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        Time To Get On With It by Jerry Rosenstrach, Executive Director of Marketing, The Progress Center What do you do in a bear market? Marketing research positions you with investors as a broker more often than as a consultant, regardless of what you call yourself, and that is the only positioning that is important with the client. Protecting, retaining and attracting clients are the key to your success, and there is a fail-safe methodology to do just that. We must refamiliarize ourselves with the fundamentals. Things have been so good for so long we have developed some bad habits that must be broken in a bear market. (Download article in pdf format.)

        Is E-Wholesaling the Missing Link in Consulting Support? by Stephen C. Winks. Leading money management firms are beginning to discover that if you can't sell performance and you are compensated by asset growth, you must sell process. (Select: Download article in pdf format with graphics or download article in pdf format without graphics - a faster download.)

        Mega Producers - Part VIII: Leveraging Your Activities for Maximum Gains by Steve Drozdeck. IPerhaps the greatest need that I can discern for top level practitioners is the need to "leverage." You only have so many hours in the day, only have so much energy and can only do so many things at one time, that the vast majority of people are at, or near, maximum capacity. Leveraging your time and efforts is the only viable alternative. Working harder, without working smarter, would probably lead to burn-out and/or inefficiency. (Download article in pdf format.)

        Mega Producers - Part VII: Positioning Your Services by Steve Drozdeck. In this segment of the Mega Producer series, we deal with two main topics: (1) how we can/should position ourselves witho ur clients and (2) expanding last month's Lifestyle Profiling information. (Select: Download article in pdf format with graphics or download article in pdf format without graphics - a faster download.)

        Investment Methodology, The Holy Grail of Consulting by Stephen C. Winks In an 18-year bull market, investment performance was taken for granted, and the actual returns realized left little room for complaint. Not so in today’s unforgiving market environment, which significantly alters how one engages their professional investment and administrative counsel for an on-gong consulting fee. (Download in pdf format)

        Adopting an E-Commerce Strategy by Darlene DeRemer, Managing Director of NewRiver, Inc. There's no question the internet will continue to impact our world in ways never imagined. It has made our home life simpler, enabling us to purchase consumer goods from books, groceries and automobiles with just the click of a mouse. The internet has even allowed us to become our own portfolio manager, giving us the ability to take charge of our personal finances around-the-clock. (Download in pdf format)


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        What Is the New Economy? by Robert Morenthau, Global Head of Marketing and Distribution, Lazard Asset Management. The new economy is about the radical effects of information on the economy as a whole. What then, is the impact of the information-driven new economy on companies? Where might the consulting business head as a result of the continuing shift into the new economy, and how should we confront these issues? (Download in pdf format)

         What Is Professional Investment Counsel Worth and Where Does That Take the Industry? by Stephen C. Winks. Usually the client asks, "How much does it cost?" But today, professional investment counsel must ask how much does it cost to service the account and provide high level, comprehensive advice. (Download in pdf format)

         MyCFO.com to Mass Merchandise High Level Advice to High Net Worth Market, Seizes Market Leadership by Stephen C. Winks. Ever wonder what the financial services business will look like once it has evolved and been rebuilt around high level, fee-based advice? Look no further than MyCFO.com. The next generation of financial services firms has been created and offers extraordinary insight into how the financial services industry will likely evolve. (Download in pdf format)

         Is There A Strategic Partner in Your Future? by John J. Bowen, Jr., President and CEO, Assante Capital Management, Inc. While advisors clearly recognize that the market is going to change over the next five years, they don't know what it is going to look like. More importantly, they don't know what role they are going to play. Many of the advisors with whom I met are anxious to be proactive in improving their competitive edge and securing the next level of success by joining forces - whether that involves some form of strategic alliance, joint venture or being acquired to get the resources necessary to compete. (Download in pdf format)

         Standards of Practices. Adopted and subscribed by the National Committee on Planned Giving and the American Council on Gift Annuities, May 7, 1991, revised April 1999. (Download in pdf format)

