Retirement plan sales and consulting may appear on the surface to be about investments, plan design, and compliance, but the real foundation of this industry is about relationships. Numbers alone rarely secure long-term success. Trust, reliability, and a sense of connection are what keep clients engaged and confident, often more than any single product recommendation.
The importance of this can’t be overstated. A 2022 SmartAsset survey showed that financial advisors retain about 95 percent of their clients once a relationship is established. That level of loyalty is rare compared to most industries, for which the average retention hovers closer to 78 percent. The difference lies in the personal bond. Clients who believe their advisor understands their goals and values are far less likely to stray, even when markets are volatile.
Research from Vanguard reinforces this point. Their “Advisor’s Alpha” framework estimates that advisors add roughly three percent in net returns annually for clients. Interestingly, a large portion of this value does not come from technical portfolio management but from behavioral coaching—helping clients avoid rash decisions, stick with long-term strategies, and stay grounded during downturns. Those outcomes hinge on trust, which is only possible when relationships are strong.
It’s worth noting how fragile these bonds can be if neglected. In 2023, Russell Investments found that more than half of clients who left their advisor cited poor communication, lack of personal connection, or advice that didn’t feel tailored to them. That statistic is a stark reminder: people don’t just want numbers explained—they want to feel seen and understood.
The emotional side of the business plays out in measurable ways. Data shows that 86 percent of customers across service industries are more likely to stay loyal if they feel an emotional connection with their provider. Retirement planning is particularly sensitive, since decisions affect not only a client’s money but their sense of security and identity later in life. Advisors who lean into authentic relationships build confidence, more important than building accounts.
These connections also create practical advantages. In a field where new-client acquisition can be slow and expensive, retaining existing clients is far more efficient. Studies consistently show that it costs five to seven times more to attract a new client than to retain an existing one. For wholesalers, consultants, or plan advisors, strengthening ties with employers, centers of influence, and even competitors through strategic partnerships can compound opportunities. A single relationship can open doors to dozens of plan participants and lead to years of collaboration.
Professional presence, ethical standards, and integrity reinforce these bonds. Walking away from misaligned opportunities may feel counterintuitive in the short run, but over time, it bolsters reputation. In an industry where word-of-mouth carries immense weight, being known as trustworthy and principled attracts both clients and partners.
Ultimately, retirement plan consulting is a people business. Technical expertise matters, but without relationships, it doesn’t translate into results. The professionals who thrive are those who listen more than they talk, check in before they are asked, and build trust that withstands the ups and downs of markets. In the end, relationships are not just the foundation of sales, they are the true measure of lasting success.
About Jerry Giovinazzo
As a veteran in the financial services industry, Jerry Giovinazzo professional career spans 30 years of experience that exemplifies the power of relationships, the foundation of success in retirement plan sales and consulting, where trust and integrity drive meaningful, long-term outcomes.
During his previous roles at Paychex Inc., Yellow Book USA, and other firms, he refined his expertise in client acquisition, retention, and partnership development.
Mr. Giovinazzo has expanded his territory threefold, achieving more than $240 million in market value, whilst at his current role as Regional Vice President of Retirement Sales at John Hancock Retirement Plan Services. He has earned consistent recognition among the National Association of Plan Advisors’ Top 100 DC Wholesalers since 2018.