Talk Less, Listen More

A good retirement plan finalist presentation is less about how much information an advisory brings as it is about how well they can listen and respond, according to a group of expert practitioners speaking Monday at the National Association of Plan Advisors 401(k) Summit in Nashville.

The experts agreed that one key to a good finalist presentation is not trying to impress a potential client with all you know and can do, but rather, showing them what you can do to solve their most pressing needs.

“You think the plan sponsor cares about what you care about—they don’t,” said Don Barden, CEO of The Perfect Plan. “Employee benefit heads are thinking about how they can retract and retain talent and how they can improve their business.”

Barden, who has led numerous finalist presentations and wrote a book on elite sales practices, says advisers can go into a presentation with too much information and a “vomit of words.” He noted that it’s crucial first to listen, and then to focus the conversation on three core ideas; any more than that, and the audience may tune out.

“Pick two or three things that they want to talk about, and if they want to go off on tangents, then do it,” he said. “Please don’t go into a finals presentation looking to impress yourself or your team—impress the buyer.”

Know Your Audience

Josh Itzoe, founder and CEO, FiduciaryWorks, often sits on the other side of the table by assisting plan advisers with finalist decision-making. He noted that, although it can be hard for advisers to imagine, many finals presentation are very similar.

“A lot of advisers are married to their pitchbook—they are married to their agenda,” he said.

Itzoe recommended “setting your agenda aside” and building a relationship with the people in the room by posing the question: “what is the most important thing that you need to hear from me about how we can help?”

Just raising that question can help an advisory team identify the most important decision-maker in the room. Often, a leader, such as a CEO or CFO, may turn to someone else to answer, identifying that person’s key role in the selection process. After that discussion, which can sometimes take  20 to 30 minutes, an adviser can turn to the presentation to pinpoint the most relevant areas for the potential client, Itzoe said.

“Once they can start envisioning you working with their employees and how that will look, that is really, really powerful,” he said.

Individual Attention

Jeanne Sutton, managing director, Strategic Retirement Partners, said her team focuses on building a strong relationship and rapport with a potential client along with making sure that the focus is on them, not their own advisory firm.

“Get rid of your pitch deck,” Sutton said. “Build a custom deck for each client.”

Sutton noted that when SRP goes into a finalist presentation, they create a deck in the plan sponsor’s colors and feel of the firm so they already “feel like part of the team” before they even start working for them.

Barden noted that the employee benefits team is often the actual decision maker, whether a chief human resources officer or benefits head. About 74% of those leaders, he said, are women, who will be very influential in making retirement plan decisions for employers in coming years.

He also believes about 75% of finals are not a fair fight, but rather, a way for a plan sponsor to convince themselves of a decision they have already made. When going into a finalist presentation, he would often congratulate the plan sponsor on their decision-making so far and note that no matter which firm they choose, they will do well for their employees.

“That usually takes a lot of pressure out of the room,” he said. “They think, ‘this person told the truth, and we can just relax and see who we want to do business with.’”