The nature of wholesaler relationships with advisors has been shifting for some time and the pace of that change is accelerating. The impact of regulatory changes, seismic shifts in product use and selection, more limited access to advisors both in-person and on the phone…all make it crucial that we maximize every opportunity to engage. As wholesaling continues to evolve, we believe the following five disciplines form the foundation for continued relevance and success.
Preparation is arguably the most important step in today’s sales process
In an age where information is readily accessible and plentiful, industry research suggests that time spent in preparation is less than 5%! That MUST change moving forward. Detailed knowledge of the advisor and their practice gathered in advance, agendas for every meeting, prepared questions…each of these will be hallmarks for the next age of wholesaling.
A planning discipline is more important than a plan document
Dwight D. Eisenhower is famous for many reasons including his quote “plans are nothing, planning is everything”. Sales execution planning is the wholesaling equivalent of defining “the buyer’s journey”. Moving the advisor through an awareness of need, to research and analysis, and on to commitment and then advocacy in a well thought through and orchestrated series of meetings, communications and activities. The discipline to review and refine the effectiveness of these efforts at set intervals remains a hallmark of excellence in planning at every level of the organization.
Communication with advisors must be clear…and concise!
Time in front of advisors has become ever more scarce yet never more important. One significant consequence of limited access is that you simply have less time to make your point! A framework for developing clear and concise communications is essential regardless of tenure or natural speaking ability. Whether in-person, on the phone or by email, applying the principles and best practices of short-form communication is critical.
Coordination between external and internal wholesalers is crucial
The leverage of “team” is one of the most persistent challenges in wholesaling. Our industry has historically allowed great latitude to each team in determining how their “franchise” will operate. Moving forward, one plus one must equal three…and that takes a level of planning, communication and structure not often seen in this crucial dynamic. Stronger guidelines for each “franchise” are necessary moving forward. When live interaction for each party is scarce, activity and messaging that is not well aligned is a recipe for diminishing value of that “franchise”.
Genuine Intent: It’s not only what we do but why and how we do it!
As a counterbalance to the need for more “process” as advocated for above, it is important that we examine not only the “what” but also the “why” of what we do. What is the motivation and mindset of the new age of wholesaling? In the end people do business with people. Sincerity, transparency, genuine interest in helping others, listening to understand, these are the attributes of many successful relationships. In a more selective and focused marketplace the quality of our relationships rivals the quantity of our relationships in importance.
We’d like to hear your thoughts on the critical skills required for wholesaling in our “new normal”. Do you agree with our list? What would you add?