Wealth management firm Curian Capital this week announced plans to add eight new territories and 16 sales professionals to serve clients in New England, Oregon, Idaho, East Texas, New Jersey, the Middle Atlantic and the northern plains states.
“This is aimed at penetration,” said Greg Verfaillie, Curian Capital's National Sales Manager.
He notes that at present, many of the company’s SMA wholesales “drive right past” many “wonderful independent advisors’ offices,” en route to major producers. “Now we can hit those offices,” he says.
Curian Capital's sales personnel currently handle 55,000 independent advisors, but Verfaille says that the optimal territory should have “no more than 1200 advisors.” With only 34 wholesalers currently on staff, each has been averaging 1,600 advisors. The new hires should bring the numbers down to the optimal target.
The expansion will include an external regional business consultant and an internal regional business consultant for each territory.
“We recognize the path to success is not only focused on strengthening the relationships we currently have, but also expanding our scope to ensure that more reps are aware of our product offerings and can take advantage of our unique resources,” he said.
In the first quarter, Curian generated $632 million in deposits, up 31% over the prior year period. As of March 31, Curian had $6.2 billion under management, up from $5.4 billion at the end of 2010.