I recently read a survey done by FUSE and WealthManagement.com that asked Financial Advisors what Asset Managers can provide them in an effort to help their underlying practices. The top six responses (in order) were:
- Market Insights
- Access to Portfolio Managers
- Practice Management/Value-added Programs
- Website
- Marketing
- Traditional Wholesaling
While this list probably does not come as a shock to anyone, it should cause every salesperson to realize how much is out of their control. For the most part, it is up to the Asset Management firm to provide these resources. And if you look around at most of the “collateral” that exists in the marketplace, there really isn’t anything that is distinguishable. Every firm produces similar marketing material that promotes diversification, the need to stay invested, etc. It is VERY RARE that a firm produces something that stands out. Remember years ago, when JP Morgan produced their quarterly market piece – Market Insights? It was just a bunch of charts and facts printed on 5×7 index cards held together by a spiral tab. It provided a brief “script” for each chart and it empowered the Advisor to have an intelligent and timely conversation with their clients. It quickly became the most requested value-added piece, and every wholesaler was envious their firm didn’t create it. That’s the type of literature I am talking about.
So fast forward and ask yourself if your firm is distinguishing itself the way JP Morgan did years ago. Perhaps the answer is yes, but after reviewing dozens of websites and marketing materials, I have yet to see something that caused me to do a “double-take.” Most firms just keep regurgitating the same stuff. Do I really need to see the Callan diversification chart again? How about the “if you missed the 40 best and 40 worst trading days of the market” piece? Do you really need to make the case that stocks beat bonds and bonds beat cash? This information is stale and is not going to help you distinguish yourself. All it does is commoditize the salesperson.
The best salespeople I know tend to have great insight because they are great observers, not of the markets, but of what other FAs are doing. They ask great questions and listen more than they talk. Ultimately, they process this information and share it with other FAs to add value to their relationships. Whether it be best practices, innovative strategies, or interesting market observations, they create deep relationships based on the content they provide to their Advisors. These observations are the sales folk’s “content.” Let your firm produce and distribute versions of the infamous Ibbotson chart making a case for stocks. Let that be their content, while you harness your content. Your observations and insight are your value-added material to your Advisors. Share and promote them while recognizing those that provide it.
If I were a wholesaler, I would devote 1-2 hours per day to share my observations with my clients and prospects. Highlight a sales idea you heard from another FA, showcase a best practice, perhaps there is
a product worth noting that is not part of your organization but something they might be interested in. These observations should not be mass-produced and mass emailed, but custom-tailored, so it is specific to those you send it to. Remember these are your relationships, not your firm’s. While your firm decides what content to provide to the masses, you need to remember that your content is your most valuable asset. It is what ultimately dictates your success with your Advisors.