PLANADVISER - September/October 2019 - 43

that will help them scale their business,
support growth and add more
value for their existing clients.
Hinderstein emphasized how
utilizing centers of influence-attorneys,
benefits consultants, Certified
Public Accountants (CPAs) and
others-had helped his practice grow.
" At this stage, we are a 100%
referral-based business, " he said.
" Our referrals come most often from
[Employee Retirement Income Security
Act] attorneys and the staff members
of companies we work with. When they
change jobs, they speak highly of us to
their new employer and advocate for
bringing us on. "
Hinderstein said it is no accident
that these people advocate for his practice.
" We have a systematic approach
to building a referral network, " he said.
" We're constantly staying in contact
with our clients and building that
deeper, trusted relationship. "
Griffin pointed to strong success
his firm has had in building relationships
with payroll service providers.
" We need to get to know these people
well, because they are generating new
plans and growing plans all the time, "
he said. " Importantly, I'm not trying to
do business with all of them. Instead, I
look for real quality relationships with
a handful of great people. That's been
my strategy, and, as I bring on new
producers in the practice, I push them
to form their own distinct relationships.
It's a great way to generate referrals. "
Kulchar shared a unique approach
his firm is taking to build a dynamic
database of cross-referenced centers
of influence. " Over time, we get to
know every service-provider partner
our clients have, and we populate a
customized database accordingly,
built on RedTail technology, " he said.
" We have built the system so we
can dig in and cross-reference these
centers of influence,
to get a clear
picture of who in the network knows
each other and in what capacities. For
advisers thinking about growing their
referrals, that's where I would start,
with a database. "
Kulchar also noted how his firm
works with many nonprofit clients. He
has found it quite useful to get to know
their boards of directors and to estabFrom
left: Daniel J. Peluse, Wintrust Retirement Benefits Advisors; Stephanie Hunt,
Atlanta Retirement Partners; and Keith J. Gredys, Kidder Advisers, Inc.
lish a rapport with entities such as the
Better Business Bureau (BBB).
" If you get a new HR [human
resources] vice president who joins
one of your clients, you may consider
asking [him] to come in and meet
other HR people in the area, " Hinderstein
suggested. " You host a lunch,
and all of a sudden you have 20 HR
vice presidents together in one room,
and you are leading the conversation.
It's powerful. " -John Manganaro
Building the Next Generation
Of Advisers
Moderator: Daniel J. Peluse, director,
Wintrust Retirement Benefits Advisors.
Panelists: Stephanie Hunt, retirement plan
consultant, Atlanta Retirement Partners,
and Keith J. Gredys, J.D., chairman and
CEO, Kidder Advisers, Inc.
How do retirement plan advisers
bring young newcomers into the
industry? Stephanie Hunt said offering
the ability to work remotely has been
very successful. " Young folks don't want
to sit at a desk all day and commute-
they are looking for flexible schedules. "
Keith J. Gredys pointed out that
attracting talent is not just a problem
in the adviser market. With unemployment
at its lowest rate in decades,
many industries are having trouble
filling empty positions. He suggested
seeking out students in community
colleges. " There's a lot of talent there,
plus a lot of diversity. "
In terms of working with individuals,
" We need to do better, " he said.
" I have a 25-, a 35- and a 45-year-old
employee, who all do things differently.
We need to be open to doing
things differently-focus on what's
important to them. "
Dan Peluse noted that communicating
what advisers do is key. " We've
been put into one box. But there are
so many roles that advisers play. Bring
in interns. Let them gravitate to what
they are interested in. "
Gredys concurred. He also stressed
that candidates should indicate a
passion for the culture. " They'll need
to care about what they do. They could
play a role in the area of communications
or in helping others plan for their
future. It requires a caring attitude. "
Peluse said, " We've always thought
candidates for financial adviser positions
should have a finance background,
but some have a degree in
music. It can help if you have an aptitude
for investments, but there are so
many other parts to the business. We
should broaden the scope of what we
are considering. "
Most students don't come out of
school saying they specifically want
to be an adviser, Hunt observed. And
though there are more women in the
business now than 10 years ago, those
who enter the field need to be mentored,
she advised. Both men and women need
to be mindful to share opportunities
with newcomer women, she said.
Taking a long view when acclimating
Photography by Matt Kalinowski
planadviser.com September-October 2019 | 43
http://www.planadviserdigital.com/planadviser/september_october_2019/TrackLink.action?pageName=43&exitLink=http%3A%2F%2Fplanadviser.com
PLANADVISER - September/October 2019

Table of Contents for the Digital Edition of PLANADVISER - September/October 2019