        Marketing in the 21st Century, Part IV: Using the Web Effectively by Steve Drozdeck, President, The Progress Center. The superior service and advice provided by your team doesn't count until the client gets a chance to know you and experience the benefits of dealing with you. Until then, you're just another name in the hat; another financial service provider among 600,000. While we both know that it isn't true that you're "just another provider" - until you can differentiate yourself, it IS true for the prospective client. Unless you have no interest in expanding your business and are actively turning down unsolicited referrals, you must market your services and compete with other financial services businesses - world class and low class. (Download in pdf format)

        Marketing in the 21st Century, Part III: Web Design and Capabilities by Steve Drozdeck, President, The Progress Center. It used to be that someone could throw together some pictures and graphics, a lot of text, some buttons to make navigating the site easier and some key words on the search engines; and you were in business. It used to be that your web site didn't have to compete because everyone was using basically the same concept - transferring their regular promotional materials or catalogues onto the web. It also used to be that a web site was a luxury, not a necessity. It used to be a lot of things, BUT "times, they are changing." (Download in pdf format)

        Marketing in the 21st Century, Part II: Creating a Web Presence by Steve Drozdeck, President, The Progress Center. There will always be a need for professional investment consultants who can help clients move through the maze of investment opportunities. While you remain an indispensable source of knowledge, that knowledge must be effectively marketed, and although marketing approaches of yesterday are still useful, they must be supplemented by the approaches of today and tomorrow. (Download in pdf format)


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        Marketing in the 21st Century, Part I by Steve Drozdeck, President, The Progress Center. Realistically, if your marketing effort is still in the 19th or 20th century, your business is, or is about to be, in significant trouble. The problem is competition .... Remember: "If you're not going forward, you're going backward." (Download in pdf format)

         Achieving and Living The "A" Level Game by Bruce R. Wright, The Wright Company. Recently our government spent millions of our tax dollars studying Pareto's long-standing 80/20 principle .... I think that while Pareto was on the right track, he missed one critically defining point: "A" level performance is achieved or delivered by 5% or less of the professionals or consumers in the game. (Download in pdf format)

         Trust: The Cornerstone of the Financial Advisor Business by W. H. Overgard, President, WHO Investment Consulting Co. Financial advisors who understand the Circle of Success will capture the majority of the $300 billion of 401(k) rollovers that occur each year. (Download in pdf format)

         What's In A Name? Blue Chips Lose "Brand Power" To Lower-Tiered Firms by Stephen C. Winks. For major financial service firms that are relying on their names and branding to become major internet investment portals in the new economy, there is some bad news. There is an extraordinary shift occurring in branding - America's most revered corporate brands are losing some of their luster, and this shift in "brand power" is not a one-time phenomenon. (Download in pdf format)

         CitiGroup Creates Private Wealth Management Group to Facilitate Total Solutions for the Ultra High Net Worth Market by Stephen C. Winks. Have you ever felt you didn't have the tools and resources to compete with J.P. Morgan, Goldman Sachs or Bessemer Trust for those highly visible ultra high net worth clients in your community? CitiGroup has an answer that not only levels the playing field but gives the consultant a competitive edge. CitiGroup has created a new private wealth management group headed by Chris Poch, which is harnessing the entire wealth management resources of CitiGroup to empower Salomon Smith Barney consultants to provide a total solution for the ultra high net worth client having more than $50 million in assets. (Download in pdf format)

         Brokerage Industry Consulting Advice Gains Parity with Institutional Consulting Firms by Stephen C. Winks. In a recent competition for a $1 billion foundation, one of our industry's most accomplished consultants was characterized by two competing institutional consultants as a broker who had a conflict of interest in serving the foundation by virtue of being associated with a brokerage firm. This is not just any consultant. This is one of the leading consultants in the industry, who has spent hundreds of hours working with The Society of Senior Consultants, Dalbar and leading foundations like the Gates Foundation, Harvard University and the Boston Community Foundation (the largest in the U.S.), to literally define high level expert advice by creating standards for professional investment and administrative counsel for foundations and endowments. (Download in pdf format)


