Most wholesalers have an Internal Wholesaler (IW) that has become a vital piece of the business process and overall success of the region.
Sadly, from what I have seen over the years, there are wholesalers that just don’t understand how to leverage these valuable folks to maximize the success of the region.
It is for you that I offer this partial list of ways to get more out of your IW and develop a great relationship.
- Give your IW a part of the business plan to complete. At the very least complete sections as a team.
- Get together in the territory (preferred) or at the home office once per quarter.
- When in the territory have the IW present – assuming they have a goal to become an external wholesaler.
- Set up calls once per week that are devoted to just the discussing the territory. These calls should cover both strategic and tactical issues. These calls will cover more ground than the calls that the external makes into the desk as they race around throughout the day.
- Find out what the careers goals are for your IW.
- Do NOT have them do administrative work to the extent you can avoid it. Most IWs are too talented and $50-$100k is far too much money for the firm to spend in that manner.
- Unless your firm clearly expects this of IWs, do not make them your scheduler. Go hire a scheduler if you are not doing it yourself. We believe so strongly in the power of a properly utilized scheduler that we started Wholesaler Masterminds Schedulers. Find out more here.
- Give the IW a piece of the book to work. As an example give them all your ‘C’ advisors. Then give the IW a production goal for this group with an incentive to perform.
- Find out what the personal goals are for your IW. Graduate degree? Having a family? Looking for love in all the wrong places? You work too closely with this person to only talk shop all the time.
- Give your IW a piece of the budget. My IW used to have the budget for Trinkets and Trash – and if they went over I collected from them!
- Coordinate all the product stories and sales ideas so that you are delivering a consistent message. Record your pitch and have your IW nail that presentation.
- Hold your IW accountable – for their part of the business plan, for their piece of the budget, for hitting their nut in production.
- Help get them promoted – to wherever in the firm they want to go. Marketing, Portfolio Management, Wholesaling; it doesn’t matter.
- Treat your IW as a valued business partner with all of the courtesy and respect that is appropriate.
Those that follow these suggestions are already reaping the benefits of great personal and professional success.