At the recent Morningstar Conference in Chicago I ran into a number of attendees that simply refused to be called “wholesalers”.
In fact some were downright insistent that the moniker did not belong to them – especially since their RIA clients apparently did not care for the word, according to some.
As I looked through the various business cards collected I saw all versions of alternate terminology.
And now the ‘What should we call wholesalers when we don’t want to call them wholesalers?” riddle has been solved.
William F. Glavin Jr., chairman, president and CEO, of Oppenheimer Funds said growth in the rest of the world would outpace that of the U.S. for the next two decades.
And he introduced the concept of “schmoozing geeks” or “schmeeks” as a new form of wholesale distributor.
These are individuals who can strike up relationships, but also can be smart about capital markets, first, then categories of products and then Oppenheimer Funds’ products, in those categories.
“It’s much more of a data analysis and communications” role now, he said. Not purely relationships.
“The whole game is getting raised now,” he said, as products get more esoteric. “It’s not about who you know and who you played golf with last week.”
We found an earlier reference to the phrase in a 2/08 Investment News article The ‘Schmeek’ Shall Inherit The Wholesaling World.
While we have long been proponents of wholesalers needing to become far better students of the business and much more than the pretty face of the product, we were not aware of this new(er) phrase!
While there might be future mileage to get from this wholesaler descriptor, a quick check of Urban Dictionary suggests it be used with caution:
Verb; To Smoke.
Dude, lets ride and schmeek real quick, I need a buzz.
Who has an alternate replacement term?