wealth management & private banking meeting of minds xix ... · wealth management & private...

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Wealth Management & Private Banking Meeting of Minds XIX

SCENE-SETTER

QUESTIONNAIRE FINDINGS Thursday 16 June 2016 at The Berkeley Hotel, London

In the run up to this Meeting of Minds, we asked you to answer some questions – our goal being to

capture your thinking at a moment in time. The following are your aggregated responses. We hope you

find this snapshot interesting as well as reassuring – in other words your peers are experiencing the same

challenges and excitements as you are!

mailto:[email protected]



INDEX

SENTIMENT ........................................................................................................................... 3

1. On a scale of 1 – 10 how would you say you feel about the year ahead? ........................................................................... 3

2. What do you consider are the 3 biggest issues facing your business and/or industry? .................................................... 3

3. What do you consider are the biggest STRENGTHS of your business and/or industry? ................................................ 5

4. What do you consider are the biggest WEAKNESSES of your business and/or industry? ............................................. 5

5. Who or what do you consider offers the biggest OPPORTUNITY to your strategy? .................................................... 6

6. Who or what do you consider poses the biggest THREAT to your strategy and why? .................................................. 7

YOUR BUSINESS MODEL – WHO’S IN THE ROOM ...................................................... 7

7. Please define your business .............................................................................................................................................................. 7

8. What model have you adopted in the post-RDR world? ......................................................................................................... 8

9. How do you typically charge for providing investment advice to your clients? ................................................................. 8

10. Why do you believe your clients - (U)HNWIs - choose to use your business rather than other Wealth

Managers? ........................................................................................................................................................................................................ 9

11. What are the most important value drives when pricing up an adviser business ............................................................ 10

12. How do you source your clients as a %? .................................................................................................................................... 11

13. How did your business numbers change over the past year? ............................................................................................... 12

14. How do you expect your business numbers to change over the next year? .................................................................... 13

15. The value chain… who will be the winners and losers? Please indicate whether you feel whether the various

parts of the value chain will grow or shrink over the next 2-3 years. .......................................................................................... 14

WEARING YOUR POLITICAL & REGULATORY HAT ................................................15

16. If you were Chancellor for the day, what three things would you change? ...................................................................... 15

17. If you were in charge of the regulator for the day, what do you think should be at the top of the in tray? ............ 15

18. Regulation readiness barometer ................................................................................................................................................... 17

19. How have regulatory changes impacted your approach to managing clients' assets? ..................................................... 18

INVESTMENT PROPOSITION ..........................................................................................19

20. Please indicate your percentage use of in-house products versus external sourcing and your approach ................ 19

21. Please indicate your percentage split between active and passive fund management ..................................................... 19

22. What percentage of your business is discretionary, advisory or execution only? ........................................................... 20

23. What percentage of your client accounts are managed using model portfolios, model allocation or fully bespoke? .

............................................................................................................................................................................................................... 20

24. Please describe briefly areas of specialist investment opportunity which you and your clients are interested in? . 20

25. When selling to your clients, if you could have anything under the sky what would be top of your wish list? ....... 20

26. If you were looking to market fund management services to YOUR company, what would be the first thing you

would START/STOP doing? ..................................................................................................................................................................... 21




SENTIMENT

1. On a scale of 1 – 10 how would you say you feel about the year ahead?

Over the past two years you have consistently scored 7.3 but are 5% more gloomy this time around and gloomier

about the year ahead when compared with all other UK distribution channels.

When we asked other distribution channels how positive they felt, this is how they scored and how their score

has changed over the past 6-12 months.

Large Advisory Distributors 8.0 (-2%)

Northern Independent Financial Advisers 8.2 (-1%)

Southern Independent Financial Advisers 8.0 (+3%)

Retail Banks and Brands 7.7 (-2%)

2. What do you consider are the 3 biggest issues facing your business and/or

industry?

The following have been listed in priority order in terms of what is keeping you up at night.

