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Asset management firms demand a new breed of strategist - Wealth Preparing Specialist that combines the technical information of a portfolio manager with the smooth-talking abilities of a marketer. The primary function of this Wealth Planning Specialist is to provide financial intermediaries with the advertising and marketing services, tools, techniques, software program, and technical and market knowledge they have to have to support their private banking, trust, and retail asset management programs.
The Wealth Planning Specialist will also be applied for 1-on-one calls with valued asset management customers (incredibly high net worth (HNW) individuals and institutional customers) and act as one of the asset management division's professional presenters at national/regional meetings, best-producer conferences, advanced training classes and other opportunities. To succeed in this role, the person wants to be an individual to whom an audience of HNW customers and savvy institutional investors will listen. The individual has to have some thing innovative and original to say, but he also wants to have the technical background to give credibility to his statements.
For example, Dr. Kurt Winkelmann has proposed a Liability-Adjusted Sharpe's Ratio that would seek to match the interest rate risk of a fund's liabilities. His notion is to match liabilities, then try to get a superior risk-adjusted return on leading. I wonder if this concept would be hard to apply to fund managers with extensive positions in derivatives that are altering daily. For example, one day the technique is an iron butterfly, the next day it is an inverse strangle. The liability of a certain fund could be a moving target, so that the liability-adjusted Sharpe's Ratio is no sooner calculated than it becomes stale and outdated. The Wealth Planning Specialist needs to have a sufficient background in monetary modeling to fully grasp alternative measures of fund manager risk. Individuals who are unfamiliar with Sharpe's Ratio in all probability have an inadequate technical background for this new type of position.
A second area of focus for this sort of position will be to publish articles and participate in interviews on wealth preparing topics in vertical trades, national consumer magazines, and specific day-to-day and weekly newspapers. Essentially, the Wealth Planning Specialist would be the "go to" person for financial print and broadcast journalists searching for comment from an asset management representative on some news story. To me, this aspect of the job seems to be so significantly fun that the incumbent out to pay his employer for the privilege of becoming the focal point for news stories on asset management.
A third area of focus might possibly be to help the Asset Management firm's marketing team in developing content for literature which includes white papers, and possibly a list of best ten seminar topics or presentations that are most desired by the customers. The chance for the Wealth Planning Specialist to collaborate with other members of the promoting and communications staff appears incredibly appealing. No 1 person knows each aspect of a company. Combining insights from multiple experts with differing educational and professional backgrounds could uncover new topics for seminars or other presentation concepts. Based on past interests of HNW clients and monetary intermediaries these seminar topics could contain
· Practice Management (e.g. attracting and retaining HNW clients)
· Estate Planning Strategies
· HNW Prospecting and Psychology
· Philanthropy in Estate Preparing and Wealth Transfer
· Tax Problems for HNW investors
· Trusts, Insurance and Wealth Transfer
The Wealth Preparing Specialist is expected to aid create credibility with bank, broker/dealer and sub-advised customers in positioning his asset management employer as a beneficial wealth planning resource. To meet this expectation, the Wealth Preparing Specialist should get out on the road and go on a "listening tour" to hear what clients and financial intermediaries consider the most critical problems for asset management. When the incumbent gets settled into this position, he (or she) will possibly acquire that he spends about 50% of his time on travel: attending sales meetings, answering questions from customers, delivering presentations, and so on.
One of the greatest articles describing this new type of Wealth Preparing Specialist position appeared in April 30, 2007, problem of the magazine PENSIONS AND INVESTMENTS. The post, written by Raquel Pichardo, was captioned " 'Solutions' spur other problems Tough to obtain strategists with broad understanding, decent 'bedside manners.' " The article describes how asset management firms are searching for men and women with the breadth of knoweldge to propose solutions to problems such as liability-driven asset management, acquiring a lot more alpha returns, and tax planning, but still have the bedside manner or charm of a beneficial marketer. Fund management customers don't want to be bored talking to theorists and technicians about investment ideas. The Pichardo write-up expresses it this way: the Wealth Planning Specialist ``doesn't have the Coke-bottle glasses and has to be very articulate in front of customers.''
Offering suggestions or solutions to customers is distinct from attempting to sell goods to the customers. But in reality, the two distinct organization activities can yield the similar result. But the Wealth Planning Specialists are regarded as to be salespeople or to have sales jobs.
BNP has set up a wealth planning group that is designed to build relationships with existing and prospective clients. ``We are not here pitching products, this is a solutions-globe, not a merchandise globe,'' according to the BNP head of pensions. BNP hopes that indirectly those new solution-oriented relationships would result in future transactions with BNP.
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