This is the second in a five-part series defining success for retirement plan advisors by Liz Davidson, who as president of Financial Finesse has a unique vision of who the most successful retirement plan advisors are, and what they have in common.–Ed.
In my last article for AdvisorOne, I talked about the three most common traits I’ve seen in highly successful retirement plan advisors. Though unique in their personalities and businesses and how they operate those businesses, they all possess similar qualities that have led to their success. The advisors and industry professionals I see who are truly successful at what they do complement their vision with an ability to execute their vision brilliantly. They are often the ones who develop a practical and useful service and put the right team in place, leading them in a way that encourages and fosters creative, problem-solving thinking. They’re the ones who stay focused on the areas where they do their best work and they’re the advisors whose businesses are able to grow quickly because they don’t get held up by politics or operational processes that hinder the innovative processes.
Trisha Brambley of Retirement Playbook Inc. stands out in my mind as one of these professionals. She not only possesses an ability to recognize market trends far ahead of most of her peers, but she knows how to execute on them by leveraging her acquired skills, expertise and personality traits.
Trisha (left) was not only a key member involved in implementing the country’s first 401(k) plan, working with its accredited creator, Ted Benna, but she spearheaded one of the first retirement plan advisory firms in 1995. She has been named one of the most influential advisors in the country many times in her career, including making the Top 100 Retirement Plan Advisors list four years in a row, Top Retirement Plan Consultant, and Top 300 most influential people in the retirement industry four times. She speaks on many national forums that focus on retirement plan issues, including the Profit Sharing Council of America and the Center for Due Diligence and served on the DOL’s ERISA Advisory Council for three years, preparing DOL recommendations on target date fund analysis, stable value issues and participant financial education. She even served as Vice Chair of the Council in 2008 and as Chair for the study of stable value funds in 2009. She’s done so much in the industry it would probably take me fifty more pages to get it all down on paper.
Today, Trisha is spawning an entirely new industry centered on unbiased consultative services to plan sponsors and non-profit organizations around finding and managing plan advisors. Separately, her firm provides sales training for plan advisors to help them better understand plan sponsors’ most pressing issues around their plans and how to address them. This business is another result of her knack for identifying niches she could completely own—areas that weren’t too crowded and could allow her to separate herself from other advisors the industry. Her approach has led her to succeed with nearly everything she does. At one point she managed assets totaling just under $2 billion during her career as an advisor.
What Sets Trisha Brambley Apart
There are two key drivers to her success that I have personally learned from and successfully applied to our business, and that I believe every advisor should adopt, regardless of their business model:
Driver 1: Identify problem areas that aren’t being addressed by the industry and seek to be the solution.
Trisha has been able to identify what clients need and provide a feasible solution to them. Her latest endeavor, an independent firm, Retirement Playbook, is already turning a profit in less than a year and a half. Like 15 years ago when she launched her first business, and even 30 years prior when she joined Ted Benna on the first 401(k) plan, Trisha recognized what the industry lacked; she noticed no one was providing plan sponsors with an expert in the room to help them choose a plan advisor in the first place. Often , plan committees had an advisor but no idea what they did with their plan or what they should be looking for in an advisors.
Trisha was able to deliver a new kind of service that helped plan sponsors identify advisors through a rigorous search process that not only could hold up in a court battle around ERISA regulations, but also helped plan sponsors save in costs and put the best plan in place for her clients’ employee bases. She was able to do this through not only listening to her clients, but by seeing the trends in the industry early on, or as she calls it, standing at the bow of the ship. If you stand at the front, you’ll see all the waves before the other passengers on board. The key, however, is knowing what to do about them.