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The New Managed Account Solutions Handbook


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Table of Contents

Foreword Christopher L. Davis vii Preface ix Acknowledgments xi 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 Index 223

About the Author

Stephen D. Gresham is Executive Vice President and Director of Retail Markets for Phoenix Investment Partners, Ltd., the $42 billion asset-management division of The Phoenix Companies. Prior to joining Phoenix, he managed his own wealth-management consulting firm, The Gresham Company, LLC, which served a global clientele of more than fifty financial services companies. He is also author of the recently released Wiley title Advisor for Life, as well as The Managed Account Handbook and Attract and Retain the Affluent Investor. Gresham serves on the Board of Governors at the Money Management Institute and is a founding board member of the International Money Management Institute. Arlen S. Oransky is Vice President of the Money Management Institute, the national organization representing the managed account solutions industry. He leads the organization's membership acquisition and retention efforts. Oransky has over twenty-five years' experience in the financial services industry working with leading advisors and has served as senior vice president for Weiss, Peck & Greer Investments and as vice president and product manager for TIAA-CREF.


"A financial advisor catering to high net-worth individuals is advised to have a copy of 'The New Managed Account Solutions Handbook', on his desk! Fund Structures, November 2016

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