CFP REPORT

Q4 FY23

This fascinating report reveals the greatest frustrations and concerns Brisbane CFPs have with Fund Managers and BDMs.

I’m talking with Fund Managers about how to grow investment revenue using these insights to improve service levels to CFPs. 

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FUND MANAGER REPORT

OPPORTUNITIES FOR IMPROVEMENT

WHAT CFPs WANT FROM A FUND MANAGER

Experience Experienced Stable Stability Expert Expertise ROI Returns Value Valuable Ambitious Performing Perform Performance Simple Easy Competent Simplicity Transparent Character Bold Fit-for-purpose Aligned Relevant Alignment Relevance Fresh Skin-in-the-game Fast Quick Responsible Ethical Responsive Strong Focused Committed Clarity Viable Long-term

CFPs Top 10 Frustrations with Fund Managers

  1. Inexperienced. A lack of stability in the management team and a lack of expertise in the investment team.
  2. Unadventurous. Funds that merely hug an index rather than backing the manager’s convictions.
  3. Overpriced. Poor fund performance or high fees relative to performance.
  4. Funds with an overcomplicated narrative. They’re usually more hype than substance. 
  5. Funds with an underwhelming ‘generic’ narrative. They lack the unique character and flavour that gets clients excited.
  6. Insufficient diversification to suit client target asset allocation. Fund managers, we like not offering funds that fit our client’s needs. 
  7. Out of touch. Misaligned philosophy/values between fund and client.
  8. Stale. Large funds that don’t act like they have ‘skin in the game’ and respond too slowly or too weakly to market moves.
  9. Disappointing. Previously great funds that get distracted and flounder when they list on ASX.
  10. Lack of transparency. Inadequate details around fund methodology and ambiguity around fund constituents.

BDM REPORT

OPPORTUNITIES FOR IMPROVEMENT

CFPs TOP 10 FRUSTRATIONS WITH BDMs

  1. Unreliable. They don’t do what they say they’re going to do – They say they’ll email you the details as soon as they get back to the office or they’ll call you back with a solution but they never do. They promise to set your world on fire then you never hear from them again.
  2. Unresponsive. Even when I follow them up and leave messages they still don’t call me back.
  3. Slackers. They’re too slow in getting answers or solutions to problems with a deadline.
  4. Insufficient product knowledge, training and support. They tell a good story but can’t answer important technical questions about the funds they’re selling
  5. Myopic. They can tell you all about their fund but not how it compares to alternatives in the market. They don’t understand the competing funds and their competitive advantages.
  6. Inexperienced. They’re not actively investing with their own money or they aren’t paying enough attention to the prevailing market conditions to be truly valuable.
  7. Insecure. They bluff instead of admitting they don’t know.
  8. Passive. They don’t go and find out when it’s obvious they don’t know.
  9. They are product pushers, not value-adding consultants. They pitch their funds without first asking about our business or clients. 
  10. They’re all business and no relationship, constantly punching for sales without empathy for my business and my situation – trust is everything.

WHAT CFPs WANT FROM A BDM

Reliable Reliability Responsible Responsive Fast Quick Accurate Precise Precision Knowledgable Smart Honest Humble Honesty Integrity Humility Proactive Commitment committed Dedication dedicated Focused Understanding Experienced Experience Genuine sincere Interested Interesting Trustworthy Trusting Empathetic Empathy

CONTACT

HOW CAN I HELP YOU PROSPER THROUGH THE CHAOS

Talk soon,

Thanks for reaching out. I’m looking forward to connecting with you to understand your needs and discover how I can serve you best. 

Talk soon

Thanks for reaching out. I’m looking forward to connecting with you to understand your needs and discover how I can serve you best. 

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*Patrick Woodcraft does not provide financial advice or investment advice. Nothing on this website may be construed as financial advice or investment advice. Read the full disclaimer here.

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