Too many asset management firms continue to hold an outdated view of their advisers, defining them as either a "prospect" or a "producer." Producers are courted; prospects are bombarded with sales literature. Both approaches are less than optimal for attracting and retaining new assets in the current market environment and need to be replaced with a more effective framework for communicating with this customer base.
According to a recent kasina survey of more than 1,500 advisers, only one in four indicate that asset management marketing affects how they decide to invest client assets. The situation is only marginally better when it comes to producers. That's why it is now time for asset managers to re-characterize advisers and develop a deeper understanding of how to engage them in a conversation about the firm and what it has to offer. Rather than prospects and producers, we believe that advisers would be more profitably defined using one of the following four categories: