Boise AM show helps adviser build Micron client niche

Alex Lundgren, an adviser at Tree City Advisors of Apollon in Boise, used a local AM radio program to develop a client niche among Micron employees. She estimates her firm now serves about 187 households, with roughly 30% of those clients employed by Micron and another 20% working at large local hospitals.

Lundgren began her advisory work focusing on women in transition, including those navigating divorce or widowhood and planning for retirement on a single income. She and other advisers later hosted a drive-time AM program Monday through Friday from 5 p.m. to 6 p.m.; the program now runs three hours on Saturdays and is available as a podcast.

On air, Lundgren explained company stock price moves, stock grants, retirement-plan features and tax issues, using Micron examples. Listeners called with questions about their personal situations; many callers became clients and referred coworkers on the company campus.

“Once you understand how the retirement plan works you can get really well versed at this,” Lundgren said.

She described common misconceptions among Micron staff, including the belief that vested restricted shares must be sold immediately. Lundgren pointed out that some employees do not realize they can transfer company stock without selling it. She also noted that Micron does not permit company stock in its 401(k), which limits planning techniques available at employers that allow company stock in retirement accounts.

Her husband worked at Micron for 27 years, but Lundgren reports he was not the primary source of client referrals; the broadcast and subsequent client referrals produced the bulk of the Micron business.

Lundgren advises advisers who want to serve employees of a large local employer to study plan documents and employee benefit summaries. She recommends asking early clients for a copy of the 401(k) summary plan description to learn whether the plan allows company-stock purchases or includes other special features.

Competition for those employees can come from custodians and plan providers that make advisers available to staff. Lundgren said that can be an obstacle when employees receive generic answers and an opening when workers seek personalized guidance.

On choosing a niche, she recommends building a client base around the types of clients an adviser enjoys serving rather than selecting a niche solely because it appears popular.