Firms often focus so heavily on helping advisors sell specific products that practice management issues are forgotten. Firms need to help advisors perfect practice management techniques, such as creating client value propositions, effectively gaining referrals and cultivating client relationships to help novice and experienced advisors alike take their business to the next level.

In evaluating Mutual Fund Monitor-Advisor firms’ practice management offerings, we evaluated both the types of offerings provided, as well as the topics covered.

Only 65% of firms in our coverage group offer any sort of practice management materials. On the plus side, firms in this report generally fared well. While firms often fell short in terms of offering a variety of offering types, mutual fund firms made up for it by addressing a good number of topics.

The most widely offered resource, aside from general downloadable materials, was in-person workshops. Sixty-four percent of firms in this report highlighted their selection of practice management workshops on the advisor site. Two firms offered workbooks, while only one firm provided a webinar.

We were pleased to find that most firms offered a wide variety of topics. Forty-seven percent of firms in this report helped advisors create their value propositions, while 27% helped advisors cultivate existing client relationships. Only two firms helped advisors network with other professionals.

The report also includes the following key findings:

• Fifty-five percent of firms discuss referrals
• Sixty-four percent offer in-person workshops
• One firm offers a powerful prospecting tool

Segment: Mutual Funds
Publication date: Friday, May 28, 2010
# Pages: (44 pages)