As the Financial Advisor channel becomes more challenging to cover due to the continued growth of the fragmented RIA channel and the shrinking broker/dealer community, home-office interaction has taken on greater importance in an overall distribution strategy. Engaging with gatekeepers should be an ongoing, built-in part of your strategy—not a one-time effort.
With private equity money spearheading consolidation in the independent broker/dealer channel, gatekeepers frequent change. As a result, asset management personnel need to stay informed about new programs at the consolidated firms and be aware of recommended list searches and product rationalization initiatives.
The challenge for smaller asset managers is committing the resources to ensure your company’s story and product suite is in front of the right gatekeepers. Even if results aren’t immediate, building a pipeline of gatekeepers familiar with your firm creates sales opportunities that go well beyond direct outreach to Financial Advisors. Home-office interaction means regular contact, timely completion of due diligence questionnaires, and insightful discussions that add value to the gatekeeper’s product suite.
