In a competitive workplace retirement plan marketplace, the ability to win—and keep—plan sponsor clients demands preparation, precision, and a deep understanding of what plan sponsors truly value.
In this exclusive 401(k) Specialist Q&A, Brandon Radach, Senior Managing Director at Manulife John Hancock Investments, and Veronica Bray, CEO of Retirement Plan Advisor Search, share practical strategies to help advisors sharpen their edge in finalist presentations, refine their RFP responses, and build relationships with plan sponsors.
Drawing on decades of combined experience—Bray’s from consulting with thousands of plan sponsors and attending hundreds of finalist meetings, and Radach’s from coaching advisor teams across the country—the two offer candid insights into what differentiates advisor teams that thrive in the all-important finalist presentations. From preparation tips to presentation pitfalls, their advice reveals what it takes to stand out from competitors.
401(k) Specialist: Brandon, to kick things off can you explain why Manulife John Hancock Investments focuses on providing insight to advisors to win retirement plan business—and tell us about the relationship with Retirement Plan Advisor Search?
Brandon Radach: We at Manulife John Hancock Investments have always looked for ways to provide insight into what we see with trends and unique approaches for advisors to win more business. We aren’t going to teach advisors how to sell retirement plans, they have already figured that out. What we aim to accomplish is to provide thoughts that might help on the margins of a very competitive and always changing business. This is all about partnership with professional retirement plan advisors.
The relationship started with Veronica Bray at Retirement Plan Advisor Search because there was a recognition of the experience Veronica brings to the retirement plan market. During her career, Veronica has consulted with thousands of retirement plan sponsors from an advisory, record-keeping/TPA, and now, search consultant perspective. Veronica has sat through hundreds of advisor finalist presentations with her plan sponsor clients. To put it plainly, there isn’t much Veronica hasn’t seen. We saw this and thought she could provide insight into the mind of the plan sponsor, which would benefit our advisor relationship.
401(k) Specialist: Veronica, tell us a little bit more about your organization, Retirement Plan Advisor Search?
Veronica Bray: Retirement Plan Advisor Search is a firm dedicated to assisting retirement plan sponsors throughout the United States in identifying and evaluating retirement plan service providers. Our expertise encompasses guiding sponsors through the process, from RFP to finalist presentations, of selecting or evaluating their plan’s advisor, recordkeeper, and third-party administrator. We also provide advisor coaching and expert witness consulting for retirement plan-related litigation.
401(k) Specialist: Competing for business could start with referrals. Veronica, how do you feel about using referrals exclusively for prospecting compared to cold calling?
Veronica Bray: Both can work; you don’t have to choose one. Referrals are often easier because prospects trust the person making the introduction.
That said, don’t dismiss cold calling—it keeps you visible to plan sponsors who may review advisor options later. HR and benefits managers often move between companies, so staying on their radar can create future opportunities.
Think of cold calling as a form of advertising. Even with today’s remote work challenges, repeated exposure builds recognition and credibility. Reaching out to a few hundred companies every six months—just a few a day—can be manageable. A short, consistent message like, “We’re experts in retirement plans and would love to discuss your plan,” can yield meaningful results over time—potentially five to 10 productive conversations a year.
401(k) Specialist: And what is your perspective on collaborating with organizations like SHRM for prospecting?
Veronica Bray: Establishing partnerships with respected professional organizations such as the Society for Human Resource Managers (SHRM), the American Institute for Public Accountants (AICPA), and similar groups is an effective way to enhance visibility among retirement plan decision makers.
Retirement plan committees often include professionals who belong to one or more relevant organizations. Advisors can ask clients about what professional organizations they are members of and request to attend a monthly membership meeting with them, providing an opportunity to connect with other retirement plan decision makers. While this may not lead to immediate business, it can increase awareness of the advisor among potential contacts for future opportunities.
401(k) Specialist: Brandon, what advice would you give regarding handling requests for proposal when there is no existing relationship with the prospect?
