PLANADVISER - Winter 2023 - 19

Roundtable
Best Foot Forward
F
or PLANADVISER's Roundtable
this issue, Alex
Ortolani, editor of PLANADVISER,
digital, talked with
Eric Dyson, executive director
of RFP 401k Advisor in Plano,
Texas, and Greg Middleton,
senior director, marketing,
CAPTRUST in Raleigh, North
Carolina, about best practices
that retirement plan advisers
can use to enhance the appeal
of their responses to requests
for proposals.
Many plan sponsors have
increased the use of RFPs,
or sometimes the somewhat
lighter requests for information,
to assess and benchmark
their plan advisers, according
to industry veterans Dyson
and Middleton. Here, the two
experts discuss how advisers
can put their best foot forward
to retain current clients and
attract new ones.
PLANADVISER: As the retirement
plan adviser industry
has grown, have the number of
RFPs from plan sponsors also
grown with it?
FROM LEFT: Eric Dyson, executive director, RFP 401k Advisor, and Greg Middleton, senior
director, marketing, adviser group, CAPTRUST.
PA: How do advisers distinguish themselves when
responding to a plan sponsor RFP?
Greg Middleton: I've spent nearly 23 years in the industry,
all with CAPTRUST, and my focus throughout that time
has primarily been on marketing and organic, growthfocused
efforts. As it relates specifically to RFPs, I was the
first person [in the firm] to respond to them. We did our first
bunch in 2002, and our number of total RFPs that year was
six. We are scheduled this year to do over 600.
We now have a team of 12 people that [work on RFPs] ...
and they respond to RFPs from entities with plan assets of
$3 million or less, all the way up to $20 billion or more. The
plans are also of every shape and size. It's nonprofits, it's
public companies, it's hospital systems, it's education groups.
... We see every type of flavor of RFP on a weekly basis.
I thought, in our first year, doing six was a lot. Now, we
might be doing six a day or six a week. It's fascinating seeing
this trend that has evolved very rapidly over the past five
to eight years, and we're just excited that we can help our
[CAPTRUST] advisers be successful with that.
Middleton: I would say 80% to 75% of it is a push. ... There
are many categories where you are either going to be on
par or you are not. Responses that are worthy of consideration
are separated out quickly. The last 15% to 20% of the
RFP is where you really differentiate yourself.
Hopefully this RFP, or the opportunity, is not cold.
Hopefully you've had a relationship with this group, and
you understand what the catalyst is behind the search, and
you understand what their specific pain point is. Hopefully
you're structuring those responses and that content to
specifically address their issues.
Then, it all comes down to fit. The more you can articulate
or demonstrate what it's going to be like to work with
you as an adviser, or with your firm, I think that is going to
get you closer to the finals presentation, and hopefully it's
going to get you through to a positive outcome.
The other aspect that will differentiate you is-if you
Attracting clients through a request for proposals process
Art by Chris Buzelli
Plan Management | Winter 2023 | planadviser.com 19
http://www.planadviser.com
PLANADVISER - Winter 2023

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