REGULATION

Regulatory burden (17)

Regulatory Changes (2)

Regulatory change demands on cost growth

PSD 2

MiFID II

Real Estate

o The 'politics' of empty houses, especially super prime residential owned by overseas entities

o Increasing regulatory scrutiny of the real estate sector

o Increasing taxation on residential property

TECHNOLOGY

Technology (6)

Challenge of technology execution

Cyber crime (2)

Security threats

Robo Advice

Marrying IT strategy to a rapidly changing world - client preference and regulation

Digital disruption

Digitalisation

Rapidly developing improvement in client experience driven by both fintech innovation and experience

innovation across the market more broadly

Fintech challengers

Process and technology platform complexity driving slow speed to market

The changing preferences of clients, influenced by technological developments

GEOPOLITICAL

7.03




Brexit (2)

Constitutional uncertainty (Brexit, Scottish independence, Europe) (2)

Market Risk (3)

Global Macro and GEO Political Events

Global growth

Health of the global economy

Demographic Change

BOTTOM LINE

Sustainable, profitable growth

Margin pressure

Generating long-term sustainable profitability and growth

Fee Clampdown

Fees (2)

Shrinking client wallet

Costs

TARNISHED IMAGE OF THE INDUSTRY

Reputation (2)

Building public trust

LOW INTEREST RATES

Conveying low return environment here to stay

Negative interest rates

BUSINESS MODEL

Transparency

Consolidation

STAFFING

Sensible remuneration for business developers

Staff

OTHER

Professional indemnity insurance provides little protection for consumers

Equity Bond Valuations

The rise of passive investment and internet based solutions

Retirement funding crisis




3. What do you consider are the biggest STRENGTHS of your business and/or

industry?

SERVICE & PRODUCT PROPOSITION

Scope of product offering

Competence

Opportunity to act

The ability for considerable wealth creation with low capital intensity

Focussed offering in a key asset class (RE)

Equity and Bond Market Levels

Conservative stable liquid wealth strategies

BUSINESS MODEL

Experience

Nimbleness

Balance sheet

Distribution

Independence

BRAND & TRUST

Trust (2)

Integrity for us rather than the industry

Our reputation

Brand

PERSONAL RELATIONSHIPS WITH CLIENTS

We offer a very personal service which clients love

Personal service/long term relationships

The great longevity of most private client relationships. We tend to find that clients will remain loyal through

the ups and downs of market volatility

The personal relationship with the clients and the breadth and depth of the data about those clients

OUR PEOPLE

Strong and enthusiastic team

Great people

Supportive shareholders

4. What do you consider are the biggest WEAKNESSES of your business and/or

industry?

REPUTATION

Industry - reputation, confusion that all financial services companies are not banks!

Industry reputation

Low brand awareness

COMPLEXITY

Jargon/accessibility

Level of complexity

PROCESSES

Complex processes

Poor processes and procedures

P&L

High cost base

The prospect of lower market returns in a low growth world

NIMBLENESS –




Slow speed to market

Ability to be nimble and react to changing environment

UNDERSTANDING AND ATTRACTING CLIENTS

On boarding clients

The inability to analyse and learn from the data we have about clients

GOVERNMENT & REGULATION

Over burdensome regulation

Government reducing attraction of London for international capital

OUR PEOPLE

The ability to attract and retain top talent and to deliver consistently good performance across all mandate

categories

Too much change in strategy & personnel is a weakness throughout our industry

TECHNOLOGY

5. Who or what do you consider offers the biggest OPPORTUNITY to your strategy?

TECHNOLOGY

Using technology (particularly digital) to far greater effect

Technology, legacy issues with the large incumbent providers

Developing FinTech solutions to leverage and learn from the data we have

Scope to harness technology to enhance service and engage a new generation of client

Leverage brand and balance sheet along with fintech innovation to deliver outstanding new client experiences

A SURVIVAL GAME IN A CONSOLIDATING INSDUSTRY

The consolidation of the highly regulated retail end of the industry

Survive the current market condition and increase market share as others exit the industry

Longevity

Industry fragmentation

GROWING CLIENT AFFLUENCE

Growing Middle Classes/Mass Affluent

Wealthy getting wealthier / res non doms

OTHER

Relative small size brings flexibility

Strong focus on relationship banking

Making the complex simple

International capital

Solving for super low interest rates

The need for long term savings conducted in a sensible fashion




6. Who or what do you consider poses the biggest THREAT to your strategy and

why?