Brandon Radach: Yes, I hear this a lot from advisors that if they do not have an existing relationship, due to the time it takes for RFPs, they tend to pass on the opportunity. To me, it’s missing out on one more opportunity you had at the start of the year. When plans go out to bid, they usually plan to have three teams show up for face-to-face finals. One spot will be the incumbent; the second spot will be the ones who encouraged the search in the first place and that third spot tends to be open; for the dark horse.
I haven’t met a team that doesn’t feel like they are the best. If you feel that way, go for it! Regarding the time it takes to respond, take advantage of AI with helping you write the answers based on the library of questions from previous RFPs. Enter in your previous RFPs and then ask AI something like, ‘Answer these questions based off of the previous attachments.’ After editing, this should shorten the time it takes to write tremendously.
Finally, keep in mind that if you do not participate, this could hurt chances in the future with that specific company, or with members of the committee that move to another firm. You might not remember the name of the firm you passed on, but they might remember you.
401(k) Specialist: Veronica, what advice do you give to advisors when they ask you if they are better positioned to present first, in the middle, or last at a finalist presentation?
Veronica Bray: I frequently get asked this question when providing advisor coaching. Some advisors prefer to present first in order to establish a strong initial standard for the other finalists, while others choose to present last to leave a memorable impression. However, presenting in the middle of the schedule may offer strategic advantages.
When advisors present first, committee members are often just beginning their evaluation process and formulating questions regarding the proposed services. Presenting mid-sequence allows advisors to engage with a more attentive and inquisitive committee, as members have had an opportunity to consider previous presentations. Conversely, advisors who present last may encounter a fatigued committee, potentially diminishing the impact of their presentation.
401(k) Specialist: How can you make your proposal stand out if you don’t have a preexisting relationship?
Brandon Radach: There are lots of ways to make your RFP stand out. Ask yourself—does it look inviting? Would you want to read it? If not, make it yours. Put your logo on the top, fix their formatting and spelling errors. Make it feel like a custom document created just for that plan sponsor.
Try to have fewer words. Use more graphs, charts, and tables to tell your stories. We don’t consume information like we did 20 years ago. Think about how you can condense answers so they are easier to remember and comprehend.
Make sure you answer every question in the RFP and don’t direct the prospect to your website to read bios or direct them to an appendix for plan related information. Plan sponsors are not going to go to your website; they want everything in front of them.
Recently, I heard something along the lines of ‘paragraphs are dead.’ What they meant is bullet points and outlines are easier to digest, which might make a plan sponsor more willing to spend time on your RFP.
Another would be to avoid being grandiose. We’ve already established that advisor teams think they are the best. Show them how you are the best rather than tell them. This idea came from someone who trains on RFPs and has said that advisor teams tend to start rolling their eyes at terms like, ‘world class,’ ‘best’ or ‘trusted.’
Also take the time to go to your website and pull pictures to incorporate into the response. Plan sponsors like to see that you’re able to customize your communications to meet their needs. I’ve known of advisor teams using pictures of their team actually engaging with participants during an education presentation.
There are also the little things, using ‘cost’ instead of ‘fees.’ Spinning sentences to the positive instead of the negative. For example, ‘…making sure you have money for the rest of your life…’ instead of ‘…managing longevity risk.’
And finally, always share the benefit. We sometimes get caught up in the details of our services and forget to share why it’s important to the plan, plan sponsor or participant.
401(k) Specialist: Veronica, what are your thoughts on conducting a prep call to effectively prepare for the finalist meeting, and how do you determine the appropriate number of questions to ask?
Veronica Bray: Prep calls before the finalist meeting are commonly accepted by plan sponsors and can give you an idea of what they are interested in discussing. Advisors who request a prep call demonstrate their interest in winning their business and help ensure readiness for the meeting. These calls are typically brief, lasting no more than 30 minutes, and about 4-5 questions focused on topics not covered in the request for proposal (if provided) or related to information already gathered about the prospect.
Refrain from inquiring about details that have already been provided by the plan sponsor in their RFP. Set the expectation for a debrief call after the process, win or lose. In my experience, plan sponsors are willing to do this for the participating advisors, if requested.
