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Wealth managers to focus on sales to grow client base, research

By Rashmi Kumar

Wealth managers are increasingly looking to up their sales tactics to attract more ultra-high net worth clients, according to new research by Family Office Exchange.

The study, entitled The Enterprise Sales Process: Best Practices in Business Development, found that wealth advisory firms targeting families and the super rich are “strengthening” sales-related roles and responsibilities to bring in new business.

Using a combination of interviews with industry executives and a survey of 35 institutions, the research showed that relationship managers are tasked with getting new sales in three-quarters of firms, while around 90% of firms involve senior managers during the sales process.

“Relationship managers have been responsible for supporting current clients as well as courting new business… but organisations have recognised the need for more new business, which is leading to a change in sales models and greater specialisation in sales roles,” said David Lincoln, managing director of research for FOX and the lead author of the study, in a statement.

Some of the improved sales efforts undertaken include “sophisticated marketing and referral, clarification of responsibilities and early sales qualification and vetting,” the report said.

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