PLANADVISER - July/August 2020 - 32

practice management //
The answer is no. People are getting used to this as how
we're going to do business for the time being. "
While online meetings can have technical challenges,
White sees them as an opportunity to build personal
rapport with sponsors. " With all the meetings we usually do
face-to-face moving to Zoom temporarily, we're all showing
ourselves differently with our
[current and potential]
clients, " he says. " I think it's positive that people are seeing
us in our 'normal' habitat, while we're working from home,
and we're seeing them that way. Maybe somebody is wearing
a T-shirt, and you've never seen that person wearing a
T-shirt before. Or maybe that person's dog is jumping on the
couch behind him while he's talking. In many ways, I think
the rapport we're building is even better than it was before. "
Although they're working remotely, Westminster's team
members coordinate their outreach to potential new clients.
decade. " Every month, they get an email from us, and it's
designed to drive people to our website, to curated, valuable
content, " says Managing Director Michael Kane.
New for this year, the advisory firm has started sending
" On one end of the continuum, some
employers are being driven now by
core business issues, because their
business is in jeopardy. If someone
is in that boat, you can give them
technical support on things that can
help them weather the storm. "
" We have leaders in each area of our practice, so they're
'beating the bushes' on those topics. There are also several
of us who talk with potential clients about all areas of our
work, " Patton explains. " And then, when the discussion gets
more specific, on specific areas, I turn it over to our expert
in that area, or bring them in on the conversation. "
The Westminster team members keep in close touch
to coordinate those efforts. " In our group, we spend a lot
of time discussing what's top-of-mind for plan sponsors, "
Patton says. " We have bi-weekly, 'virtual' meetings when
we discuss what we're hearing from organizations that are
prospects and the conversations that each subject-matter
expert is having with sponsors. "
Following up effectively with employer prospects-
balancing your desire to keep in touch with a contact with
the reality that the person is busy-requires a thoughtful
approach. " Be the signal that cuts through the noise, "
suggests Michael Doshier, senior defined contribution (DC)
adviser strategist in T. Rowe Price's retirement-U.S. intermediaries
business, in Baltimore. " To connect with sponsors
now, you've got to cut back on the time investment
for someone to notice it, to read it or watch it, and then to
follow up with you. "
Plan Sponsor Consultants in Atlanta has a database of
over 7,000 prospects that it has been building for nearly a
a second type of email to certain sponsor prospects, based
on its background research on the issues those individual
plans face. " It's more of a fiduciary 'call to action,' and that is
very specific to each retirement plan, " Kane says. " It mentions
a fiduciary area that could be improved for that plan. " The
issue could be high fees, poor investment performance
versus peers', or not having made all the required regulatory
filings. Getting the email has motivated numerous sponsors
to contact Plan Sponsor Consultants, he says, and the advisory
firm can then do a high-level fiduciary assessment on
that issue for the sponsor prospect. " We can talk with them
about, 'Here is the issue you have. And if you want to get help
to mitigate your fiduciary risk, we can do that on
a project basis, or if you're looking for a new plan
adviser, we can take on that role.' "
Targeting Approaches
With employers so busy, and many working from
home, Aaron Pottichen takes a targeted approach
to prospecting. " If you're cold-calling like crazy
now, you're probably not finding as many people
in their office, " says Pottichen, senior vice president
at Alliant Retirement Consulting in Austin,
Texas. " For business development, many people
are probably taking a shotgun[, or broad-based,]
approach. But to be successful, you have to
narrow your scope: You have to have a more
specific approach. "
Teros Advisors is changing how it approaches existing
prospects because of the shifting priorities of employers.
" You need to understand the new workplace priorities for
HR [human resources] directors and CFOs [chief financial
officers], " White says. " That is the key, moving forward. If
you just want to do things the old way in prospecting, you're
going to miss out on what's really important to companies
today. " For example, some companies that are currently
doing well are thinking about workforce-retention strategies
such as an enhanced match, while struggling employers
more often are looking for ideas to control their match costs.
Doshier sees a continuum in how to approach potential
employer clients, based on their present mindset. " On one
end of the continuum, some employers are being driven
now by core business issues, because their business is in
jeopardy. If someone is in that boat, you can give them
technical support on things that can help them weather
the storm. " For example, many may need a simplified
explanation for how to think through their match-suspension
options, he says. " Sorting that out for plan sponsors,
especially at small businesses, really helps. You can help
them find a way out of this mess. "
For employers dealing with heavy turmoil in their business,
getting their attention may mean approaching them
about helping with fiduciary risk-management basics. " When
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