All-Council Summit Highlights Now Available

The IMEA returned to in-person events for the first time in more than two years at the All-Council Summit in Chicago, where industry executives and thought leaders made connections, exchanged ideas and gained insights across key business areas. IMEA Members can catch up with session highlights, presentation slides, and an attendee list below.

HIGHLIGHTS | All-Council Sessions

Industry Outlook
Ben Phillips, Head of Asset Management Global Advisory Services | Broadridge Financial Solutions

Ben Phillips, Head of Asset Management Global Advisory Services at Broadridge Financial Solutions, kicked off the IMEA All-Council Summit with an industry outlook focused on the competitive environment facing asset managers today and how they should differentiate themselves moving forward.

Highlights

• Organic growth in asset management has declined from roughly 6 to 1 percent per year, increasing competition; rather than the conventional approach focused on incumbent advantages, asset managers must identify unique competitive advantages to stand out going forward.
• To better serve advisors, asset managers need to consider how different advisors approach different parts of their balance sheet and client segments (e.g., millennials are increasingly important for advisors, and tend to check advice and do more due diligence on capabilities before becoming a client.
• Demand for alternative investing capabilities education is growing among advisors; asset managers should consider expanding to areas like private equity, private credit, and digital assets to improve their ability to serve advisors and end clients.
• Asset managers should carefully review how, when, and where they meet advisors, and leverage both in-person and virtual channels to serve them according to their specific needs.
• Invest in marketing to tell your story and help advisors tell theirs; consider better data analytics, advisor segmentation, marketing technology, and client experience tools.

Partner Client Perspective Panel
John McDonough, Head of Wealth Management Intermediaries | Invesco & IMEA Chair
Stephanie Meadows, Managing Director Relationship Management, Wealth & Investment Management | Wells Fargo & Company
Anthony Halpin, Founding Partner & COO | Chicago Partners
Judy VanArsdale, LPL Financial Advisor | Lakeview Wealth Management

Sponsor Thought Leadership
Lee Kowarski, Vice President, Head of Distribution Solutions | SS&C Technologies | Distribution & Data Council Sponsor
Saleem Khan, Chief Data & Analytics Officer | ISS Market Intelligence | Product Council Sponsor

Individual Executive Council Session Highlights

Data Council Highlights
A DAY IN THE LIFE OF A DATA SCIENTIST
Relevant, usable data is as in demand as talent who knows how to work with it. But what is the true definition of a data scientist and when do you need one? In this panel discussion, perspectives on approaches to working with data scientists, including successes, failures, and more were shared.

Featuring

• Austin Lewis, Director Business Intelligence | Janus Henderson Investors (Discussion Leader)
• Brandon Crain, Managing Director, SAM Sales Analytics | Charles Schwab
• Matt Machut, Managing Director, Global Head of Sales Strategy and Enablement | Goldman Sachs Asset Management

Highlights

• For many data leaders, some of their most successful data scientists do not have a data science degree; their ability to communicate between teams has been crucial.
• Data scientists can be described as someone who has the skills to solve problems and the curiosity to explore such problems. But, there is an educational piece that defines a data scientist in asset management (e.g., industry knowledge, etc.).
• There is a difference between Business Intelligence (BI) and data, and data is not insights; on the analytics side, leveraging data to prescribe something differentiates data and analytics from BI.
• For some, the best approach to use cases is to see what you can determine using external data before inserting your own data.
• The sales team knows their top people better than data; there is a balance between using data and what you know based on relationships.

Data / Distribution Council Highlights
UNFILTERED & UNPLUGGED: THE DATA/DISTRIBUTION DISCUSSION
Asset managers need to re-examine the current sales and distribution model to ensure they leverage data to measure success and drive better outcomes. This includes rethinking how these teams are structured and incentivized and finding ways to infuse data science and analytics into the sales organization instead of keeping it separate.

