Foreword Christopher L. Davis vii
Chapter 1 The Evolution of Managed Accounts 1
The managed account industry, which began amid pension reform, has mushroomed in response to clients’ demands for a consistent process to manage their investments.
Chapter 2 The Revolution of Unified Managed Accounts 15
Unified managed accounts have evolved as investors sought greater coordination among their investments and more diversified portfolios.
Chapter 3 Mutual Fund Advisory Accounts 36
Financial advisors can leverage the potential of multiple mutual funds in a single client account by using a mutual fund advisory account.
Chapter 4 Alternative Investments 42
Alternative investments offer greater diversification and risk management than ever before, and many clients are asking that alternatives be included in their portfolios.
Chapter 5 Key Benefits of Managed Accounts and Recurring Revenues 61
Managed account solutions allow for a more efficient use of the advisor’s time, access to a more affluent clientele, a consistent revenue stream leveraged by the market’s growth, and a more valuable business entity; plus, clients prefer fees over commissions.
Chapter 6 How to Tell If Managed Account Solutions Are Right for Your Practice 75
Are managed account solutions right for you? Here’s how to evaluate your potential for success.
Chapter 7 Transforming Your Practice into a Wealth Management Business 94
Step-by-step instructions for explaining managed account solutions to clients and prospects, gathering information and developing an investment policy statement, and structuring an effective client meeting.
Chapter 8 Developing Your Managed Account Solutions Business 120
Referrals from current clients can bring prospects to your door, but you must know how to ask for them and have materials on hand to promote your practice.
Chapter 9 Positioning Yourself as a Solutions Provider 135
By cultivating mutually beneficial relationships with service providers, allied professionals, and the media, you can develop a steady stream of referrals to help grow your business.
Chapter 10 Attracting and Retaining Clients 151
Seminars remain an effective marketing tactic in the sale of managed accounts. Here are proven techniques for staging a successful meeting and building your reputation.
Chapter 11 Building on Your Success 161
Throughout the course of the client relationship, you will have multiple opportunities for capturing additional assets and building your managed account business.
Chapter 12 The Future of Managed Account Solutions 175
Industry leaders present their visions of what the future holds for managed account solutions and the advisors who provide them.
Epilogue: This Isn’t Your Father’s Advisory Practice 187
Appendix A: Sample Business Plan 190
Appendix B: Manager Evaluation Formulas and Ratios 197
Appendix C: Sample Investment Policy Statement 200
Appendix D: Seminar Checklist and Sample Invitations 209
Advisor’s Resource Guide 217