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        Wirehouses Find Small Business Gold Mine by Stephen C. Winks. You may believe the characterization that commercial banking for small businesses is a dull, low profit, heavily administrative enterprise, but many wirehouse brokers are finding new ways to serve the small business market and are being rewarded handsomely for their efforts. (Download in pdf format)

         Investor Overconfidence, Part II by William E. Fender and Brian P. Cunningham. In financial matters, overconfidence can be costly. It causes people to overestimate their knowledge, underestimate risks and exaggerate teir ability to control events. Overconfidence can lead to problems throughout the entire investment management process. Unfortunately, overconfidence may be one of the more difficult behavioral traits to overcome. (Download in pdf format)

         Hospital Conversion Foundations by Sandra J. Champion. All of the foundations resulting from conversions in various states were classified as tax-exempt organizations .... The organization's primary purpose is grantmaking rather than fundraising. (Download in pdf format)

         ABC's of Rapport by Steve Drozdeck and Karl Gretz. Effective relationship skills are the keys to establishing and strengthening interpersonal confidence and trust. With good rapport skills, people want to work with you and your associates. They will be more willing to have open and honest communications. Without these skills, unconscious defense mechanisms can come into play, which may damage relationships. Whether dealing with customers, subordinates, vendors, peers or friends, these rapport skills are key to any successful interaction. (Download in pdf format.)

         SEC Approves FA Service Rating by Stephen C. Winks. The Security and Exchange Commission has agreed to allow financial advisors to advertise their client's rating of their service. Dalbar, the Boston-based research firm which has been providing the mutual fund industry with customer service surveys and brokers/dealers with client surveys, is the first firm to win approval from the SEC to survey the clients of financial advisors and to evaluate and rate the service being provided. (Download in pdf format.)

         Buying Motivations That Drive Investment Decisions by Steven Drozdeck and Karl Gretz. Have you ever wondered what the buying motivations of your clients and prospective clients are? As investment management consultants, you have the opportunity in your client interview to uncover the key buying motivations of your prospective clients and to gain an understanding as to how to best serve their needs. (Download in pdf format.)

         The New Mutual Fund Marketing Environment by Stephen C. Winks. It has become clear that the product distribution mechanism at work in the marketplace is not serving the best interests of the investor. This has been affirmed by both a Morningstar study and the Tully Committee report on compensation practices commissioned by SEC chairman Arthur Levitt. Morningstar, over a five-year period ending May 1994, found that of the 219 growth mutual funds they monitored, the investment returns averaged 12.5%, while investor returns averaged -2.5%. (Download in pdf format or for a quicker download, download in pdf format without graphics)


Quick Page Links:
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   The Next Generation Thesis
   Asset Management
   About Us
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         Managing Your Business for Success by Steven Drozdeck and Karl Gretz. As a reader of this publication, you are identified as a "super achiever" in the investment management consulting business. Hence, below you will see ideas that describe your current business practices and hopefully a few things which other top producers are doing that can enhance your business. (Download in pdf format or for a quicker download, download in pdf format without graphics)

         Practice Management: The 2% Differential by Steven Drozdeck and Karl Gretz. What are the key attributes necessary for long-term success as a financial consultant in all areas of the financial services industry? The "stars" throughout the financial services industry actually produce 1,600% more commission revenue than "average" producers. No, this is not a typo. It is a significant difference. (Download in pdf format)

         Pricing Your Consulting Services by Barry K. Mendelson. As the financial service business migrates revenues, profits and incentives towards the advisor-consultant model, competition is increasing exponentially. The pace of product development is so rapid that maintaining an awareness of both market alternatives and your competitive edge has become a business in itself. "Full service" investment consulting is evolving. (Download in pdf format)

         The Financial Services Food Chain by Stephen C. Winks. Remember the chart in school where little fish were consumed by big fish that were consumed by bigger fish? Well, that illustrated the laws of natural selection. The principle was that individuals possessing characteristics advantageous for survival in a specific environment constitute an increasing proportion of that species with each successive generation. Although we do not think of ourselves as being part of the financial services food chain, in the highly competitive financial services industry, there is also a "survival of the fittest" analogy when it comes to providing service. (Download in pdf format)

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