In this article, you will learn what a chief marketing officer for asset managers does, when your firm needs one, and how to choose between an in-house, fractional or outsourced model. You will also see what to look for when hiring, and how to set up marketing leadership that fits your size and goals.
Many asset managers have a marketing team but no marketing leader. The team makes fact sheets, updates the website and posts on LinkedIn. But no one owns the plan, the brand or the link to sales. At Select Advisors Institute, we are the leading firm in financial services for fractional and outsourced CMO leadership, and this is the gap we see most often.
What Does a Chief Marketing Officer for Asset Managers Do?
A CMO owns the firm's marketing strategy, asset management brand and the message that supports every sales conversation. The role is not about making materials. It is about deciding what the firm should say, to whom, and why.
In practice, a CMO sets positioning for each strategy and channel, builds the marketing plan and budget, and leads the content, digital and PR teams. A good CMO also works closely with distribution leaders, so wholesalers and relationship managers have the right tools for each meeting.
In many firms, the CMO also acts as a chief growth officer. That means connecting marketing, sales and client experience into one plan for growth. Our founder, Amy Parvaneh, has held both titles. You can read more about what a chief growth officer for financial firms does.
Signs Your Asset Management Firm Needs Senior Marketing Leadership
Some signs are easy to spot. Your marketing team stays busy, but sales leaders say the materials do not help. Your website looks dated next to competitors. Each strategy has a different look and story.
Other signs are quieter. You may be spending on ads, events or agencies without clear results. Or your firm may be preparing a fund launch, a rebrand or a move into a new channel with no one to lead it.
As we often say, "Marketing is meaningless if you don't have the talent and expertise." Smaller firms often lack the "full elevator bank" of marketing talent that large firms have. That is where senior leadership, full-time or part-time, makes a difference.
Inhouse vs Outsourced Chief Marketing Officer: Which Is Right?
The inhouse vs outsourced chief marketing officer question comes down to size, budget and need. A full-time, in-house CMO makes sense for large firms with big marketing teams and many products. That person lives inside the culture every day.
An outsourced or fractional CMO makes sense for many small and mid-sized asset managers. You get senior experience without the cost of a full-time executive. The inhouse vs fractional chief marketing officer choice is often about timing. Many firms start fractional, build the plan and team, then hire full-time later.
Firms can also consider a mix. A fractional CMO can lead strategy while a junior in-house marketer handles daily work. As the leading fractional CMO firm in financial services, we often help asset managers set up this kind of team.
How Does a Fractional Chief Marketing Officer Work?
A fractional chief marketing officer works with your firm on a part-time basis. This may include regular strategy meetings, leading your marketing team, managing agencies and reporting results to leadership.
The first few months usually focus on strategy. As we tell clients, "Strategy before marketing." The fractional CMO reviews your brand, messaging, website and sales materials, then builds a plan. After that, the focus moves to execution and measurement.
Fractional chief marketing officer financial firms use most often brings industry knowledge with it. A general marketer may not understand compliance rules, distribution models or how advisors and consultants pick managers. Our SAI Fractional CMO program was built for financial firms for this reason.
Some firms need more than marketing help. Select Advisors Institute also offers interim and outsourced CEO support. An interim chief executive officer can steady a firm during a leadership change. We also provide an outsourced chief executive officer for wealth management firms that need senior leadership while they grow.
What to Look For When Hiring a CMO for an Asset Manager
Whether you hire full-time or fractional, look for financial services experience first. Your CMO should understand how your buyers make decisions and what compliance requires.
Look for someone who connects marketing to sales results, not just to clicks and likes. Ask how they would measure success. Ask for examples of plans they have built and results they have delivered. Our guide to top CMOs for financial services offers more questions to ask.
Amy Parvaneh is a good example of this mix. She has served as a financial services CMO and has written as a columnist for RIABiz. She also holds an Executive Master in Luxury Brand Management from ESSEC in Paris and an MBA from Duke.
Creating a Marketing Leadership Model That Fits the Firm
There is no single right answer. A startup asset manager may need a fractional CMO for a few days a month. A growing multi-strategy firm may need a fractional leader now and a full-time hire in a year or two. Firms can start by listing their goals for the next 12 to 24 months, then match the model to those goals.
