Prospecting with Purpose: A Case Study

The Background

In April 2020, as part of a developing relationship, an advisory firm, “Advisors, Inc.” met with a manufacturing organization to discuss the retirement plans they were currently offering to their employees. In those discussions with the organization’s senior leadership, frustrations surfaced regarding an existing defined benefit (DB) plan. While not yet engaged to advise on the retirement plans, Advisors, Inc. was asked for their thoughts. 

The Challenge

The advisors were confident discussing retirement plan investment strategies across all plan types, but needed support to address the pension issues posed, including:

• Managing pension liabilities

• Funding policy

• Whether the plan should continue or be frozen

• Strategies to reduce overhead costs necessary to maintain the plan

For Advisors, Inc., like many other advisory firms, pension plans were outside of their usual area of focus. They needed some help to come across as experts to their potential client. In this case, instead of passing on this DB opportunity, they looked at the situation in two ways:

1. They could provide valuable assistance to their prospect

2. By doing so, they increased their chance to build a profitable, ongoing relationship

The Approach

Advisors, Inc. leveraged their relationship with the O3 Edge team. Advisors, Inc. used their own understanding of the investment landscape and leveraged the deep pension expertise of their O3 Edge consultants to prepare to deliver a significantly deeper and more focused level of advice in their meeting. 

The Prospecting Opportunity

Advisors, Inc. recognized a lucrative opportunity. By leveraging O3 Edge – the tool, the process, and the consulting support -- they positioned themselves for a long-term partnership with their prospect. By embracing a DB opportunity rather than avoiding it, and by developing  a smart solution in working with their O3 Edge team, they provided exceptional value to the decision-makers at their prospect company. This positioned them well to take over not just the DB advisory services for this company, but the DC plans as well.

With the partnership of O3 Edge retirement plan experts, Advisors, Inc. was able to seize an opportunity they would normally avoid. Although DB plans were outside of their comfort zone, by partnering with pension experts, they were able to expand their suite of services and increase their chances of winning new clients.

O3 Edge is an intuitive prospecting solution for retirement plan advisors. Jumpstart your practice growth by requesting a demo today.