GEOPOLITICAL

Constitutionnel uncertainty

Ill thought out government policy

Economic conditions

REGULATION

Regulatory changes

Policy driven changes - on non doms

DISTRUPTIVE TECHNOLOGY

That the fintech providers get there first and access our data after PSD2

CYBERCRIME

Client experience innovation by new industry players, combined with fintech innovations

CONSOLIDATION - Consolidation in the investment management world

OTHER

Tighter margins & Rising Costs

Complacency and under-investment in people, IT and marketing

Global and Equity Market Valuations

Insurance companies

YOUR BUSINESS MODEL – WHO’S IN THE ROOM

7. Please define your business

17%

46%

11% 3%

31%

14% 17% 9%

26%

3%

63%

6%

Asset Manager

Discretionary Fund Manager

Execution Only Investment Service

ProviderIndependent Financial Adviser (IFA)

Investment Managers

Multi Family Office

Private Bank (part of a group)

Private Bank Global (Local)

Private Client Asset/Investment

ManagerSingle Family Office

Wealth Manager

Other




8. What model have you adopted in the post-RDR world?

Interestingly there has been a sharp decrease in the number of Restricted Advice: Limited types of products (65%

to 42%) and an increase in the number of Restricted Advice: Multi-tie (5% to 29%). There has also be an increase

in the number of Independent firms (5% to 13%)

9. How do you typically charge for providing investment advice to your clients?

On average…

Adviser charge per hour = £412.50/hr

Adviser charge as a percentage of investment = 95.5 bps

17%

42%

0%

29%

4%

13%

13%

Independent advice (unbiased and

unrestricted advice on the full range of

retail investment products)

Restricted advice: limited types of

products

Restricted advice (single-tie): the

products of one provider

Restricted advice (multi-tie): the

products of a limited number of

providers

Basic advice (a specific way of giving

advice on stakeholder products)

Non-advised services (including

execution only sales)

20%

7%

13%

20% 20%

67%

20%

0% 0%

10%

20%

30%

40%

50%

60%

70%

Adviser charge per

hour (£)

Adviser charge as a

percentage of

investment (%)

Adviser charge as a

fixed fee (£)

Adviser charge as a

combined charging

structure (£)

Initial

Ongoing




10. Why do you believe your clients - (U)HNWIs - choose to use your business

rather than other Wealth Managers?

Last year, your reputation; relationship management; and the calibre of your people were the three top

reasons why clients chose to do business with you.

Your value on independence continues to rise (47% to 61%). Reputation fell off a cliff (81% to 45%)

6%

9%

15%

15%

18%

24%

27%

33%

45%

48%

58%

61%

76%

0% 10% 20% 30% 40% 50% 60% 70% 80%

Our convenient location

Other

Because we are part of a group

Our research capabilities

Our charging strategy

Our global expertise

The promise of confidentiality and discretion

Our products and services

Our reputation

Our brand

Our relationship management

Because we are independent

The calibre of our people

% of participants




11. What are the most important value drives when pricing up an adviser business

How does this compare with last year and how Financial Advisers ranked the value drivers of their own

businesses?

VALUE DRIVERS

Rank (and weighted score)

Wealth Managers

& Private Banks

(2016)

Wealth Managers &

Private Banks

(2015)

Southern

IFAs

Northern

IFAs

Profitability 1 (109) 1 (83) 4 (117) 3 (96)

Proportion of fee income 2= (105) 3 (63) 2 (129) 1 (126)

High RM / adviser productivity 2= (105) 6 (51) 6 (112) 4 (87)

Level of debt 4 (76) 4 (59) 5(115) 7 (60)

Level of adviser

qualification/training 5 (73) 7 (46) 3 (119) 5 (70)

Proportion of on-line business 6 (72) 2 (64) 1 (154) 2 (121)

Salary/bonus model 7 (67) 8 (43) 12 (34) 11 (37)

Track record of consolidation 8 (65) 5 (52) 7 (67) 8 (57)

Demonstrable assets under

influence 9 (50) 10 (19) 10 (49) 10 (39)

Growth potential 10 (29) 11 (12) 9 (59) 9 (45)

Client base - portfolio size 11 (26) 9 (30) 13 (19) 12 (19)

Synergy potential 12 (17) 15 (1) 11(35) 13 (18)

High proportion of recurring

income 13 (12) 12 (9) 8 (64) 6 (64)

Strength and ambition of

management 14 (11) 16 (0) 14 (5) 16 (6)

Scalable business model 15 (8) 14 (3) 15 (2) 15 (11)

Brand 16 (5) 13 (5) 16 (0) 14 (14)

