Members incorporate checklists and flowcharts into their marketing efforts in various ways, which you can read more about here. Undoubtedly, getting started can be overwhelming for some advisors, so we’ve taken the guesswork out of the process.
What follows is a step-by-step tutorial that any advisor — fpPathfinder member or not — can put into practice right now.
Let’s get started!
1. Use the “Can I Make A Backdoor Roth IRA Contribution?” flowchart.
a. Essentials Members + Advisors Considering Membership: Visit the white label section of the fpPathfinder website to set the white label settings. This is where you can add your logo, custom colors, and information to the backpage. Be mindful that only Deluxe and Premier members can save their settings. If you’re an Essentials member, or not yet a member, select “preview” and save the flowchart to your computer.
b. Deluxe + Premier Members: Go to the “Can I Make A Backdoor Roth IRA Contribution?” flowchart and download your ready-to-use, white-labeled resource.
2. Write a letter (or customize the content below) to share with your clients and prospects. The intention is to introduce the concept to your clients and let the flowchart address the technical considerations of making a backdoor Roth IRA contribution.
3. If required, submit the flowchart and letter to compliance for approval.
4. Send directly to your clients.
Need a little help writing a letter to introduce the concept to your clients? We’ve got you covered.
“Dear [Client],
Saving for retirement in a tax-efficient way is crucial to helping you reach your financial goals. But here’s the thing, for various reasons (from rising income levels to maxing out contribution limits), individuals’ and couples’ options for saving in tax-efficient accounts may be limited.
So, what do you do if you’re looking for more places to save after you have maxed out your employer retirement account options? Consider the often overlooked strategy, a backdoor Roth IRA contribution, which essentially allows you to save in a Roth IRA when you ordinarily would be unable to do so. There are a few critical factors you must satisfy for this strategy to be possible, but if you are eligible you could save an extra $6,000 ($12,000 if you are married) or more if you are over age 50. Making these contributions systematically over the course of years could have a significant impact on your retirement.
To help you evaluate whether a backdoor Roth IRA contribution makes sense for your (and your spouse’s) situation, please review the flowchart I’ve included. It outlines many of the rules and sticking points around the strategy.
If you find this strategy appealing, let’s talk! Please contact me and we can discuss it in more detail.
Thank you,”
We hope this example illustrates how you can use flowcharts in your marketing efforts.
