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 first article in this series for AdvisorOne, I talked about the three most common traits I've seen in highly successful retirement plan advisors.  One of the biggest lessons I've learned from advisors over the years is that the most critical and most difficult thing to do in this industry is to stand out. I hear this sentiment reinforced by many of the Fortune 500 plan sponsors we work with—they often share with me the qualities they look for in plan advisors or in some cases, what it is that stood out to them in the advisor they're already working with.

Time and time again, what I find is that the advisors who win business share two key traits. One, they take a consultative approach with their clients, seeing them as partners and customizing their services every step of the way to match the needs of their specific culture, plan goals and overall vision. Two, they are experts, specializing in one niche rather than spreading themselves across the board. Among the universe of retirement plan advisors, the most successful understand the full ins and outs of ERISA law and their clients' benefits so that they're able to bring more to the table than just plan management or even plan design—they can deliver guidance around the full spectrum of retirement plan issues.