0.22

0.35

0.48

0.52

0.74

1.13

1.26

1.74

2.83

2.91

3.13

3.17

3.30

4.57

4.57

4.74

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00

Track record of consolidation

Salary/bonus model

Proportion of on-line business

Level of adviser qualification/training

Level of debt

High RM / adviser productivity

Proportion of fee income

Brand

Scalable business model

Strength and ambition of management

High proportion of recurring income

Synergy potential

Client base - portfolio size

Demonstrable assets under influence

Growth potential

Profitability

Average participant score




12. How do you source your clients as a %?

0%

0%

2%

2%

2%

2%

2%

3%

3%

3%

5%

6%

16%

22%

32%

0%

0%

1%

1%

0%

0%

1%

0%

1%

3%

7%

14%

14%

24%

34%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Aggregator web site

In store

Advertising - above the line

Phone - outgoing

Online Social Media

Direct Marketing (below the line)

Online web presence

PR

Branch

Seminars/events

Sales force

Referrals from other parts of the group

Networking

Intermediary

Referrals from existing clients

% of participants

2015

2016




13. How did your business numbers change over the past year?

2015-16… it’s been a great year with more groups experiencing rising AUM; revenues; client numbers and client-

facing headcount than last year. However, costs continue to rise and the rate of growth of back office staff is

slowing. However the figures are not as positive as you hoped they would be this time last year.

How does this compare to how you thought you would do 12 months ago…

76%

34% 38%

72%

79%

59%

21%

55%

38%

17%

10%

31%

3% 10%

24%

3% 10% 10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Clients Headcount -

client facing

Headcount -

back office

Assets under

management

Revenues Costs

% o

f p

art

icip

an

ts

More

Same

Fewer

91%

57%

27%

100% 96%

61%

4%

43%

73%

0% 4%

30%

4% 0% 0% 0% 0% 9% 0%

20%

40%

60%

80%

100%

120%

Clients Headcount -

client facing

Headcount -

back office

Assets under

management

Revenues Costs

% o

f p

art

icip

an

ts

More

Same

Fewer




14. How do you expect your business numbers to change over the next year?

Looking into 2017, costs will continue to rise and back office headcount will stabalise. But this will be countered

by rising client numbers, AUM an revenues… hurrah! However, you are feeling much less bullish

83%

41%

24%

79% 83%

48%

10%

45%

52%

10% 7%

38%

7% 14%

24% 7% 10% 14%

0%

20%

40%

60%

80%

100%

120%

Clients Headcount -

client facing

Headcount -

back office

Assets under

management

Revenues Costs

% o

f p

art

icip

an

ts

Fewer

Same

More




15. The value chain… who will be the winners and losers? Please indicate whether

you feel whether the various parts of the value chain will grow or shrink over the

next 2-3 years.

In terms of how this compares with other distribution channels:

30%

4%

48%

22%

9%

30%

22%

35%

35%

26%

57%

52%

48%

48%

22%

48%

13%

9%

26%

9%

17%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100%

Investment Management (active management,

passive management)

Investment Guarantees (structured products,

third way products, CPPI, with profits)

Fund construction (model portfolio, DPM,

fund panelling, multi-manager, life styling)

Administration (Platform/ wrapper

administration, cash account, customer

record keeping, auto rebalancing)

Manufacture (SIPP, drawdown, offshore

bond, onshore bond, annuity, ETF)

Advice and sales (adviser tools, compliance

support, adviser charging, portfolio

aggregation, risk assessment, asset allocation)

Lead Generation (corporate, banks, existing

customers, mktg and advertising)

% of participants

Grow

Stay the same

Shrink

Gro

w

Conso

lidate




WEARING YOUR POLITICAL & REGULATORY HAT

16. If you were Chancellor for the day, what three things would you change?

Tax

o Radical simplification of the UK tax code

o Simplification of the UK tax system and in particular income tax allowances.

o Simplify tax laws

o Reduce income tax - make investment simpler

o Clarity on the longer term direction of taxation

o Cut IHT

o system for savings like Italy

o Taxes

o Reduce materially the size of tax legislation

o Reduce the personal taxate across the board, and the total take will increase

o Tax on non residents, reduce corporation tax, vastly simply taxation system and move to a with-

holding tax

o VAT on commissions...we need a level playing field with fees...either that or remove VAT on fees

Pensions

o Pensions - would simplify for customers and the industry overall

o Simplify the pensions regime once and for all. There have been too many changes over the last

decade and there is a genuine danger that people give up on pension saving unless there is stability of

legislation and a withdrawal of the lifetime allowance rules, which are a cap on investment growth.

o Sort out the pension system (simplified and incentivised) so that it has a decent prospect of

delivering a survivable income for the majority of the population when they reach retirement.

