PLANADVISER - July/August 2020 - 31
practice management //
Prospecting in Turbulent Times
Surprisingly, it may be a good time to win new clients
T
his summer, prospecting is on the upswing, Nate
White says. " Certainly, we all experienced a slowdown
in the spring. But I feel like we've emerged from that,
and we've been having more conversations with sponsors. "
White is founder and managing principal of Teros Advisors
in Lafayette, California. " There's a new normal for
businesses, and some companies are trying to figure out
what they have to do next. Others are doing well during
this time, and looking to enhance their plan and focus on
taking care of their employees. "
Plan advisers always have to be patient with prospecting,
but now " you have to be even more sensitive to
how and when you approach these companies, " White says.
" You really want to show that you're here to help them and
bring value to them. "
The Mechanics of Outreach
Westminster Consulting LLC in Rochester, New York, amped
up its outreach to potential new clients over the past few
months, says Sean Patton, a partner in the firm. With the
opportunity to meet new prospects at events temporarily on
hold, Westminster's advisory staff has gotten more involved
with online events such as webcasts and typically does two
to five of those weekly. " The networking that used to be done
in person is actually a lot more efficient now, because it's all
being done electronically, " he says.
Teros Advisors has kept in touch with its existing prospects,
as well. " We have gone back and reassessed how we
were approaching them. We have looked at, 'What are their
hot buttons now?' " White says. Plan sponsors may be more
focused currently on topics such as market volatility and a
return-to-work strategy for employees.
Prospects that had been considering a big move, such as
a recordkeeper change or major shift in their plan's investment
menu, mostly have put those on hold for now, White
says. " Here in the Bay Area, many people have said they
don't expect to be back in their office until 2021. So many
of those decisions are getting pushed off, because there's
no bandwidth at employers for making those changes now. "
These companies are too busy dealing with urgent business
and workforce issues, he says.
With new and existing prospects, Westminster has
shifted to an online meeting format. " We're doing a lot of
virtual 'cups of coffee,' " Patton says. " I had been wondering,
now that we've done that for a few months, are we getting
to the point that we'll see some folks getting 'Zoom fatigue'?
Art by Lily Padula
planadviser.com July-August 2020 | 31
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PLANADVISER - July/August 2020
Table of Contents for the Digital Edition of PLANADVISER - July/August 2020
Investing Against COVID-19
2020 PLANADVISER Recordkeeper Services Survey
Three Who Lead the Way
Prospecting in Turbulent Times
Retirement Savings Optimization
DOL Gives Private-Equity Guidance
Investment Advice Revisited
PLANADVISER - July/August 2020 - C1
PLANADVISER - July/August 2020 - FC1
PLANADVISER - July/August 2020 - FC2
PLANADVISER - July/August 2020 - C2
PLANADVISER - July/August 2020 - 1
PLANADVISER - July/August 2020 - 2
PLANADVISER - July/August 2020 - 3
PLANADVISER - July/August 2020 - 4
PLANADVISER - July/August 2020 - 5
PLANADVISER - July/August 2020 - 6
PLANADVISER - July/August 2020 - 7
PLANADVISER - July/August 2020 - 8
PLANADVISER - July/August 2020 - 9
PLANADVISER - July/August 2020 - 10
PLANADVISER - July/August 2020 - 11
PLANADVISER - July/August 2020 - Investing Against COVID-19
PLANADVISER - July/August 2020 - 13
PLANADVISER - July/August 2020 - 14
PLANADVISER - July/August 2020 - 15
PLANADVISER - July/August 2020 - 2020 PLANADVISER Recordkeeper Services Survey
PLANADVISER - July/August 2020 - 17
PLANADVISER - July/August 2020 - 18
PLANADVISER - July/August 2020 - 19
PLANADVISER - July/August 2020 - 20
PLANADVISER - July/August 2020 - 21
PLANADVISER - July/August 2020 - 22
PLANADVISER - July/August 2020 - 23
PLANADVISER - July/August 2020 - 24
PLANADVISER - July/August 2020 - 25
PLANADVISER - July/August 2020 - 26
PLANADVISER - July/August 2020 - 27
PLANADVISER - July/August 2020 - Three Who Lead the Way
PLANADVISER - July/August 2020 - 29
PLANADVISER - July/August 2020 - 30
PLANADVISER - July/August 2020 - Prospecting in Turbulent Times
PLANADVISER - July/August 2020 - 32
PLANADVISER - July/August 2020 - 33
PLANADVISER - July/August 2020 - Retirement Savings Optimization
PLANADVISER - July/August 2020 - 35
PLANADVISER - July/August 2020 - 36
PLANADVISER - July/August 2020 - 37
PLANADVISER - July/August 2020 - DOL Gives Private-Equity Guidance
PLANADVISER - July/August 2020 - Investment Advice Revisited
PLANADVISER - July/August 2020 - 40
PLANADVISER - July/August 2020 - C3
PLANADVISER - July/August 2020 - C4
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