Being a retirement plan provider and pro wrestling business terms

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I am a fan of professional wrestling and I’m not ashamed to admit it. I kind of claim that I had no choice in the matter since both my grandfathers watched it, so I say that it’s in my blood.

I have known it isn’t real almost ever since I ever watched it, but I also have watched Dallas that long and I know that’s not real either.

Even more than the technical aspect of a wrestling match, I am very interested in the business aspect of it. So a lot of time when I talk about business and getting clients, I use pro wrestling terms.

The business of professional wrestling is about drawing money and getting rear ends in seats, that’s it. Certain wrestlers are given a push to get over and some are buried because they’re not drawing a dime. In English, a push is an attempt by the wrestling promoter to get that wrestler to win matches and get over (accepted) with the crowd. Sometimes the wrong people get pushed and business suffers (not drawing a dime) and they get buried (deemphasized).

I liken my time at that semi-prestigious Long Island law firm (sorry, Lois) in wrestling terms. I could never get over by drawing money because the law firm refused to push me or the services I could offer. I wanted a national ERISA law practice and for some reason, they didn’t want to push someone who had ambition and was a lowly associate. They pushed other attorneys; some even becoming partner and these attorneys couldn’t draw a dime of business because they didn’t have the capacity to get over (bringing in clients).

What does this have to do with the retirement plan industry? Plenty. Whether it’s a law firm, third party administrator, financial advisor, or even the Conservative synagogue where I serve as a trustee, you should never lose sight of why you are here. It’s all about drawing money and putting rear ends in seats (having a client list that can financially support you) and everything else is secondary. Of course marketing to potential clients and actually servicing them competently is all about drawing money and it’s part of the way of getting over (popular) with the audience (retirement plan sponsors) that translates to more clients. Just never lose sight of what pays the bills and that’s clients and you can increase business by getting more clients. That is just a fundamental requirement of any business and I didn’t need an MBA to figure that out, I just went to the WWE business school.

Being a retirement plan provider isn’t about having your office turned into a country club or serving some higher purpose because you see your business as something nobler than it really is. You are helping retirement plan sponsors and their employees; you’re not doing the Lord’s work. It’s about doing everything to draw money and you do that by successful marketing and spreading the word about your work by doing a heck of a job by your current clients.

Like I always say, it ain’t brain surgery.

 

Topics:  Benefit Plan Sponsors, Retirement Plan

Published In: Finance & Banking Updates, Labor & Employment Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ary Rosenbaum, The Rosenbaum Law Firm P.C. | Attorney Advertising

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Ary Rosenbaum
The Rosenbaum Law Firm P.C.

Ary Rosenbaum is an ERISA/ retirement plan attorney for his firm, The Rosenbaum Law Firm P.C.. At a... View Profile »


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