Combines Managed Account and Wire/Regional Staffs To Push Product
Delaware Investments of Philadelphia announced earlier this week that it will expand its managed account sales force in an effort to increase its presence in the growing wealth services market.
The larger sales force will come from an increase in the number of Lincoln Financial Distributor salespeople who will promote Delaware's managed account products. Effective Oct. 1, 2001, LFD's managed accounts sales force will combine with its wire/regional channel sales force to create a team of 24 regional directors who will promote both Delaware's managed account products and mutual funds. Currently, the managed account business has six salespeople.
'We're dramatically increasing our commitment to promoting Delaware Investments' managed account business because of the changing nature of the financial services industry, ' said Steve Long, LFD's senior VP and managing director. 'Managed account assets grew 20% to 30% annually in the mid to late 1990s, and industry experts say this growth will accelerate to a 30% to 40% growth rate in the next five years,' he said.