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kasina Excellence in Distribution: Hybrid Wholesaling slide_share

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In its fifth Excellence in Distribution report, kasina dives into Hybrid Wholesaling, how firms are using it - including benchmarking data, a prognosis for its future, and presents three models for …

In its fifth Excellence in Distribution report, kasina dives into Hybrid Wholesaling, how firms are using it - including benchmarking data, a prognosis for its future, and presents three models for how firms should be using it optimally.

Published in: Economy & Finance

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  • 1. Excellence in Distribution: Hybrid Wholesaling
    April, 2010
  • 2. Benchmarking Reports from kasina
    Costs of Compensation: Sales and National Accounts – August, 2009
    Excellence in Distribution: External Wholesaling – December, 2009
    Excellence in Distribution: Internal Wholesaling – January, 2010
    Excellence in Distribution: National Accounts – February, 2010
    Excellence in Distribution: Hybrid Wholesaling – April, 2010
    Entire series to be repeated annually
    2
  • 3. Excellence in Distribution: Hybrid Wholesaling
    Why Use Hybrids?
    Hybrids can add scale while managing costs
    Hybrids can pursue underserved markets
    47% of advisors prefer phone or e-mail communication over personal visits
    Firms gain options in alternative career paths and work-life balance
    3
  • 4. Excellence in Distribution: Hybrid Wholesaling
    Majority of Firms Has Hybrid Wholesalers
    kasina introduced concept 10 years ago
    Franklin Templeton among first to introduce hybrids
    Average tenure of hybrid implementation at firms is 4 years
    43% of those without Hybrids are looking to add them
    4
  • 5. Excellence in Distribution: Hybrid Wholesaling
    Three Recommended Models for Hybrids
    The Opportunistic Model
    Hybrids plug temporary gaps or address
    new opportunities: vacant external position,
    retention of assets, or a new geography
    The Spinoff Model
    Team of hybrid wholesalers pursues a new channel or product (RIA, DCIO)
    The Team Model
    Manage a territory which segments advisors by profitability level and service preference
    5
  • 6. Excellence in Distribution: Hybrid Wholesaling
    46% of Firms Source Hybrids Only from Sales Desk
    Must know how to sell over the phone and able to form in-person connections
    Leverage technology to sell and service
    Be willing to travel
    Career choice or stepping stone?
    Hybrids are entrepreneurs – wide array of skills needed
    6
  • 7. Excellence in Distribution: Hybrid Wholesaling
    Firms Have 5 x Externals as Hybrids
    Increase number depending on model
    For Team Model, consider balancing ratio with more hybrids and internals to manage costs, increase reach, add flexibility
    7
  • 8. Excellence in Distribution: Hybrid Wholesaling
    Territories Are Not Focused or Manageable
    8
  • 9. Excellence in Distribution: Hybrid Wholesaling
    43% Miss Opportunity to Incent Beyond Sales Results
    Structure compensation to fit opportunity
    Greater selling opportunity = greater variable component
    Modest selling opportunity = smaller variable component
    Tie bonus to profitable activities
    Asset retention
    Teamwork
    Substantive meetings
    9
  • 10. Excellence in Distribution: Hybrid Wholesaling
    Hybrids Increase Scale, Flexibility, Cost Management
    Use hybrids to increase scale and manage costs
    Meet shorter- and longer-term goals for addressing new sales & servicing opportunities
    Choose hybrid models to target opportunities in underserved markets
    Flexible territory design and management
    Identify, train and mentor technology-savvy salespeople
    Based on ability to sell and service in a technology-driven environment
    Evaluate and compensate hybrids in alignment with firm goals
    Adjust variable component to match sales opportunity
    Integrate hybrid wholesaling in firm’s overall distribution strategy
    Transition to new models when appropriate
    10
  • 11. How kasina Can Help Optimize Hybrid Wholesaling
    kasina drives financial services leaders to answer two questions: What’s next? and What should we do better today?
    11
    • Structure and staffing models
    • 12. Coordination and alignment with external and internal wholesaling
    • 13. Focus firm identification and territory planning
    • 14. Metrics and compensation
    • 15. Excellence in Distribution series, benchmarking data, research and recommendations on Compensation, External, Internal and Hybrid Wholesaling and National Accounts.
    • 16. What Advisors Do Online
    • 17. FA Vision service with in-depth, strategic data on advisor preferences
    • 18. Executive Peer-to-Peer Roundtables for open, collaborative discussion
  • Contact
    12
    Andy Edwards
    Business Development Manager
    e-mail: aedwards@kasina.com
    phone: 646 257 4454
    fax: 212 349 7413
    kasina
    581 Avenue of the Americas, 5th Floor
    New York, NY 10011
    Tel. (212) 349-7412
    Fax (212) 349-7413
    info@kasina.com
     
     
    Visit our Web site: www.kasina.com
    Read kasina’s Blog: www.kasina.com/blog
    Follow us on Twitter: @kasinaUS
     
     
    For more information, please contact:

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