At the IMCA conference in New York, William Craig Dobbs and Patrick Schussman of Graystone Consulting secured their audience’s rapt attention as they provided succinct tips on best practices and recalled humorous experiences regarding the industry’s request for proposals process.

Dobbs led off with his insight into RFP preparation which included several common sense pointers:

· Determine if it’s a business you want and how it relates to similar accounts you have.

· Check the plan’s Form 5500 which, in addition to trustee and administrators, will also list plan professionals (accountants, lawyers, actuaries etc). You or someone on your team may have a relationship with them and may be able to get information not listed on the RFP.

· Establish which firm or firms the investor is seeking to replace and why. Generally most plans issue bids every three or five years and sometimes the RFP is issued as a formality without any intention or replacing the incumbent. This is hard to gauge. Here, again, a relationship with a professional could be a plus. Either way, you should respond to the RFP anyway because you never know.

· Find out who may be potential competitors. Not to “bad mouth” them, but to gauge their costs and any “situations” they may have.

Regarding presentations, Dobbs and Schussman said they preferred to be either first or last, which gives one’s presentation the opportunity to stand out as fresh and different. They recommended that if possible presenters should travel early and arrive the day or at least night before the presentation. “You may run into a trustee or board member at a bar or social setting, giving you a chance to socialize and possibly discover some commonalities outside of business,” said Dobbs. Simply put once a relationship is established it’s tougher to reject a person than a project, the noted, adding “Make your presentation as specific as you can, basically stating what you plan to do for [the prospect] and not what you do for your [current] clients,” Dobbs added. Also read the RFP thoroughly to be able to respond to all questions.

Schussman closed by highlighting strategies for executing a presentation.

· Make sure you have full disclosure of not just your firm but individuals associated with it.

· Although we’re in the arena of new technology, most board members are an older generation and like the feel of paper. Be sure to place ‘post it’ notes on materials given to the board, highlighting issues you intend to draw their attention to during the presentation.

· Tailor the presentation to the benefits you will provide. Making a clear distinction between capabilities (which everybody does) and giving specific examples (solutions).

· Listen and be flexible, always asking if there are any questions and use simple language that won’t confuse.

· Practice your presentation and be prepared for any eventuality. There may be times when your presentation time is cut. In an exercise called “the essence” may help. It is basically is a sheet of five critical points you must emphasize, without which your presentation is doomed.

To emphasize the importance full preparedness, Schussman recalled an occasion where his team was all set to make a PowerPoint presentation only to find the prospect had no projector.