10 fund wholesalers and executives offer views about how they seek to add value for RIAs
To get advisors' respect and attention, these salesmen are morphing into consultants
Ben
Seems like DFA was left out of this list. They’re a wealth of info, education, practice management, and cutting edge investment science all rolled into one. Their client education pieces and ghost-writer ready pieces are excellent.
David Witz
Based on our research, successful advisors have little time to market which validates Curian Capital’s research that advisors need and desire marketing support more than any other service. The challenge for wholesalers is where to spend time and marketing dollars. A shot gun approach addresses both generalists and specialists. Unfortunately, in a no growth industry like the retirement plan industry, expecting one generalist to replace another generalist is a long shot thus a waste of marketing dollars. However, targeted marketing dollars in support and promotion of specialists increases the probability of success and yields a higher ROI for wholesaler marketing dollars. One firm that is facilitating an efficient method to help DCIO vendors promote, market and elevate brand awareness of top retirement plan experts is the Center for Due Diligence (CFDD). CFDD in partnership with PlanTools has developed an Advisor RFP system for qualified retirement specialists called ERISA Advisor Evaluator. The system is being leveraged by DCIO vendors to develop a proprietary white paper that identifies top advisors that meet specific qualifications. This white paper is then disseminated to plan sponsors through various channels to educate them on their fiduciary responsibility to implement a documented prudent process to select and monitor their advisor. This gives the most accomplished advisors new engagement activity without much effort other than competing with other accomplished advisors for the engagement while eliminating the generalist who is ill-suited to provide the necessary and required services but was retained on relationship and not qualifications. Driving business to the qualified advisors that know the reasons why a mutual fund wholesaler’s funds make sense also gives the DCIO vendor the best chance to increase fund flow. Alternatively, a wholesaler can spend endless hours and loads of marketing dollars on generalists who fail to retain the education. When hunting for big game, use a rifle not a shot gun…invest in the 5000 or so specialists.
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