Asset Manager Boosts Wholesaler Credibility and Confidence Leads to Market Share Grab
AllianceBernstein was still recovering from the dotcom bust that sullied the reputation of many asset managers with their faithful advisors. In addition, the merger of Alliance and Bernstein led to significant turnover, which further challenged long-standing relationships with the advisory community.
We created a bold plan to infuse the asset management arm with the same strong culture that had been in place for many years within Bernstein's other venerable business lines. This included a significant commitment to training and education.
An industry-leading six week program was developed for seasoned wholesalers and senior portfolio managers. The program's building blocks were technical knowledge, relationship skills and practice management. A strong focus on becoming a trusted advisor was woven throughout, which helped the team to think and act differently about their approach to building their business.
Participants were tested on knowledge components, drilled on culture, and challenged to put all of this together with cameras rolling and senior leadership watching in simulated meetings.
The AllianceBernstein team earned a reputation for being different. They were highly trained, extremely knowledgeable in not just investments, but they knew the advisor's world well through their training on the Bernstein Private Client Group advisor's principles for success. They had a swagger, a passion, and a confidence that comes from knowing they had something unique to share with an advisor.
AllianceBernstein went from 28 in market share rankings to 5 less than two years. The wholesalers were the envy of many and they were committed to the culture. It was evident that they felt fortnate to be a part of an elite organization that prided itself on "knowing more... and using knowledge better".