Investment

o Create an investing culture

o Increase investment in British business and infrastructure

Nothing, to give some long term planning stability and planning security

I would create calm regarding remittance rules

Mark Carney

Understanding of issues facing Banks

17. If you were in charge of the regulator for the day, what do you think should be

at the top of the in tray?

Simplification

o Simplification and committing to a slower pace of change

o Simplifying Regulation

o Simplifying MIFID 2

o Client centred process simplicity

Communication

o A more consultative approach. The current thematic drives of the FCA are not necessarily resulting

in the best outcomes for clients but instead creating an ever spiralling mountain of paperwork which

is leading to rising costs and customer frustration.

o Better direct communication with firms

o Get out and meet firms

Understand the impact and burden of regulation

o Return on investment - what is the marginal benefit in terms of the regulator's key objectives

relative to the cost/effort incurred by the industry (and the regulator itself) in implementing new

regulation.

o Understand the enormous time and financial costs that all the new regulation is resulting in




o Practicalities of regulation and how to help the industry improve its reputation.

o Fees and charges

Europe

o Impact of possible Brexit

o Create harmonised rules throughout Europe

Clarity - Produce a business plan and publish it

Retail investors

o Ensuring more retail investors get access to capital markets products without being ripped off or

having to do DIY investing

o The death of advice for the mass affluent

Ensure clients are receiving good outcomes

Proportionate and client-specific regulation

On boarding clients

Understand digital

Influence on government policy




18. Regulation readiness barometer (The higher the score, the higher the readiness. Participants we asked to rate their level of readiness from 1-5.)

Regulation

CEO 2016 CEO 2015 COO 2014

Av

score

Not

applic

able

More

info

requir

ed

Av

score

Not

applic

able

More

info

requir

ed

Av

score

Not

applic

able

More

info

requir

ed

Conduct Risk & Suitability 4.07 0% 0% 3.94 11% 6% 3.17 0% 0%

CASS & Client Money 3.83 20% 0% 3.60 17% 17% 3.00 8% 0%

MLD IV (Anti-Money Laundering

Directive) 3.83 0% 8%

FATCA/CRS (Common Standard on

Reporting) 3.77 7% 7% 2.18 27% 27% 3.00 15% 8%

CRD III/IV (Capital Requirement

Directive) 3.62 7% 7%

MAD II (Market Abuse Directive) 3.58 8% 8% 3.27 6% 12% 3.17 0% 8%

MiFID II 3.57 7% 0%

Senior Managers Regime 3.43 0% 7%

Basel III 3.36 31% 6% 2.27 36% 21% 3.30 0% 17%

UCITS V/VI (Undertakings for Collective

Investment in Transferable Securities) 3.27 21% 7%

AIFMD (The Alternative Investment

Fund Managers Directive) 3.25 50% 0% 3.21 19% 13% 2.73 17% 8%

PRIIPs (Packaged retail and insurance-

based investment products) 3.23 13% 7% 2.18 24% 35% 3.30 0% 17%

National Thematic reviews 3.18 15% 15%

RDR II 3.00 0% 14% 1.91 40% 27% 3.09 9% 0%

GDPR (General Data Protection

Regulation) 2.92 14% 14%

RRP (Recovery & Resolution Plan) 2.83 14% 21% 2.73 25% 31%

EUSD II (EU Savings Directive) 2.40 17% 17% 4.22 5% 5% 3.38 0% 0%

CSDR (Central Securities Depositories

Regulation) 2.29 50% 14% 3.00 8% 31% 3.00 0% 17%

Dodd Frank 2.20 33% 20% 2.27 33% 27% 2.36 25% 8%

Solvency II 2.18 15% 31%

MMFR (Money Market Fund Regulation) 2.11 25% 25% 1.92 27% 20% 1.67 33% 25%

EMIR (European Market Infrastructure

Regulation) 2.00 21% 29% 2.00 29% 21% 1.55 42% 8%

FTTD (Financial Transaction

Transparency Directive) 1.92 13% 33%

SFTR (Securities Financing Transactions

Regulation) 1.55 15% 46% 2.88 24% 6% 3.10 9% 9%

TD II (Transparency Directive) 1.20 17% 50%

ShRD II (Shareholders Rights Directive) 0.89 25% 50%

COREP & FINREP

0.80 50% 29% 2.18 17% 8%

ICB (Independent Commission on

Banking)

