PLANADVISER - September/October 2021 - 34

managing relationships / strategic partnerships
Building Strategic Partnerships
What advisers should look for in a potential referral source
J
im Sampson understands the value of strategic partnerships.
He recalls how, early in his career as a wholesaler
in the pension plan industry, he observed those
relationships in action: Advisers who serviced the most
plans had " some kind of partnership in place " with other
professionals such as Certified Public Accounting (CPA)
firms or benefits consultants, says Sampson, now director,
retirement advisory services, with Hilb Group Retirement
Services in Cranston, Rhode Island. He adopted that
approach when he shifted to plan advising in 2003, and it
still works, he says. " I haven't made a cold call in 18 years. "
Referrals from other professionals are the gold standard
for landing new accounts. The client trusts the other professional's
judgment sufficiently to ask for a referral, and then
having that common acquaintance as a shared contact helps
the transition when forming a new working relationship.
Randy Long, CEO of SageView Advisory Group, headquartered
in Irvine, California, says he " continues to enjoy strong
relationships with strategic partners. " These include recordkeepers,
ERISA [Employee Retirement Income Security Act]
attorneys, third-party administrators (TPAs) and accounting
firms. " They are big sources of new business, " Long says.
Looking across the industry landscape, Long says he
believes that the consolidation that has taken place among
recordkeepers and,
in particular, advisers, has played
to SageView's strengths as an aggregator. " It's harder for
advisers to operate as solo practices, " Long says. " Today, it
takes a lot more resources and a true team effort. "
Developing strategic partners that can provide quality
referrals takes time, though, and it is not a one-way street.
PLANADVISER asked several retirement plan consultants
for their suggestions on how to grow solid partnerships.
Align Your Markets
" It typically takes time to build these relationships before
they refer us in, " says Steve Wilt, principal and financial
adviser with CAPTRUST in Akron, Ohio. During that time,
the CAPTRUST team and potential partners get to know each
34 | planadviser.com September-October 2021 Art by Marc Rosenthal

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PLANADVISER - September/October 2021

Table of Contents for the Digital Edition of PLANADVISER - September/October 2021

Masterminds of the Plan
"PLANADVISER’s 2021 Top 100 Retirement Plan Advisers"
How to Optimize Connections
Defining Roles
Building Strategic Partnerships
Different Strokes
Cybersecurity Considerations
Provider Recommendations
PLANADVISER - September/October 2021 - Cover1
PLANADVISER - September/October 2021 - Cover2
PLANADVISER - September/October 2021 - 1
PLANADVISER - September/October 2021 - 2
PLANADVISER - September/October 2021 - 3
PLANADVISER - September/October 2021 - 4
PLANADVISER - September/October 2021 - 5
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PLANADVISER - September/October 2021 - 14
PLANADVISER - September/October 2021 - 15
PLANADVISER - September/October 2021 - 16
PLANADVISER - September/October 2021 - 17
PLANADVISER - September/October 2021 - Masterminds of the Plan
PLANADVISER - September/October 2021 - 19
PLANADVISER - September/October 2021 - 20
PLANADVISER - September/October 2021 - 21
PLANADVISER - September/October 2021 - "PLANADVISER’s 2021 Top 100 Retirement Plan Advisers"
PLANADVISER - September/October 2021 - 23
PLANADVISER - September/October 2021 - 24
PLANADVISER - September/October 2021 - 25
PLANADVISER - September/October 2021 - 26
PLANADVISER - September/October 2021 - 27
PLANADVISER - September/October 2021 - How to Optimize Connections
PLANADVISER - September/October 2021 - 29
PLANADVISER - September/October 2021 - 30
PLANADVISER - September/October 2021 - 31
PLANADVISER - September/October 2021 - Defining Roles
PLANADVISER - September/October 2021 - 33
PLANADVISER - September/October 2021 - Building Strategic Partnerships
PLANADVISER - September/October 2021 - 35
PLANADVISER - September/October 2021 - Different Strokes
PLANADVISER - September/October 2021 - 37
PLANADVISER - September/October 2021 - Cybersecurity Considerations
PLANADVISER - September/October 2021 - Provider Recommendations
PLANADVISER - September/October 2021 - 40
PLANADVISER - September/October 2021 - Cover3
PLANADVISER - September/October 2021 - Cover4
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