Featuring

• Lee Kowarski, Vice President, Head of Distribution Solutions | SS&C Technologies (Discussion Leader)
• Data & Distribution Council Steering Committees

Highlights

• Traditionally, the best wholesalers were those who brought in the most revenue, but a key measure of success today is the ability to leverage data to drive decisions and manage their team.
• When determining how to prioritize a salesperson’s time, asset managers must be mindful of the product set and resources provided to the sales team; instead of simply dividing sales teams by geographic regions or a certain number of advisors, data can be a powerful way to segment a business plan for a wholesaler.
• Compensation is the ultimate driver in aligning a sales team with the company’s high-level goals—wholesalers should be building relationships, bringing specialists in, and then stepping back; compensation structures need to be thoughtfully designed to incentivize this approach.
• It is critical to marry sales and data in the development of the data and analytics—data science shouldn’t be siloed from sales; adding full-time team members who focus on data-led distribution is one route gaining traction among asset managers.
• Some asset managers have had success by leveraging staff from the sales team who are skilled with data and analytics to create a data-led distribution team; this approach can work well because the data and analytics experts have relationships and are already embedded within the sales team.

Distribution Council Highlights
THE CHANGING ASSET MANAGEMENT LANDSCAPE AND THE REINVENTION OF INTERMEDIARY DISTRIBUTION
The intermediary landscape is shifting rapidly as assets continue to move from wirehouses to RIAs. As the market quickly changes, asset managers must think about how distribution models also need to evolve.

Featuring

• Jim Adams, CIMA®, Managing Director | MFS Funds Distributor, Inc. & IMEA Distribution Council Co-Chair (Discussion Leader)
• Candice Lee, Associate Partner| McKinsey & Company

Highlights

• Assets are shifting from wirehouses and banks toward RIAs, driven primarily by the movement of advisors into the RIA channel as advisors increasingly opt for the independent model.
• The RIA industry has experienced massive consolidation in the last decade, and asset managers’ RIA coverage strategies need to evolve as a result.
• Asset flows continue to accrue to passive products and private markets alternatives, emphasizing a need to innovate in those areas and ensure teams are educated about alternatives, and how to discuss them with RIAs.
• When considering how to meet advisor needs, in-person meetings remain the largest driver of satisfaction among advisors followed closely by problem resolution.
• Advisors now expect two-thirds of interactions with asset managers to happen digitally instead of in-person, stressing the importance of an omnichannel approach to serving them.

Data & Distribution Council Sponsor

 

Marketing Council Highlights
CONNECTING THE ESG DOTS: HOW TO BRING CORPORATE, THEMATIC, AND PRODUCT MARKETING TOGETHER
Sustainability credentials and authenticity now demands a deeper level of ESG Integration, as well as the connective tissue inside the business to surface the evidence on an ongoing basis. What role does marketing play in shaping and presenting this view of the business?

Featuring

• Vicki Lester, Head of Intermediary Marketing | Columbia Threadneedle Investments & Marketing Council Chair (Discussion Leader)
• Benjie Elston, Director, Head of Sustainability | White Marble
• David Master, Chief Marketing Officer | Janus Henderson Investors

Highlights

• Authenticity is paramount; be prepared to back all sustainability claims with data and other proof; meanwhile, ESG disclosure requirements are challenging many product marketing groups.
• Marketing is frequently responsible for developing sustainability messaging, but the company’s core beliefs need to come from the top; the CEO should not ask the CMO to define the mission, vision, and values.
• There is an ongoing movement toward the highest common denominator of ESG standards (i.e., the current landscape in Europe), but the specifics of how this plays out in North America will differ.
• Create internal ESG glossaries to bring clarity around key ESG terms.
• Corporate, marketing, and sustainability strategy are often developed in isolation, hindering consistent messaging; discrepancies need to be identified and hashed out in frank, cross-functional conversations.

DISTRIBUTION PARTNER MARKETING REDEFINED
The way investment management marketers do business with distribution partners is being redefined. What will be identified as preferred client preferences, and what will best practices look like in practice management, benchmarking and value adds?