An effective question to pose is why your firm was selected as a finalist. This allows the advisor to identify their strengths or competitive advantages and ensures these attributes are highlighted during the finalist meeting.
I recommend asking the plan sponsor about any topics they prefer not to discuss or areas they do not wish to have covered. For example, I once worked with a client who requested that finalist advisors refrain from covering ERISA 3(38) services or OCIO offerings. I relayed this information to all relevant firms; however, one firm included OCIO services in their presentation deck. When they began discussing this service during the meeting, it was met with strong disapproval from the Chief HR Officer, which nearly resulted in the advisor being asked to leave the room.
Finally, referring to insights gained from the prep call at the start of the finalist meeting shows the plan sponsor you listened and understand their needs.
401(k) Specialist: What types of preparatory work have you found to be most effective?
Veronica Bray: In my experience, plan sponsors and committees appreciate when advisors ‘do their homework.’ It shows you care about earning their business because you took the extra time to prepare for the meeting. You can also showcase your expertise and why plan sponsors hire your firm for their retirement plan. If not sent along with the RFP, request the plan’s adoption agreement, investment options, and the plan’s 404(a)5 and 408(b)2 fee disclosures.
You could review their adoption agreement, investment options, and disclosures ahead of time, and prepare a plan design analysis/suggestion, and/or screen their investment options and share with them any gaps in investment style coverage, lower cost share classes, plan fee benchmark, or other areas for improvement.
Plan sponsors also like to see what other retirement plan sponsors are doing, either in their same industry or those with whom they compete for talent. You can benchmark their plan design against these peer plans and either demonstrate that their plan is great, or offer some plan design ideas to make their plan more competitive.
If the prospect has a population that speaks a language other than English, bring in sample communications in that language to show them your firm can accommodate those employees.
Another idea is to bring in communications tailored to their organization’s employees. For instance, I observed an advisor firm present communications to a committee relating to what the employer calls their employees. This organization called their employees “members” and the advisor referred them as members throughout their presentation and conversations with the committee.
401(k) Specialist: Veronica, can you explain who should attend that final meeting and the reasons for their inclusion?
Veronica Bray: Since committees select a retirement plan advisor as an extension of their retirement plan committee—someone who will foster a long-term partnership with their organization—it is essential that committee members meet all professionals who will interact directly with both the committee and plan participants.
I strongly recommend introducing: 1. Every professional who will support the client in day-to-day operations; 2. The individual or team responsible for participant engagement; and 3. Those who will attend each committee meeting. Committees value the assurance of knowing who they are entrusting to work with their employees, collaborate with regularly, and meet with for several hours throughout the year.
If the prospect also has a non-qualified plan and you have an NQ plan specialist at your firm, also bring this person to the meeting to speak to how your firm services those plans.
401(k) Specialist: How do you create a meeting agenda or outline that balances the prospect’s needs with your objectives?
Veronica Bray: The advisor should ask the plan sponsor for an agenda for the meeting. This will inform the advisor what is most important to the committee. Do not assume that every committee member has reviewed your response to their RFP. Be sure to present your firm, experience, and expertise clearly during the finalist meeting, while also addressing matters important to the committee.
If the prospect’s plan is with a recordkeeper with whom your firm has significant assets and numerous plans, articulate how this relationship provides your firm with leverage at that particular recordkeeper (white glove service, dedicated firm concierge, access to Collective Investment Trusts, or any other competitive advantage you may have with their recordkeeper).
401(k) Specialist: Brandon, how do you establish expectations or outline the next steps in the decision-making process?
Brandon Radach: Asking questions that you need answers to is very important. Veronica touched on this earlier with her promotion of a prep call. This is where you can find out what you need to know to best prepare yourself. The feedback I’ve gotten suggests that advisors don’t do this enough.
If something isn’t explicit, take advantage of the prep call to address how they want the process to go. There you can find out their process for making a decision, and the criteria they will use to make the decision.
