Increasing Asset Manager Access to Advisers

Uncovered practices of successful asset managers that are utilizing alternative wholesaling techniques to stand out from the pack included: 

• Partnering with broker/dealer’s training or business development team to complement and support their efforts.  
• Delivering on promises. There is little tolerance in a crowded marketplace for poor follow-through. 
• Becoming familiar with B/Ds’ unique technology platforms and helping advisers use the tools available to them.  
• Providing adviser feedback to B/D branch management on training needs.  

According to Cerulli, recent reductions in B/D staffing levels have created opportunities for wholesalers to address new topics with advisers. An asset manager truly dedicated to growing their position in a B/D can use its wholesaling team to address the needs that are both important to the B/D’s advisers and that align with the skills of the manager’s field force.  

The report said sitting down with an adviser at a desktop allows wholesalers to accelerate and fine-tune their adviser profiling. By going through a variety of screens with an adviser, a wholesaler should be able to gather informed answers to many of the profiling topics that enable an even better understanding of the adviser’s business.  

Working with advisers to help them use their B/D’s technology proves the manager’s (and wholesaler’s) commitment to a long-term partnership. Building relationships with branch management and business development personnel enables wholesalers to easily and frankly ask these individuals for introductions to the type of advisers the wholesalers are most interested in targeting.  

Cerulli’s research leverages a study of current state of wholesaling, including proprietary surveys conducted with asset managers, B/D management, wholesalers, and advisers.