Based on a recent survey of external wholesalers, it is abundantly clear that wholesalers place significant value on the specialists they are able to leverage from their firms. Wholesalers believe that providing access to specialists is one of their most valuable services to advisors with nearly 60% of wholesalers ranking this as “high value”—second only to wholesalers delivering updates on existing products.

Wholesalers were also asked to rate the impact that various types of specialists have during their interactions with advisors. More than 70% of wholesalers rate investment specialists/CPMs as “very impactful” during interactions with advisors. Product specialists (e.g., specialists focused on closed-end funds or ESG) and portfolio construction specialists were the next highest rated specialists with one third of wholesalers ranking them as “very impactful.” There were a few notable differences in the data based on a wholesaler’s annual production. Wholesalers with over $500 million in gross mutual fund sales rated investment specialists and portfolio construction specialists higher than did their lower-producing counterparts. Product specialists and practice management specialists were rated the most impactful by wholesalers producing less than $250 million. A wholesaler can deliver significant value-add by offering the right type of specialist to an advisor, leading to a deeper relationship with the advisor moving forward.

Impact of Specialists (% Rated “Very Impactful”)

Source: FUSE Wholesaler Survey, 2020