Sondhelm: Most boutique asset managers have weathered the COVID-19 storm with flying colors. They’ve done this by keeping costs under control, and by aggressively reaching out to clients and prospects to let them know that they’re still here and they’re committed to telling them what’s going on, even if the news isn’t always good. And, they have done this while knowing that their digital marketing and public relations efforts are not what they should be.
Hortz: Any final thoughts would you like to share?
Sondhelm: Nearly three quarters of respondents said they believe that their story is resonating in the marketplace. But few can say how they are actually quantifying these results. Firms might believe that their story is effective because they’re generating more leads or adding AUM, when it’s also possible that their product fills a particular niche that’s in high demand at the moment, like impact and ESG funds. Will their story be as effective when these strategies are out of favor?
In the post-COVID world, selling performance alone is not enough. Skeptical advisors and consultants need to be convinced that alpha is the result of skill, rather than luck. Effective stories need to be supported by proof points provided by portfolio managers, who, more than ever, must step up to the plate to become the “voice” of subject matter expertise within the firm. And since portfolio managers can no longer travel, firms need to improve the frequency and quality of the articles, webinars, conference calls and public relations campaigns needed to keep their story in front of their intended audiences.
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