The Only Three Things A Wholesaler Has To Offer

A divisional manager coaching client was telling me about an activity he was doing with COIs.

I questioned him as to why he was the one engaging in the activity that a lesser trained, less expensive staff member could do with the exact same results.

And the rationale holds true for wholesalers as well.

A wholesalers job is both complex and simple.

Not simple as in easy – far from it.

Simple, as in you have three things to offer prospects and clients: T.M.T.

Time:  This is your most valuable commodity.

A 2015 Fuse Research survey, found that the average external wholesaler (of 25 asset managers surveyed) made $355,000 per year.

Said another way, these wholesalers are making well over $125 per hour.

And we’ll bet you make close to that per hour – if not more.

So, how do you spend your time?

At this hourly rate, we hope it’s not doing an over abundance of “grunt” work.

If you have the ability to hire someone at $25 per hour to do that work, it frees you up to make better use of the time you have.

Money: You know that you are blessed with an expense account that makes the job of winning advisors that much easier.

Why is it that too many wholesalers piss away the money without regard to how the money is used to leverage up the business?

Your $50-$100k annual expense budget should be viewed as the greatest fulcrum in the world.

Don’t spend money unless you have at least a cursory idea of why you are spending it and what you hope to gain.

Talent: You are a uniquely talent professional.

Make sure that the payoff for the investment of your talent is understood before committing.

As an example, I’ll assume that you do well in front of public audiences and are an ‘in demand’ speaker.

If that’s the case why would you consider giving this skill away without knowing what the intended outcome would be?

Shouldn’t you understand what the production target is from the advisor that asks you to invest your talent in his business?

The same holds true if you are an expert in practice management, portfolio construction, client meetings, or any PVP-Peerless Value Proposition® offering.

If you were running your own business you would not make a move without understanding the T.M.T. implications.

The reality is you are running a business and need to be thinking about T.M.T – every day.

We coach wholesalers, divisional managers, national sales managers and heads of distribution. If you are looking to get another perspective on your business and/or career success contact us for more information.