Note: While written in 2011, the advice still holds true today!
Guilty as charged.
Even though I am the first one to advise my clients and you to avoid the theater that is CNBC, today I had to watch the last 1/2 hour before the close.
During that time CNBC decided to go ‘commerical free’ so they could ‘cover the correction’.
Really?
Maria Bartiromo and Bill Griffeth were seen standing on the floor of the NYSE calling the last 30 minutes of trading like sports reporters at a big game.
Bill: “Is this decline in the last 1/2 hour a sign of capitulation?”
Maria: “Where is the bottom?”
Bill: “The VIX is up 30% in volume just today.”
Maria: “This is the 14th largest point decline for the S&P 500”
Somebody turn off the power-grid to my office entire neighborhood – please!
There was one voice during this last 30 minutes that made perfect and clear sense.
Mark Fetting, CEO Legg Mason should be acknowledged for his deflection of the inane comments/questions spewed at him from Maria. Mark was the one to calmly point out that the market was ‘resetting’, that the correction over the last 8 days (and today) was completely natural, and that for him to comment on the comparisons of the U.S. economy versus France are not relevant.
Oh, and that these corrections present opportunities to buy.
Thank you Mark Fetting.
So what should a great wholesaler do starting right now (URGENCY IS THE KEY!) that the market has closed and continuing doing into tomorrow?
1) Get some solid information about what caused the correction that is either provided by your firm or a reputable dispassionate observer of the market (read: someone who is not selling ad space)
2) Craft your story about what happened and your firm’s/your outlook
3) Sync your story with your internal wholesaler’s story
4) Start by calling your COIs and offer this analysis (compliance approved of course) to the COI’s advisors either via teleconference or email or in person, as appropriate.
5) Next, call your Top 20 (30,50) Advisors and tell them the story either live or via voice mail – start immediately
6) Call your Top 20 (30, 50) Prospects and tell them the story – start immediately
7) Have your internal wholesaling partner call your B tier of brokers to tell them the story
You say you want to stand out from the Sea of Sameness as a wholesaler?
You say you want to increase your MQ-Memorability Quotient®?
Put these 7 steps into action immediately and deliver this information with a reassuring, knowledgeable, and confident delivery and you’ll do just that.
And that means that even though the Dow was off 512 and the NASDAQ was off 136 today, your equity with your advisors will rise.
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Mary Anne Doggett says
Rob — good stuff. Wholesalers that have an emergency plan and process ready to roll for days like today will reap the rewards of their effort. It looks easy on paper, but it’s hard to execute well!
Henri-Julien Chartrand , A.V.C., R.L.U. says
Hello Rob,
I cannot agrre more with you on your recommandations. These 7 steps will only be valuable if we, wholesalers, worked out over time and proper reading ( read here homework) our own opinion to back up our story. This requires a strong intellectual framework, dedication and discipline. I can assure our confreres that it works. Similar to your MQ, we gain in what I call the Credibility Index. Thank you for sharing.
Respectfully.
Henri-Julien Chartrand
Rob says
@Mary Anne: totally agree. It IS easy to read this and tell yourself that you’ll do it. Unfortunately too many folks won’t – but for those that do the relationship rewards are long lasting.
@Henri-Julien: Credibility Index? That’s terrific…and something we should all be working hard to increase!