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Co-branding With Distribution Partners: An Entree to Consultative Selling

by Johanna

Legg Mason recently announced that it is going to work with its focus distribution partners to co-brand and tailor value-added materials through a program called The Advisor Partnership Program (TAPP). The goal of the initiative is to elevate the status of Legg Mason products through a consultative selling model.

Consultative selling is a strategy that many firms claim to pursue; however, most haven't actually devoted the time and resources to reach true consultant status. Legg Mason's plan to start with focus firms in developing these programs switches up the traditional strategy of first looking internally to determine the message to communicate to advisors. Pledging to learn about individual distribution partners, and, most importantly, incorporating that knowledge into personalized programs, increases the likelihood of making a real impact... because let's be honest, value-added programs don't have the strongest track record of demonstrative ROI.

However, before following in Legg Mason's footsteps, firms should consider the implications of their latest initiatives:

• Developing tailored programs isn't cheap, so limiting the number of focus firms ensures firms won't bite off more than they can chew.
• National Accounts involvement is critical to leveraging distribution partner relationships and identifying appropriate content and topics for programs.
• Asset management firms must maintain a flexible development and delivery of value-added programs to effectively develop and sustain programs.

While what Legg Mason is proposing may seem daunting, it is certainly a step in the right direction to achieving a true consultative selling approach for focus-firm advisors. For more information on effective creation and leverage of value-added programs, keep an eye out for the upcoming kasina whitepaper Removing the Blindfold: Leveraging Value-Added Programs.