Featuring

• Tara Giuliano, Head of Marketing | Nuveen (Discussion Leader)
• Bill Andrakakos, CFA, FRM, President & Chief Investment Officer | Aaron Wealth Advisors
• Stephanie Meadows, Managing Director Relationship Management, Wealth & Investment Management | Wells Fargo & Company

Highlights

• Relationship managers should play the lead role in delivering content to advisors; they are in the best position to determine relevant topics, formats, and channels.
• When advisors search for new managers in a specific strategy, make it easy for them to find and contact their dedicated wholesaler.
• Advisors know that a manager can’t be best-in-class at everything; communicating depth in areas where you have credible expertise trumps breadth.
• Practice management topics especially valuable to advisors include succession planning, building high-performing teams, and becoming effective leaders.
• The value of printed content is up for debate; despite the rise of digital, many asset managers value having something tangible to leave behind.

Marketing Council Sponsor

 

Product Council Highlights
THE MASS AFFLUENT’S PRIVATE INVESTMENT ECOSYSTEM: A HIGH-LEVEL OVERVIEW
Amid volatility and fee compression in traditional asset classes, asset managers have seeked to “democratize” private markets by expanding access to individual investors. While institutions have long allocated to private equity and private debt strategies, individual investors are just getting in the game in these areas. The opportunity could be enormous, as the market for accredited investors—generally defined as those with a net worth of $1 million or more—represents trillions of dollars.

In this environment, how can product teams create compelling private market offerings for these new investors, and how can firms position themselves for success?

Featuring

• Jim Hinkley, Managing Director | Macquarie Asset Management (Discussion Leader)
• Shane Clifford, Senior Managing Director, Alternative Strategies | Franklin Templeton Alternative Strategies
• Andrew Snyder, Director, Product & Research | CAIS

Highlights

• Traditional asset managers entering the marketplace face challenges convincing home offices of their alternatives expertise, but their history of marketing strategies to individuals and ability to educate investors can be a real advantage.
• Alternative asset managers have built-in credibility selling private markets strategies, but they can struggle to translate their often complex and primarily institutional messaging to individual investors.
• Private market fund types—including interval funds, tender offer funds, and business development corporation (BDCs) structures—have advantages and disadvantages in terms of simplicity, tax structures, and liquidity.
• Ease-of-use will likely be a key differentiator to attract individual investors; funds with operational efficiencies could gain market share over those with more complex processes—even if the performance of more complicated funds is better.
• Private asset product development and sales cycles are longer and more complex than traditional strategies; sales teams focusing on private markets will need more in-depth training and expertise on the complexities of alternative offerings and will likely require higher compensation.

TACKLING NUANCES IN ESG REGULATION
ESG regulations in Europe are the most stringent, but the SEC has recently taken a much more aggressive stance on rulemaking and enforcement. What do product teams need to know to make sure they’re compliant with changing ESG guidelines?

Featuring

• Dan Beckman, Head of U.S. Product | Columbia Threadneedle Investments & IMEA Product Council Chair (Discussion Leader)
• Bonnie Saynay, Global Head of Research & Data Strategy | ISS ESG
• Gwendolyn A. Williamson, Partner | Perkins Coie LLP

Highlights

• Assets are shifting from wirehouses and banks toward RIAs, driven primarily by the movement of advisors into the RIA channel as advisors increasingly opt for the independent model.
• The RIA industry has experienced massive consolidation in the last decade, and asset managers’ RIA coverage strategies need to evolve as a result.
• Asset flows continue to accrue to passive products and private markets alternatives, emphasizing a need to innovate in those areas and ensure teams are educated about alternatives, and how to discuss them with RIAs.
• When considering how to meet advisor needs, in-person meetings remain the largest driver of satisfaction among advisors followed closely by problem resolution.
• Advisors now expect two-thirds of interactions with asset managers to happen digitally instead of in-person, stressing the importance of an omnichannel approach to serving them. 

Product Council Sponsor

Highlights provided in partnership with Wentworth Financial Communications.