This prep call will also allow you to understand the timeframe for the decision and give you an opportunity to set up a debrief call after the decision’s been made; win or lose. This debrief call might come in handy should you have another opportunity to compete for their business in the future.
401(k) Specialist: On this one we’d like to hear from both of you. What are the most devastating things you have seen an advisory team do that sunk any chance they had to win the business?
Veronica Bray: I have sat through dozens of finalist presentations where the advisor asks a question about something that was already covered or mentioned during the meeting.
I had a reputable national retirement plan advisor firm use another prospect’s name throughout their RFP response. The committee knocked the firm out of the process due to that mistake.
I’ve also seen advisors interrupt or cut off the prospect or the advisor’s colleague, and the prospect mentions it after the meeting. Body language is important during these meetings! I’ve also heard from committees about an advisor yawning while the other team member was speaking. One advisor had a water bottle, and he kept slamming it on the table every time he would make a point about his services. The committee mentioned it was so distracting after the advisor left the meeting. Don’t chew gum, check your phone in the middle of the meeting, or respond to a text or email during the meeting. I know these sound obvious, but I have witnessed these more than once over the last decade.
Brandon Radach: The thing I hear the most from successful advisors is how often they are complimented for not talking at the plan sponsors. Plan sponsors have told stories of advisor teams lecturing plan sponsors, telling them they are ‘doing it wrong,’ or openly and aggressively disagreeing with plan sponsors.
These finals meetings are supposed to be conversations. Sure, advisor teams should be presenting their services but that doesn’t mean it’s a one-way street. Find ways to engage the plan sponsors to bring them into the presentation. Ask open-ended questions about their thoughts or how their plan makes them feel. This will tell you a lot about their priorities.
401(k) Specialist: OK, time for a closing thought or takeaway for retirement plan advisors when competing for retirement business?
Veronica Bray: It is advisable to refrain from speaking unfavorably about competing advisory firms or their plan’s recordkeeper. It doesn’t enhance your reputation or position you better to win the plan. Also, committee members may have a relationship with someone at one of the advisor firms or the recordkeeper.
In my experience, when we get to the finalist presentations, any of the three finalist advisors can assist my plan sponsor clients with meeting their fiduciary responsibilities and engage their participants. However, they hire the firm that is the best fit-culture wise, who they want to develop the long-term relationship with, and who they trust to meet with their employees.
Reach out to Brandon or myself if you ever need someone to strategize with you on a prospect, response to an RFP, finalist meetings, etc. We are happy to help!
Brandon Radach: After wholesaling for 20 years, I’ve realized how many strong advisor teams there are. When you move up market, it’s only strong teams bidding on those plans. Once you get to this level, it’s difficult to differentiate yourself. The teams that I see still winning at this level are the ones that are well prepared, practice and service.
For preparation, these teams are learning everything they can about the plan, the company and the committee members. First instinct is to learn about the plan, understandably. But forget about the company, their culture and internal relationships. Especially with family owned companies. The successful teams are efficient question-askers and as Veronica mentioned before, are great listeners.
With regard to practice, I know teams that not only spend time practicing their own presentations but also spend time together as a group rehearsing their presentation. Timing is important and knowing who covers what questions is important. A well-rehearsed presentation will convey how much you care and how well you are organized.
Finally, the No. 1 reason plan sponsors move advisors tends not to be cost; it’s service. Explaining a service model is one thing but highlighting examples through case studies is another. Have specific case studies available for prospects that explain how you discovered a challenge, addressed it, and the outcome of your solution. Any prospect can see the difference between saying you offer good service and showing them good service.
Learn more about Manulife John Hancock Investments retirement investment consulting resources.
John Hancock and Retirement Plan Advisor Search are not affiliated.
The opinions expressed are those of the interviewees as of 10/15/2025 and are subject to change. No forecasts are guaranteed. This article is provided for informational purposes only, and is not an endorsement of any security, mutual fund, sector, or index by Manulife John Hancock, John Hancock Investment Management Distributors, LLC, John Hancock Investment Management, LLC, and their affiliates.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
