The Case for the Outsourced Business Development Officer

By Amy Parvaneh, CEO of Select Advisors Institute.

What sets growing advisor practices apart from those that struggle to add clients and assets?

The answer is clear: The most successful firms make a decisive commitment to marketing and business development.

According to a recent Fidelity Clearing and Custody benchmarking survey, firms that prioritize growth and invest 33% more in marketing and business development see 40% more client growth, 23% more asset growth and 20% more revenue growth than their peers.

Allocating funds to marketing and business development isn’t enough, of course—attracting high-net-worth investors requires smart, targeted spending. That’s where an Outsourced Business Development Office comes in.

Select Advisors, a leading Outsourced BDO based in Newport Beach, Calif., provides a turnkey combination of business development and marketing. Specifically focused on the advisor market, we provide our clients with the advantage of:

·      Dedicated experts: The Select Advisors team includes seasoned experts in marketing, public relations, ghostwriting, event planning and other disciplines. We handle high-level strategy as well as all the implementation work—from cold-calling prospects to organizing seminars to earning media exposure. Our team frees advisors and their teams from duties outside their expertise so that can focus on the things they are best at.

·      Industry experience: Select Advisors’ in-depth knowledge of what it takes to attract high-net-worth clients makes us significantly more effective than a generalist PR or marketing firm. The firm is led by Amy Parvaneh, an investment advisor with a proven track record. We are investment professionals first, marketers second, and we know what prospective clients are looking for.

·      Cost efficiency: Advisors who prioritize growth have the option of hiring in-house sales staff. The cost is significant, however; proven producers typically command six-figure salaries. Select Advisors charges significantly less—and that’s for a team of seasoned experts serving clients in a coordinated campaign. In addition, we pride ourselves on return on investment. Research has shown that the thousands of dollars many advisors spend on piecemeal marketing initiatives are largely wasted. We know what works, and we focus our spending accordingly.

Advisors too often discount the investment required for growth. This is particularly true of breakaway advisors, who are accustomed to winning customers through their parent firms’ marketing resources and name recognition. But as Fidelity’s study underlines, for independent advisors, there is no way around realistic spending in order to acquire clients and assets. The key is to make that spending count. And that’s where we come in.  

For more information, contact us at amy@selectadvisorsinstitute.com.