Segment: Mutual Funds
Publication date: Friday, May 09, 2008
# Pages: (41 pages)

Abstract | Table of Contents

This report examines the sales topics and variety of practice management materials available behind login on advisor sites. Fifty-nine percent of MFM-A firms offer business-building offerings, and we rated each firm in the following categories:

• Accessibility
• Topics addressed
• Types of offerings

Overall, we were disappointed with the practice management materials on private advisor sites. Firms lacked variety within their offerings, and very few firms provided actionable tools or calculators along with their collection.

Firms were weakest in terms of accessibility. Only 20% grouped all of their materials into a single outlet. Firms also failed to incorporate multiple types of practice management materials into their websites. We found that no firm offering in-person workshops integrated downloadable documents or business building ideas into their collection. Likewise, firms offering downloadable materials rarely included other offerings.

Firms did a better job addressing numerous topics within their business-building ideas. Sixty percent offered tips for meeting with clients and helping advisors find a personal niche. In addition, half gave advice for cultivating existing client relationships. We were surprised to see that only 30% of the firms in this report touched on topics such as gaining referrals and team building ideas.

The report includes the following key findings:

• Sixty percent of firms offered downloadable materials.
• Only two firms provided interactive tools from the advisor site.
• Thirty percent provided in-person workshops.
• Forty percent offered downloadable worksheets or workbooks.

While firms frequently release sales ideas and find ways for advisors to sell their products, back-office issues frequently go ignored. Since practice management skills are essential for building a business, firms should take the time to provide advisors with tips for gaining and retaining clients, in addition to standard product-selling information.

Subjects

Financial Planning

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