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- W289984124 abstract "How movies and helped build excitement for a new Trust product It was a dark day for three members of Cincinnati-based Star Bank's Trust Division when the trust head, Dan Benhase, saw the movie Rocky V. In this sequel, the protagonist needed to get away from the distractions of his success and become re-focused for the coming bout. He accomplished this with a forced banishment to a Siberian-like training ground. This movie gave Mr. Benhase the idea of ensconcing three of his staff during the month of March, 1995, in one of the bank's regional offices outside Cincinnati. He wanted to get these employees away from their daily routine so they could focus on the creation of a new 401(k) product. His only requirements were that it be entitled the All-Star 401(k) and that it use a competitive list of mutual funds in addition to Star's own proprietary family of funds. The three people--Janet McDonald, head of employee benefits, Tom Scheper, head of operations and legal, and myself--headed off to an office nearly 40 miles away from the bank's headquarters for a month-long internment. Our unannounced departure created speculations that ranged from a corporate shake-up to a clandestine takeover attempt to secret projects that would lead to restructuring. Fund managers who bat 1,000 During the early days of brainstorming, several key decisions were made. First, we recognized that the success of the product would depend upon market positioning and perception in a field crowded with competitors. Second, the product had to be simple for the participant and problem-free for the sponsoring corporation. It became apparent that professional assistance in marketing and operations would be required. The marketing firm that was retained, Hsiung & Associates, assigned representative Jeffery Eberlein to our project. In numerous brainstorming sessions, we determined that we could segment ourselves from the marketplace by equating our selection of superior performing mutual funds with All-Stars. With that in mind, we sought to include in our 401(k) package the best performing funds--not fund families--that were headquartered in the Midwest. Our idea was to use the managers' regional accessibility to differentiate these funds from New York, California, or Boston funds. We also wanted to make each of the fund's managers somewhat like Dave Thomas of Wendy's hamburgers--a visible commodity. Jeff Eberlein suggested that we make baseball cards featuring each of the fund managers part of our brochure. The theme was carried out throughout our entire marketing campaign--from brochure production to employee education to solicitation videos to advertising and promotional materials. We spent a lot of time and analysis on the selection of the funds that would complement the seven mutual funds in our own Star Funds family. We were determined to identify those Midwest funds that had performance records superior to anything that Boston or New York had to offer. We looked at equity funds, aggressive equity funds, fixed income and cash funds, balanced funds, and certain specialized portfolios that were designed to meet specific needs. Using Morningstar and Lipper data, together with individual meetings with fund managers, we selected the Lindner Dividend in St. Louis; the Gateway Index Plus Fund in Milford, Ohio; Bartlett's Value International Fund in Cincinnati; the Midwest Intermediate Government Fund and Midwest Utility Fund in Cincinnati; the Maxus Equity Fund from Cleveland; and the Muirfield Fund from Columbus. The second facet of our product creation involved establishing proper accounting, recordkeeping, statements, and communications. Here, another specialist--Sunguard--and one of its top program developers, Phil Woolweaver, were approached. Their job was to create a system of administration that would take care of accounting for the 401(k) plan. …" @default.
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- W289984124 date "1995-10-01" @default.
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- W289984124 title "At Star, a 401(k) Is Born: How Movies and Baseball Helped Build Excitement for a New Trust Product" @default.
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