he New York-headquartered Reserve Funds
, primarily known for its over $5.5 billion in money market funds, is continuing to concentrate efforts on growing its retail business -- its most recent step is the creation of the position of "Sales Efficiency Advocate & Liaison" (S.E.A.L.).
The first S.E.A.L will be John Rogers
, a four year employee and project manager for Reserve who has previously concentrated his efforts "in educating customers on our different services and products."
Rogers' new position, the first of several planned, will take advantage of what Eric Lansky
, head of marketing for Reserve, says are "talented, enthusiastic and successful" employees who don't necessarily fit into the traditional wholesaler role. Adding the new position also fits into Reserve's plans to develop new support for standard sales and marketing techniques.
"Traditionally, the industry has separated customer service and the sales force, we've endeavored to meld the two into one position whose predominant role is listening and educating rather than selling," he said.
Lansky is also the force behind the Remora Group
, an informal series of meetings between advisors and fund companies designed to break down the barriers that conferences and meetings often set up between asset management and distribution partners. The Remora Group now has over 40 fund companies participating in its meetings.
This type of position is the first of its kind for the mutual fund industry, according to Lansky. In essence, it will involve being a filter for clients needs -- traveling to clients, answering any questions and concerns they may have, and providing information on what Reserve funds he/she sees as the best fit.
The S.E.A.L position will initially concentrate on Reserve's established relationships with regional broker/dealers. Rogers will also be compensated in a slightly different fashion from the traditional wholesaler, with a higher base salary and a bonus based on the corporate asset pool, rather than the specific assets gathered through individual effort.
Rogers will report to Mike DeFeo
, director of sales for Reserve who said, "(Rogers) will use his Socratic sales skills - meaning a consultative approach to working with our clients and educating them about Reserve."
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