Got Mutual Fund Rockstars or Just Mutual Fund Wholesalers?
Here at third party marketing firm Havener Capital Partners, we use A LOT of sports team references. While I kind of relate to them having been a cheerleader, the relationships built on a cheer squad are very different when you’re clapping, jumping up and down, and cheering than when you’re actively supporting your team with assists, passing the ball, knowing the different positions, the weaknesses and the strengths.
I was driving home the other day, blasting classical music on the radio (I forgot my aux cord for my phone) and I finally found a reference I could relate to. Little known fact: Once upon a time, I played violin, nearly every day, for seven years of my life. For those of you who don’t know, there are four main instruments in an orchestra: Violin, Viola, Cello & Bass. There are two parts written for violin: I & II. Usually, the first violins will carry the melody, the second violins and violas will create some type of harmony and the cello and bass group will help keep tempo and offer a lower, deeper sound. Take out one instrument group and the piece feels empty, regardless of how small that part may seem.
Here’s an example, each of these clips is the instrument specific part to the song:
And here you can hear it all come together. Being on the operations side of a third party marketing firm, this musical journey in my car made me realize that we’re not all going to be in the spotlight at all times, and that’s the reality of a team. First violins, are the external mutual fund wholesalers working with RIAs or other investors, closing the deals, getting the acknowledgement and recognition. Second violins and violas are the internal mutual fund wholesalers focused on sourcing the deals, prospecting in sales development, preparing for meetings. And the parts of the cello & bass group, crafting and executing marketing initiatives, making sure the conferences are scheduled and that the booth location is on point, creating the materials that investors and prospects need, running investment analytics and research reports, maintaining the website behind the scenes and offering general sales and marketing support. Whatever the role, it is necessary. They are all necessary. We are better together.
Then, there’s the conductor. Here’s a sample of a conductor’s sheet music:
The conductor has to be aware of every part, at all times. It doesn’t stop there. They have to develop a relationship so close with their orchestra that using solely body language, they are able to speak to their musicians. The driving force behind the energy and the emotion of the piece, the conductor is all in, at all times.
My favorite piece to perform was always the Can Can from Orpheus in the Underworld. In this performance you can see it all. The flawless execution of everyone performing their specific role, the conductor engaging his musicians with passion and grace and the overall result of an incredible sound.
At Havener, we like to say, “we work with rockstars” (referring both to our mutual fund clients and the people who are on the Havener team). My classical music journey gave a whole new meaning to that term.
If you are a mutual fund manager considering how to improve your capital raising in this challenging environment, it might be beneficial to look at the orchestra of your distribution effort to determine if you have all the instruments and if your “rockstars” are playing in harmony.
How do you ensure your entire team feels united in your success? Share your ideas for team recognition below.