With only 20 percent of small businesses offering retirement plans, financial advisors are missing out on a lucrative opportunity.
"Any universe where you have 80 percent that don't have a plan and 20 percent that do, I believe that 80 percent is a great target market and a great opportunity. Don't ignore it," said Tom Donnelly, regional vice president of sales at The Principal Financial Group. "A well engaged, thoughtful, sincere advisor will dominate that other 20 percent. If an advisor knows what he wants, knows what he is looking for, knows what he is willing to offer, there is a ton of opportunity to talk to and the hit ratio is pretty darn good."
He recommends advisors go after the businesses that don't have plans and help build them. He also believes good financial advisors can "improve the plans of the 20 percent that have them."
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