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Asset management firms call for a new breed of strategist - Wealth Preparing Specialist that combines the technical knowledge of a portfolio manager with the smooth-talking abilities of a marketer. The primary function of this Wealth Planning Specialist is to deliver monetary intermediaries with the advertising services, tools, methods, software program, and technical and market expertise they need to have to support their private banking, trust, and retail asset management programs.
The Wealth Planning Specialist will also be utilized for 1-on-one calls with valued asset management clients (very high net worth (HNW) people and institutional customers) and act as 1 of the asset management division's expert presenters at national/regional meetings, best-producer conferences, advanced training classes and other opportunities. To succeed in this role, the person requirements to be a person to whom an audience of HNW customers and savvy institutional investors will listen. The individual has to have something 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 decent risk-adjusted return on best. I wonder if this concept would be tricky to apply to fund managers with extensive positions in derivatives that are altering daily. For example, 1 day the technique is an iron butterfly, the next day it is an inverse strangle. The liability of a specific fund may perhaps be a moving target, so that the liability-adjusted Sharpe's Ratio is no sooner calculated than it becomes stale and outdated.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 comprehend alternative measures of fund manager risk. Men and women who are unfamiliar with Sharpe's Ratio quite possibly have an inadequate technical background for this new type of position.
A second area of concentrate for this kind of position will be to publish articles and participate in interviews on wealth preparing topics in vertical trades, national consumer magazines, and certain daily and weekly newspapers. Basically, the Wealth Planning Specialist would be the "go to" person for financial print and broadcast journalists looking for comment from an asset management representative on some news story. To me, this aspect of the job appears to be so significantly enjoyable that the incumbent out to pay his employer for the privilege of becoming the focal point for news stories on asset management.
A third region of concentrate could be to help the Asset Management firm's advertising and marketing team in developing content for literature which includes white papers, and maybe a list of best ten seminar topics or presentations that are most desired by the customers. The opportunity for the Wealth Preparing Specialist to collaborate with other members of the marketing and advertising and communications staff appears extremely appealing. No one person knows just about every aspect of a home business. Combining insights from many professionals with differing educational and specialist backgrounds may well uncover new topics for seminars or other presentation suggestions. Based on past interests of HNW clients and financial intermediaries these seminar topics may well include
· Practice Management (e.g. attracting and retaining HNW clients)
· Estate Planning Techniques
· HNW Prospecting and Psychology
· Philanthropy in Estate Planning and Wealth Transfer
· Tax Problems for HNW investors
· Trusts, Insurance and Wealth Transfer
The Wealth Preparing Specialist is expected to support construct credibility with bank, broker/dealer and sub-advised customers in positioning his asset management employer as a useful wealth preparing resource. To meet this expectation, the Wealth Preparing Specialist ought to get out on the road and go on a "listening tour" to hear what clients and monetary intermediaries think about the most vital issues for asset management. Once the incumbent gets settled into this position, he (or she) will most likely acquire that he spends about 50% of his time on travel: attending sales meetings, answering questions from clients, delivering presentations, etc.
1 of the most beneficial articles describing this new type of Wealth Preparing Specialist position appeared in April 30, 2007, problem of the magazine PENSIONS AND INVESTMENTS. The article, written by Raquel Pichardo, was captioned " 'Solutions' spur other problems Difficult to get strategists with broad expertise, decent 'bedside manners.' " The article describes how asset management firms are searching for consumers with the breadth of knoweldge to propose solutions to concerns such as liability-driven asset management, obtaining far more alpha returns, and tax planning, but nonetheless have the bedside manner or charm of a beneficial marketer. Fund management clients don't want to be bored talking to theorists and technicians about investment concepts. The Pichardo article expresses it this way: the Wealth Planning Specialist ``doesn't have the Coke-bottle glasses and has to be exceptionally articulate in front of clients.''
Offering advice or solutions to clients is distinct from attempting to sell goods to the clients. Yet in reality, the two distinct home business activities can yield the similar result. But the Wealth Preparing Specialists are considered to be salespeople or to have sales jobs.
BNP has set up a wealth planning group that is designed to develop relationships with existing and prospective customers. ``We are not here pitching products, this is a solutions-globe, not a goods world,'' according to the BNP head of pensions. BNP hopes that indirectly those new answer-oriented relationships would result in future transactions with BNP.
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