Rain Making by Ford Harding

Author:Ford Harding
Language: eng
Format: epub
Publisher: Adams Media
Published: 2008-02-01T00:00:00+00:00

Client companies always need pension-and-benefits advice. There is no secret about it. To the contrary, corporations employ full-time pension-and-benefits administrators to deal with these issues. Pensions and benefits have human resource, financial, legal, and general business implications, so people from many different departments get involved in the issues from time to time. Unlike the distressed company referral world, clients are central to this network.

The corporate pension-and-benefits administrators must spend a lot of time with their professional advisors. These advisors generally come from human resources consulting firms. Primary among them are retirement consultants, who are usually actuaries, and benefits consultants, also sometimes actuaries. In many cases, but by no means all, the consulting firms also assign their clients a separate account representative. The consultants, in particular, have deep technical knowledge.

There are annual cycles of activity, as well as periodic needs for services as a result of new labor regulations, ideas about how to provide better services, the need to reduce program costs, or a corporate event like an acquisition or layoff. The annual cycle of activities provides the incumbent consultant with regular opportunities to meet with the client team, learn about their needs, and develop strong relationships. (See Exhibit 11.4.) The smart ones maintain the core pension advisory work and seek out and sell special projects. Through years of work, they know a lot of details about the client's pension-and-benefits programs, things that the clients don't know themselves.

EXHIBIT 11.4 The Incumbent Actuary's Advantage

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