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Selling Individual Retirement Accounts (IRAs)
Question: As a bank, how can we more effectively sell Individual Retirement Accounts (IRAs)?
Answer: Today's financial market is extremely competitive with companies, banks, credit unions, etc., offering IRAs. In order to maximize your selling efforts and get a leg up on the competition, you should:
- Make sure that your training, policies and procedures are always kept up-to-date. IRA regulations change yearly.
- Make sure employees understand the versatility of IRAs which can be opened for retirement, to save for educational expenses, for a non-working spouse or for the self-employed.
- Be sure that your employees know which types of IRAs you offer as well as the features and benefits of each.
- Have a good general understanding of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001.
- Educate employees on the fees associated with most IRAs so customers are aware of any additional cost when opening their IRAs.
- Be sure employees are educated about general contributions, distributions restrictions and allowances.
- Provide other sources of information to customers looking to open an IRA.
- Provide customized training with real-world examples and scenarios.
- Maintain records of course completion for all employees.
- Provide easily accessible reference material about IRAs and have your policies and procedures at hand for all employees.
The Edcomm Group
The Edcomm Group is a 19-year old multimedia training company specializing in the banking industry. The Edcomm Group offers programs such as Compliance, Teller, BSA, AML, EEO, Sexual Harassment, Elder Financial Abuse, Bank Risk, Credit Risk Management, Fraud Prevention, Security, Ethics, OSHA, Lending, Sales & Service, System Simulations, Retail Systems, System Conversions, Leadership & Operations Management. To learn more, please contact Dr. Linda Eagle, President of The Edcomm Group, at 888-433-2666 or linda.eagle@edcomm.com, and visit us on the web at www.bankersacademy.com.
First published on BankersOnline.com 8/06/07
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