Data & Research September 24, 2008

Asset Managers’ Sales Increasingly Influenced by B/D Buyers

Research from Cerulli Associates said a large chunk of new sales by asset managers last year was influenced by a broker/dealer professional buyer.
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The data represent a changing distribution model among asset managers that includes advisers in a more consultative role, Cerulli said in a press release. The firm also said many wholesalers are in of need training to build these skills.

According to Cerulli, retail intermediary-sold asset managers, on average, estimate that 40% of their new sales in 2007 were influenced by the professional buyer at the broker/dealer.

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“These asset management analysts cannot be influenced by traditional relationship-building techniques,’ said Bing Waldert, associate director and coauthor of the report, Cerulli Quantitative Update: Intermediary Markets 2008. “Asset managers that deliver high quality information in a timely fashion will stand out.’

Cerulli suggests that asset managers must ensure that appropriate coaching resources are in place to help junior professionals work with their more experienced peers. The release showed the many different training priorities of wholesalers. What ranked on the low end on the list? Adviser interviewing skills. However, younger wholesalers listed it as a more desired training skill than their older peers, suggesting that new wholesalers are increasingly more interested in a consultative relationship with advisers, Cerulli noted.

Overall, wholesalers ranked competitive product analysis and advanced planning techniques as the most desired training, according to Cerulli. Presentation skills (one-on-one or group) ranked the lowest.

“It’s interesting to note the relatively low rank of adviser interviewing skills,’ commented Katharine Wolf, analyst and co-author of the report. “Fact-finding regarding an adviser’s need at the start of and throughout a relationship remain the foundation on which a more consultative relationship is built.”

Information about purchasing the report is available at www.cerulli.com.

Products September 24, 2008

Fidelity Adds Web Resource Center for Advisers

Fidelity Investments announced new multimedia features on its Web site.
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The site, advisor.fidelity.com, now contains a new multimedia resource center called the Insight Center. A Fidelity release said the center is designed to give advisers easy access to timely, actionable sales ideas, Fidelity research, and market analyses.

“Having supported the sales efforts of thousands of advisers for nearly 30 years, we have developed a thorough understanding of the types of resources they value most,’ said Joe LoRusso, president, Fidelity Investments Institutional Services Company, Inc., in the release. “We built the Insight Center to give them access to a wide array of actionable information and ideas that are both thought-provoking and apply directly to their daily client work.’

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More details on the features of the Insight Center, according to the company, will include:

  • Sales ideas: Step-by-step strategies to help advisers identify opportunities for existing clients and reach prospects. Here advisors will find more than 50 investment and retirement planning sales ideas that cover topics ranging from market volatility to international investing to 529 plans.
  • Market commentary: Monthly, quarterly, and annual market commentaries that advisers can use to help educate their clients. Additionally, advisers can register to attend upcoming conference calls with Fidelity Advisor fund managers, as well as download podcasts of past calls.
  • Research reports: In-depth studies and analysis on areas ranging from retirement planning to the current state of the economy that are developed by Fidelity’s research and investment experts.
  • Subscription service: Advisers can be notified of new content on the site by subscribing to an automated e-mail alert service.

The Fidelity announcement came the same day as the release of the top 10 Web sites for advisers from asset management consultant kasina, which ranked Fidelity at the top of the chart (see kasina Releases Top Web Sites for Advisers).

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