Job Search strategy for Junior or Associate Level for Asset Management

Can somebody provide some assistance regarding job search in Asset Management per say for junior or associate level. Lot of people at my linkedin contacts mentioned not to apply online for a particular job and then try to connect with people within that particular organization. This is considered by many double application. The way I see it, if I look at a particular job through job boards such as efinancial or go to company website, it is much faster to apply for that jobs and effective. Then after that if you want to network with high level executives at that firm such as VP or Portfolio manager it is an extra step that to me is a positive step especially in this economy. Once you have an communication with high level executive at that firm, try to set-up a face to face meeting or speak with them over the phone about some career development advice and stress interest about the firm itself. During your conversation with that person, if he is willing to help, just mention to forward my resume to the right department head that fits my work experience, but never mention regarding that specific job I applied online. I do not see the point and it is counter effective.

Finally, I do not see how this is considered negative cause most of the time when you apply jobs online that profile are saved in their HR database which are not looked over right away and sometimes very often it is filtered through the company's software tool. The way I see it, if a manager really likes me once I network with him, he will communicate and tell the HR to set up an interview. If the HR finds through their database that I already applied for that particular job at the firms why is it negative. I don't see why it is a negative, if already the Manager wants to meet with me, and has a need to fill a particular position at his department. Online application is just a compliance rules mainly at major firms and smaller firm mainly use email approach.

Is their any options out there better than mine, which is apply online and network using linkedin?

Any suggestion would be highly appreciated.