You and I both know that wholesaling is one of the best gigs ever created.
And I’ll bet some mornings it just doesn’t seem like it.
Some mornings you wake up and simply aren’t looking forward to another trip to the airport, more traffic, another advisor who is barely listening or another branch training.
So, what keeps you engaged?
Why get up and fight the next battle?
I’ve been asking some of my coaching clients this same question and the partial list (feel free to add add more in the Comments section below) looks like this:
Money – If this isn’t on your list please tell me what is. 100% of wholesalers that I have spoken to over the last 25 years have money and recognition rank in their top five reasons for living this life called wholesaler.
Recognition – Where were you on the Leader Board today? How did your sales rank in the division last month? Have you received an attaboy from your boss, a colleague or a client recently? Some of my clients place recognition ahead of money when it comes to the things that get them charged up and keep them running.
Competition – Great wholesalers simply get a thrill out of squashing their competition. Yes, they always handle product comparisons with class and never throw stones at their fellow wholesaler. They do, however, thrive on taking market share away from anyone who dares challenge their position with a single advisor, in a branch/office or at a firm.
Family – Arguably the strongest motivator for wholesalers with a significant other, and especially with children. We have assumed amazing amount of responsibility for the care and feeding of those that count on us to provide. For some it is all the reason they need to leap out of bed and light it up – every day.
The Game – This was how one client depicted the advisor/wholesaler relationship. He said that it was analogous to Chess – making sure that your wholesaler ‘moves’ were properly planned and executed so as to maximize both the relationship with the advisor and the amount of business you are able to earn.
Creativity – Yes, we work in a highly regulated world. And that doesn’t mean that creativity needs to go out the window. Great wholesalers stay engaged by always modifying, even if subtlety, their product pitch, platform skills, sales ideas etc.
Curiosity – Who’s the new manager at the branch in Midtown? Why was the recent product change priced that way? As I analyze my business, why are so many clients married and over 50? An innate need to ask questions is a hallmark of wholesalers that stay engaged.
Thrill of the Hunt – Who doesn’t get a buzz from closing the deal? You learn of a new rep in your region, schedule an appointment to go see them, hit it off, provide great information, add much more than product to the relationship, close for the business and are rewarded with a million dollar producer – Thrilling indeed!
Fear – We both know that the greatest motivators are Fear and Greed. To debate which is more powerful is fruitless. To know that there is nothing wrong with healthy doses of fear (versus paranoia) to propel your engagement is to be honest with yourself. After all, we are all afraid of something.
Ego – While a blend of some of the other drivers mentioned, it still deserves a mention of it’s own. Many years ago I was given a button that read “Where Ego, I Go Too”. True.
Helping – The simple and unadulterated great feeling that comes from knowing that you, your product, and your firm make a difference to the advisor and their end client.
Thinking about Private Coaching? Email us for a 20-minute exploratory call: info[at]wholesalermasterminds.com