0.42 67% 20% 0.73 75% 8%

IMD (Insurance Mediation Directive)

0.42 71% 14% 0.55 75% 8%

MMR (Mortgage Market Review)

0.71 80% 7% 1.08 75% 0%

OTC reform agenda

0.11 57% 36% 1.50 50% 0%

Product Intervention

1.56 38% 31% 2.78 10% 10%

Shadow Banking

0.08 73% 20% 0.20 75% 17%

Average score: 2.83

2.08

2.33




19. How have regulatory changes impacted your approach to managing clients'

assets? The regulatory balance has shifted from providing much needed client protection to being an obstacle to

advice and a burden that adds both cost and complexity to the investment process in the eyes of clients. That

balance needs to be re-set.

Impact on time and cost

o It makes business slow

o Time spent on general compliance issues.

o More time-consuming processes, more documentation, less client-friendly while not achieving a

higher level of confidence in a favourable outcome for client or the business.

Suitability

o Changes made to pre and post trade compliance, enhancement of suitability reviews, investment in

tech to support suitability advice

o Need to review suitability and risk profiling more frequently

o Longer suitability reviews, failure of low-risk clients to clear value-for-money tests in terms of low-

risk models forecast performance net of fees relative to checking account interest rates

o More frequent suitability and portfolio reviews.

o The increased awareness on suitability has helped us tailor our portfolio construction to meet

clients' investment needs. Regular suitability reviews have also helped us engage clients on a more

frequent basis, thus furthering the relationship.

Our portfolio management systems have always incorporated suitability but regulation has made this more

demonstrable in both internal & client reporting.

Repricing of services across advice and fund management.

Separation of cherished holdings and other XO assets from managed funds.

Re-papering.

A gradually more structured approach

Considerably - systems, behaviours, monitoring

Not particularly impacted

There hasn't been much change as we already had the systems in place.




INVESTMENT PROPOSITION

20. Please indicate your percentage use of in-house products versus external

sourcing and your approach

21. Please indicate your percentage split between active and passive fund

management

24%

76%

In-house products (%)

Externally sourced products (%)

74%

17%

Active (%)

Passive (%)




22. What percentage of your business is discretionary, advisory or execution only?

23. What percentage of your client accounts are managed using model portfolios,

model allocation or fully bespoke?

24. Please describe briefly areas of specialist investment opportunity which you and

your clients are interested in? Private equity (2)

Certain aspects of commercial property, residential property and various VC and PE ventures.

Real estate

Closed end specialist funds

Closed Ended Funds

Alternative income / liquid hedge funds / smart beta

Generalist

Infrastructure

25. When selling to your clients, if you could have anything under the sky what

would be top of your wish list? Funds that only ever go up

81%

13%

6% 0%

Discretionary (%)

Advisory (%)

Execution only (%)

Other (%)




Good sterling based US ETFs with reporting status.

Perfect foresight

Stable income without paying through the roof for it

Unlimited marketing budget

The link between what "Conservative", "Balanced" or "Growth" means in the client's mind and what

"Conservative", "Balanced" or "Growth" means based on our statistical VaR models

Investment Performance and service

A third party endorsement of our service

Clients with great technology and IT skills

A sense of relative competitiveness of fee/cost structure vis a vis competitor peer-group

26. If you were looking to market fund management services to YOUR company,

what would be the first thing you would START/STOP doing?

Stop...

o Less emails more thought leadership/ better macro commentary

o Stop selling and listen to requirements

o Cold emails or mailshots - Sending unsolicited emails. Even in 2015 with access to a wide source of

information, recognise that a professional salesman really can add value to the relationship we have

with providers.

o Cold calling - Bombarding me with indiscriminate product literature without assessing suitability,

relevance etc.

o Deluging me with emails and hard-copy reports/literature

o Marketing material and NON-manager presentations

Start:..

o First thing is to work for a credible firm with a clear USP. Next is to speak to the research team.

o I would start by asking what we are looking for rather than telling us o Understand our process - Demonstrating a clear understanding of my company's needs.

o Demonstrating how you can support me in supporting my frontline client-facing colleagues

o Target the right contacts, not everyone

o Grant meeting with the MANAGER.

o Provide regular performance and transparent cost details


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