November 10, 2006
Never Judge a Partner by its Home Office
By Lee
One of the many interesting discussions at our recent National Accounts Roundtable was about the discrepancy between what a home office contact at a broker/dealer says and what is really going on in the field. While a gatekeeper may tell you, for example, that their firm is focusing on four issues in the coming quarter, it is likely that any given branch or district only latches onto one or two of the four.
This gap between what the home office says and what is really happening has several implications for asset management firms, which should:
Ensure coordination between National Accounts, Sales management, and wholesalers. As National Account Managers typically call on home office contacts only and wholesalers and divisional/regional managers meet with branch/district contacts, there is often a lack of communication to develop a complete and accurate picture. This holistic view of each distributor is necessary to enable distribution success across Sales, National Accounts, and Marketing.
Act as the broker/dealer's "eyes and ears" into the field. National Account Managers should gather feedback from Sales about what is happening at the branch or district level and share that with their counterparts.
Hire people with experience in (or at least knowledge of) the field. Not only do gatekeepers appreciate working with National Account Managers that have field experience, but knowledge of "the way things really work" is helpful in allowing Account Managers to take each message with the appropriate grain of salt.
