The document outlines discussions from the BPAS Partner Conference 2016, focusing on challenges faced by retirement plan advisors in a competitive landscape with various providers. Key topics include the impact of regulations on client decision-making, strategies for client engagement and retention, and the implications of transitioning clients between providers. Additionally, it addresses the use of technology in client servicing and the evolving perception of retirement plans as wealth-building tools versus mere compliance mechanisms.

1. B P A S P A R T N E R C O N F E R E N C E 2 0 1 6
PANEL: ADVISOR DEFINED SESSION
• Dan Chabott, Dan Chabott, Sr. Partner, Clear Sailing Investment Group
• Eric Drossner, Director of Retirement Services, The Haverford Trust
• Mark Sulpizio, Partner, Innovative Investment Fiduciaries, LLC
Moderator: Paul Neveu
President, BPAS Plan Administration & Recordkeeping Services
B P A S P A R T N E R C O N F E R E N C E 2 0 1 6

2. You run into one of your friend’s parents at a soccer game.
It turns out s/he’s the CFO of a 300-life company near you
and is on the RP committee for the plan. It’s currently with
a national bundled provider. S/He says things are going ok.
Then, you have the opportunity for a 45 to 60-second
elevator pitch on your product.
Go.

3. What types of providers do you compete with the
most in your footprint (advisors, bundled providers,
insurance companies, banks, TPAs, etc.)?
What has been your recent experience?
Which situations are you winning? Losing?

4. What’s the biggest challenge you face with prospects?
(Getting in the door, getting them to see there’s a
problem, getting them to feel a sense of urgency, etc.)

5. Without a doubt, 408(b)(2) has created momentum
for some clients to just “go with the cheapest menu”
with the blinders on—Active versus passive funds,
asset classes, etc. How do you deal with it, and what
is your philosophy? Is it a client-by-client situation?

6. To what extent are your plans using the same menu,
or how much variation exists across the plans?

7. 3(21) versus 3(38) in your book.
Comments?

8. What’s the biggest challenge you face with your
current clients? (servicing, retention, participant
needs, problem resolution, etc.)

9. Have you had turnover of key people at any of your
current clients? (CFO, President, Head of HR)
What is your strategy when that happens?
How do you deal with it?

10. DC Plan Brokerage Windows
Yes? Only with arm twisting? Or, just say no?

11. How many of your clients embrace the higher purpose
of the plan as a wealth building tool? And, how many
merely see it more as a “check the box” to recruit and
retain employees?

12. How often do you do plan update meetings?
What is your usual format / strategy?

13. What is your solution for advising participants?
Guidance? Education only? Hard advice?

14. What is your slant on value versus fees in the post
408(b)(2) world?
Are clients mostly interested in the cheapest solution,
or are they willing to pay more for services and
investments if they perceive they are getting value?

15. In a typical 100-participant, $5 million plan, what
percent of your annual activities are devoted to
working with HR or the RP committee, versus working
individually with plan participants?

16. Do you use a CRM for servicing retirement plan clients?
What is it?
How do you use it?

17. Models vs Target Date Funds vs Lifecycle Funds
In one sentence, which do you favor in your
programs?

18. Let’s say that plans might change providers for two reasons:
1. Due diligence reasons: fiduciary, service, technology, cost,
product features, payroll considerations, etc.
2. Reasons the client may not admit to: personal relationship
with an advisor or broker, new management team with
prior loyalties, bank leveraging lending relationship, etc.
What mix of 1 and 2 do you see in typical bids of $5M plans?
$20M Plans?

19. How do you compare services and fees with a
prospect?
What tools or approaches do you use?

20. Do you still have any RR/BD plans (un-level
compensation)?
What is your plan for them?

21. Based on the lawsuit announced Monday, the $9 M
plan, what’s your reaction?
How do you think it impacts plan sponsors?

22. How have you used technology as part of your
business (pre-recorded presentations, web casts,
tablets, multi-media, group training, etc.)?

23. Have you had clients who went to another provider,
then had remorse about their decision?
Why?

24. Other Questions?

25. B P A S P A R T N E R C O N F E R E N C E 2 0 1 6
BPAS PARTNER CONFERENCE 2016
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