Prospecting with Purpose: A Case Study
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 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
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:
They could provide valuable assistance to their prospect
By doing so, they increased their chance to build a profitable, ongoing relationship
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.
Topics: Retirement Plan Prospecting
- Prospecting with Purpose: A Case Study
- Five Tips for Better Retirement Plan Prospecting
- CHECKLIST: Identifying the Best Retirement Plan Prospects
- Four Prospecting Myths it’s Time to Leave Behind
- Average or Exceptional? 11 Ways For Retirement Plan Advisors To Know Where They Stand