This is a summary of a panel discussion from the Money Management Institute’s 2012 Spring conference held in Chicago, IL. This is part 2 of 2. You can read Part 1 here.
Moderator: Jay Link, Managing Director, Merrill Lynch
This is a summary of a panel discussion from the Money Management Institute’s 2012 Spring conference held in Chicago, IL. This is part 2 of 2. You can read Part 1 here.
Moderator: Jay Link, Managing Director, Merrill Lynch
This post is a summary of a session from the MMI 2011 Fall Solutions Conference that was held in NYC. It is part 2 of a 2 part series. Click here to read Part 1.
Moderator:
Marc Zeitoun, Managing Director, Head of Distribution, Rydex/SGI
Panelists:
Jay Link, Managing Director, Managed Solutions Group, Merrill Lynch
Peter Malafronte, Executive Director, Managed Accounts, UBS
George Raffa, National Sales Manager, Asset Management Division, SVP, Raymond James
How do Rep as PM and Rep as Advisor programs work together?
Peter agreed that the two platforms are complimentary and the decision as to which to choose is mainly a client preference issue. It depends on whether or not they want to be involved in the decision making process, he said.
Also, Rep as Advisor is sometimes considered to be a “farm league” for RPM clients, Peter joked. Once a client has worked with an advisor in a non-discretionary program, has developed trust and understands how the advisor thinks about investments, portfolio construction and managing risk, that client is more likely to feel comfortable moving into a Rep as PM program, he asserted.
Marc added that the conventional wisdom says that RPM assets are the stickiest and least litigious. Additionally, they have higher levels of client satisfaction.
“Uncovering Managers in Today’s Crowded Market: Accessing the Platform” was one of the sessions from the MMI 2011 Fall Solutions Conference. This post is a summary of that session.
Speakers:
How do you formalize your expectations with managers?
In order to set expectations and improve communications, Ameriprise created a guide for managers coming into their firm, Nordmeyer explained. However, since every relationship is different, each manager can’t be handled in exactly the same way. They are all unique relationship, from large, established asset managers down to very small boutique firms.
The manager’s guide does help explain how to work with Ameriprise’s platform and includes general information about operations, sales and marketing, points of contacts, as well as answers to specific questions such as “how do the quarterly fact sheets work?”. They update it and distribute it annually, Nordmeyer said.
Latta added that Merrill Lynch has wealth management specialists in the field and their job is to identify needs for particular resources and then communicate them back to the Due Diligence Team.
This post is a summary of a session from the MMI 2011 Fall Solutions Conference that was held in NYC last month. It is part 1 of a 2 part series. You can read part 2 by clicking here.
Moderator:
Marc Zeitoun, Managing Director, Head of Distribution, Rydex/SGI
Panelists:
Jay Link, Managing Director, Managed Solutions Group, Merrill Lynch
Peter Malafronte, Executive Director, Managed Accounts, UBS
George Raffa, National Sales Manager, Asset Management Division, SVP, Raymond James
Rep as PM (RPM) and Rep as Advisor (RAA) are the fastest growing fee-based programs in the industry, increasing assets 40% annually over the past three years. Any asset management firm that doesn’t have a strategy to address RPM is missing the boat.
Jay believes that the term Rep as Advisor makes more sense since advisors do quite a bit more than just portfolio management. They act in some ways as both investment consultants and wealth managers. This is an entrepreneurial community and some RPM advisors consider themselves to be style-specific and market themselves as money managers. Other advisors see RPM as just another level of service that provides a better overall client experience. They use discretion as a tool to deliver more holistic advice.
Peter really doesn’t like the RPM title, since advisors are acting in an investment advisory capacity. Rep as PM doesn’t adequately capture what the advisor is doing for the client. Planning, liability side of the balance sheet, trusted council. RAA is more accurate.
George feels that RPM works best for teams that are headed by a financial planner with one person that oversees the portfolios and spends 100% of their time on it.