This is the first 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.

This past year, I've had the pleasure of working with quite a few top advisors in the country, independent wealth management and retirement plan advisory firms, most of whom manage billions of dollars in assets. I've also spoken to a lot of plan advisors who aspire to reach that level of success, but haven't been able to do so despite doing all the things they were taught to do when it comes to networking, prospecting and trying to close new business. 

Many have vocalized how hard it is to stay independent and keep the lights on, and they are right. The market is very tough and it may become tougher, particularly for plan advisors.  Fee disclosures have put pressure on the entire industry to do more for less, and many of the practices that were innovative just a few years ago have become commoditized.  With plan advisors having the same—or at least similar—approaches to investment reviews, vendor searches and fiduciary best practices—it comes down far too often to price. The big players can afford to "buy" the business as a strategy for forcing small players out of the marketplace.