Insights

Would I Buy From My Own Firm?

Asset managers spend an inordinate amount of time and energy refining their investment process. As product manufacturers, they often fall prey to believing that their “investment engine” is the only reason that financial advisors use their products. Think again.

We all know that the graveyard is littered with many four and five star funds with few assets. If it’s not solely the investment engine that drives assets then maybe investment managers should ask themselves a simple question to assess their asset gathering potential.

If I were selecting an asset manager, would I buy from my own firm?

Image is everything and a negative impression can stop asset-gathering efforts in their tracks. Perform a quick sales audit.

  • Scrutinize your website. Is it informative or woefully outdated?
  • Play secret shopper and call your own sales desk. Was the phone answered promptly or did you have to navigate through a series of automated options?
  • Assess the quality of your team’s response. Did you hear your employee’s smile or did they just go through the motions?
  • Order materials from your fulfillment center. How promptly did they arrive and were they accurate?
  • Listen to your sales team’s pitch. Is it current or are they still talking about how your strategy performed relative to the tech bubble?

Asset management is a competitive business. Don’t overlook the basics. Put yourself in your clients’ shoes and try to buy from yourself. The outcome may be surprising for all the wrong reasons.

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