wants to expand his OppenheimerFunds
] RIA channel team in several key areas.
| Matt Straut|
Senior Vice President, Head of RIA Channel
, senior vice president and the Boston-based head of the New York City-based mutual fund shop, says that a "logical next step" for him is "to continue to staff more cost-effective resources." To that end, he expects to hire more internal wholesalers and more "people in digital resources." Straut
talked with MFWire
this week in San Diego on the sidelines of Schwab's gigantic IMPACT
conference for RIAs.
"We hope to grow into 2017," Straut says.
The RIA channel at OpFunds currently includes six external wholesalers and three internals. That team, Straut says, is currently engaged in some "very aggressive segmentation to go quite top-heavy," with each external focused on two tiers of 100 big RIAs. That means that the field sales force is targeting about 1,200 of the biggest RIAs out there, out of 20,000 or so in the business. (The internals target another 1,000 RIAs via phone, Straut says.)
"That's leaving another seventeen-to-eighteen thousand firms," Straut says. "An ideal scenario for me would be to have a handful more resources to probably function in a more hybrid mentality to go after that third tier," (i.e. the next 1,000 or so biggest firms).
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