, self-directed firm, the terminated employee may prefer not to follow their former employer’s advice, preferring arm’s length advice instead.

Your client feels they are helping their friend. The referred advisor is addressing a concern.

Accessing WARN notices is free. One conversation with a client or friend inside a firm gets the ball rolling.

Like the shark, the advisor is moving forward.