Manulife's Winning Sales Formula: Specialist Models and Strategic Communication

In this episode of the Rainmaker Podcast, Gui Costin, Founder and CEO of Dakota, hosts a special discussion featuring Jennifer Lundmark and Alex Catterick from Manulife Investment Management. Jennifer, Head of Institutional Distribution North America, and Alex, Senior Managing Director, Head of Alternative Investment Solutions, bring their extensive experience to the table, making this a unique episode with two guests from the same company.

The episode kicks off with introductions. Jennifer oversees institutional distribution activities, covering both public and private market business development and investor relations. She leads a team focused on providing solutions for institutional investors and has a history with firms like American Realty Advisors and Goldman Sachs. Alex, on the other hand, manages the alternative investment solutions team, focusing on private markets and retail strategies. His background includes significant roles at HSBC, Barclays Wealth Management, and JP Morgan Private Bank.

Gui explores the themes of leadership, communication, and best practices in distribution. Jennifer explains her team’s specialist model in North America, where sales professionals focus on specific asset classes, making them more effective when dealing with specialized asset owners. Alex discusses their generalist-specialist model, leveraging existing distribution channels to provide customized solutions to advisors and clients.

The conversation delves into the importance of communication within sales teams. Jennifer emphasizes her biweekly team meetings and regular one-on-one sessions with direct reports to ensure alignment and address issues. Alex talks about building a global team and the need for consistent messaging and approach across different regions.

A key topic is the integration of alternative investment solutions into existing sales processes. Alex highlights the challenge of selling through consultants and advisors and the importance of tracking and measuring efforts. Jennifer discusses the competitive nature of the institutional market and the need for differentiation through consistent marketing and unique solutions.

The use of CRM systems, particularly Salesforce, is highlighted as crucial for managing relationships and ensuring effective communication. Jennifer shares a best practice of sending call notes to her entire team, fostering collaboration and dialogue. Alex talks about developing a process to make CRM usage more efficient for his team.

Gui asks for advice for young professionals entering the industry. Alex emphasizes the importance of becoming a subject matter expert and being solutions-oriented. Jennifer highlights the value of networking and building relationships within the industry.

The episode concludes with a discussion on challenges. Jennifer points out the difficulty of breaking into a crowded market and the need for differentiation, while Alex discusses the challenge of integrating his team into established distribution processes.

This episode provides valuable insights into the strategies and best practices of distribution leaders in the financial industry, offering practical advice and a deeper understanding of the complexities involved in institutional and wealth management sales.