New research suggests that asset managers looking to win new business should look to invest in long-term relationships with advisors.

In a new survey by Practical Perspectives, Establishing New Relationships with Financial Advisors, the researchers breaks down how frequently RIAs, independent and full service brokers have switched to new asset managers over the past year and delves into support tools that have weight on an advisor when considering a new asset manager.

The survey shows that 69 percent of full-service brokers and 64 percent of independent broker used one or more new asset managers over the past year, while only 49 percent percent of RIAs used one or more new asset managers over the past year.

Howard Schneider, CEO of Practical Perspectives, explains that RIAs' portfolios lean more towards passive investments, so it's not surprising that the average RIA has stronger relationships with their asset managers. However, he adds that good wholesalers from big firms like American Funds and J.P. Morgan form a partner-based relationship instead of seeing the advisor as a one-time transaction.

Asset managers can also boost their presence in the advisor community by offering more support tools. According to the survey, 50 percent of RIAs took advantage of market updates and whitepapers for a year before doing business with the firm. On the other hand, 35 percent of independent and full service brokers took advantage of continuing education and professional development offered by the firms before doing business. While offering support tools doesn't guarantee business, it certainly has weight when advisors are considering a new asset manager.

For this research, more than 800 advisors participated via an online survey. 79 percent of participating advisors managed more than $25 million in assets. In terms of experience and age, 94 percent of participating advisors have more than five years of experience and 82 percent are at least 40 years of age. 

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