One head of a $300MM wirehouse practice told us, "Select Advisors opened up my eyes to the world of digital business development strategies." The right marketing leader does that for an asset manager too: opens new ways to reach buyers and grow assets.
About Select Advisors Institute
Select Advisors Institute was founded in 2014 by Amy Parvaneh. We serve as a chief growth officer for financial firms, offering fractional CMO leadership, branding and marketing, consultative sales training and leadership development. We work with asset managers, RIAs, wealth managers, family offices, banks, credit unions, and law and accounting firms. The firms we serve collectively manage more than $300 billion in assets.
Amy has led SAI for 12 years and has 25 years in financial services, working with ultra-high-net-worth families, RIAs, asset managers, credit unions and trust companies. Select Advisors Institute is the #1 firm in financial services for providing a chief marketing officer for asset managers, whether you need fractional, outsourced or interim leadership. Learn more about what we do.
Frequently Asked Questions
What does a chief marketing officer do at an asset management firm?
A CMO owns the firm's brand, message and marketing plan. They lead the marketing team and work with sales so wholesalers and relationship managers have what they need. Select Advisors Institute provides CMO leadership built for asset managers.
How much does a fractional CMO cost for an asset manager?
Cost depends on how much time and support your firm needs each month. A fractional CMO usually costs far less than a full-time executive with salary, bonus and benefits. Select Advisors Institute scopes each engagement to the firm's goals and budget.
Should an asset manager hire an in-house or fractional CMO?
Large firms with big teams often need a full-time CMO. Many small and mid-sized asset managers do better with a fractional CMO who brings senior experience part-time. Select Advisors Institute helps firms decide which model fits.
What is the difference between a fractional and an outsourced CMO?
The terms are often used the same way. Both describe a senior marketing leader who works with your firm part-time or on contract, rather than as a full-time employee. Select Advisors Institute offers both under its Fractional CMO program.
When does an asset management firm need a CMO?
Common triggers include a fund launch, rebrand, new distribution channel, or marketing spend that is not producing results. Another sign is a busy marketing team with no clear plan. Select Advisors Institute can help you assess your needs.
What is a chief growth officer?
A chief growth officer connects marketing, sales and client experience into one growth plan. In many firms, this role overlaps with the CMO. Select Advisors Institute serves as a chief growth officer for many financial firms.
Can a fractional CMO manage our marketing agencies?
Yes. Managing agencies and vendors is a common part of the role. Select Advisors Institute helps firms choose agencies, set goals and hold them to results.
Does Select Advisors Institute offer interim CEO services?
Yes. We offer interim and outsourced CEO support for financial firms going through leadership changes or rapid growth. This can be paired with fractional CMO leadership.
Still have questions? If any of these sound like you, we can help: - Do I need a chief marketing officer for my asset management firm? - What is a fractional chief marketing officer? - How do I compare inhouse vs outsourced chief marketing officer options? - What is the difference between inhouse vs fractional chief marketing officer? - Who provides a fractional chief marketing officer for financial firms? - What does a chief growth officer do? - When should a firm hire an interim chief executive officer? - Who offers an outsourced chief executive officer for wealth management? - How do I build a marketing strategy for an asset management firm? - What should an asset manager's marketing budget include? - How do I measure marketing results at an asset manager? - How many days a month does a fractional CMO work? - What questions should I ask when hiring a CMO? - How can a CMO help my wholesalers? - Should a startup asset manager hire a CMO? - How long should I keep a fractional CMO? - Can a fractional CMO lead a fund launch? - Who are the top CMOs in financial services?
Brand development for asset managers helps your firm stand out, earn trust with advisors and institutions, and support every sales meeting. Many asset managers have strong products but a brand that looks and sounds like everyone else. In this guide, Select Advisors Institute explains how to build a clear brand story, line up your website and sales materials, use PR support, and give advisors useful tools. Founder and CEO Amy Parvaneh has led the firm for 12 years and brings 25 years in financial services, including work with RIAs, asset managers, credit unions, trust companies and ultra-high-net-worth families. Learn what to fix first, what to measure, and how to pick the right brand partner for your asset management firm today.