It’s Another Sales Day: Do You Know Who Your Clients and Prospects Are?

In the competitive world of asset gathering, many asset management firms were started by and are currently run by portfolio managers. As such, they often believe that it is all about the investment engine that drives results. Sales and marketing considerations are often an afterthought. These PM owners rely on what they are most comfortable with—allocating resources to the portfolio side of the business rather than the asset gathering side. In their opinion, it’s all about performance that drives potential clients to their doorstep.

Not convinced? Here’s a simple example. Do you have a robust CRM and sales tracking system in place that captures your Financial Advisor channel sales and redemption activity and qualifies your firm’s best prospects? If not, do you really know who your clients and prospects are?  However, many of these same firms believe it would be foolish not to spend money on a Bloomberg as a tool in security selection or hire another research analyst for idea creation and monitoring.

Perhaps a change of thinking is in order. When was the last time your firm evaluated its strategic and tactical distribution strategy? More importantly, when was the last time your firm invested hard dollars in making that strategy come alive? Don’t starve your asset gathering pipeline by relying on performance as your primary business driver. Instead, take charge and take actions to explore sales and marketing programs that are within your control to successfully grow your business.

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