Client Selection and Retention
Identifying Manager-Clients. The 3PM will:
	Utilize multiple sources including web sites and publications, mailings, manager databases and referrals. There are many excellent managers and products available in the marketplace today. The challenge is to find the good managers whose goals and objectives match those of your firm's.
	Respect other marketers' relationships with managers.
Due Diligence. The 3PM should:
	Execute a thorough due diligence process. This process should include an in-depth understanding of the manager's product(s) and process(es); their relative demand in the marketplace at a point in the investment cycle; full, written disclosure of all material facts (including Form ADV Part II) and a personal visit to the manager's firm.
	Expect the manager to perform a similar level of due diligence on your firm, including historical track record performance, reference checks and prior asset-gathering campaigns.
Contract Negotiations. The 3PM should:
	Be specific about the key business points including: term, compensation, roles, responsibilities and the firm's personalized marketing work plan. Although all participants of the contract expect marketing success, it is important to manage expectations early in negotiations. This should be a long-term relationship.
	Agreements should clearly outline roles and responsibilities for manager and 3PM firm. It is important that the client understand that each play a key role in the relationship. There should be an assigned resource/designated contact person available to the 3PM firm within the manager's organization to help coordinate and execute the marketing work plan.
	Agreements should take into account the regulatory limitations, restrictions or other parameters for each party involved.
On-Going Relationship. The 3PM should:
	View all manager relationships as long-term partnerships.
	Provide their contracted managers with frequent updates, both informal and formal reports of marketing progress, to continually manage the marketing plan.
Sales Practices
Develop Marketing Campaign. The 3PM firm should:
	Spend extensive time with each manager to refine the manager's message and to develop a comprehensive understanding of their investment philosophy and process.
	Identify and prioritize the proper distribution channels for each investment product, e.g., corporate/public pension fund, endowment/foundation, Taft Hartley, investment consultant, family office/high net worth, fund-of-fund vehicles and sub-advisory relationships.
Create Marketing Materials. The 3PM should:
	Refine existing or develop new marketing materials and sales presentations.
	Review all new materials with client for approval before distribution.
	Adhere to industry standards regarding advertisement and sales literature including NASD, SEC, and GIPS presentation standards.
Execute Marketing Campaign. The 3PM should:
	Proceed with a sales strategy in an organized manner to ensure proper qualification of potential investors, appropriate follow-up of requests for information and adequate client management tracking.
	Maintain good records of each communication with prospective investors via email or U.S. postal mail as well as phone conversations.
	Provide prospective investors with regular updates of their manager's performance.
	Pre-determine the expected level of on-going investor client service at the start of each assignment. This is crucial to the mutual success of the 3PM firm and their investment manager clients.
Business Management
Operations. The 3PM should:
	Operate as a professional business, ensuring all proper licensures and permits are in place as required by federal and state regulatory agencies.
	Be prepared to commit the time and resources to engage in all facets of running a professional business as well as selling managers' products.
Technology. The 3PM firm should:
	Invest in the proper level of technology to support sales tracking, databases, production of sales materials, MIS reporting and e-mail capabilities necessary to be an effective marketing agent.
	Develop, maintain and test a disaster recovery plan to meet or exceed the expectations of federal and state regulations.
Legal/Compliance. The 3PM must:
	Stay current regarding all regulatory matters (SEC, NASD, other SROs, etc.)
	Minimally be anti-money laundering compliant, have business continuity plan in place, and enforce privacy standards per SEC's Regulation S-P (privacy of consumer financial information).