Rollover Investors May Be Eager To Work With Advisors, But Where Are They? Hot

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Cogent Research regularly polls investors to find out how they roll over their retirement accounts and how much of an opportunity this represents for advisors.

 

This year, the numbers were as bullish as ever. A full 43% of the survey population wants to work with an advisor when they shift those assets.

 

And with up to $300 billion up for grabs, that's a lot of assets that can theoretically be moved from tricky-to-manage 401(k) plans into more straightforward IRA arrangements.

 

But as A4A readers have noted, it's not like these investors are seeking out new advisors when they change jobs or retire, so the phone isn't exactly ringing off the hook with people looking to roll over.

 

These people either have existing advisors -- they might already be your clients -- or are not really thinking about seeking a new relationship.

 

They might have just gotten laid off or are going to be busy learning the ropes at a new job.

 

In the past, I've asked custodians their advice for advisors looking to capture these assets. They basically brushed me off -- after all, they make money on self-directed IRAs.

 

So the secret here may be simply keeping your eyes open to what your current clients are doing, so you can strike when that "liquidity event" happens.

 

If a client changes jobs on LinkedIn or posts a new resume, you should know. Send a note. Maybe there's a 401(k) account that needs to be transferred.

 

It's not rocket science, but it will probably never support an entire specialty of "401(k) rollover advisors," either. But capturing incremental assets is not a bad thing.

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