Let’s face it, wholesaling can be a pretty solitary lifestyle.
It’s safe to say that, as a community, we spend more time alone in our regions (between appointments, after hours on the road, etc.) than many/most careers.
Yet too many wholesalers overlook the meaningful ways in which partnerships – specifically with other wholesalers – can improve the quantity of their sales and the quality of the job.
Many feel that partnerships would be inviting “the enemy” into their world and potentially expose “trade secrets”.
It doesn’t have to be that way.
If done right, partnerships are a win/win that allow you to:
Access advisors you covet: We all have our list of loyalists – those advisors that are true to you.
What if you could multiply your base of producers by sharing introductions to best clients that you each have, but don’t currently share.
Share expenses: There are only so many dollars to go around.
And some firms allocate more dollars than others.
Find a partner that has a ‘currency’ that you wish to share (think contacts, programs, processes) and that you could trade for access to your more lucrative budget.
Make planning easier: Planning events and outings with/for advisors takes time and work.
Work that that can be simplified by engaging a partner to share the load.
Co-op insights: You know you need to be a great student of the business.
You also know you need to be better at advisor recon.
Having a solid partnership allows you to share information about people and markets, thereby multiplying your insights.
Brainstorm best practice: The best wholesalers are always working to improve their practice management ideas – heck that’s why you read Wholesaler Masterminds®
Why not have a partner outside of your firm to cross pollinate best practice tip and tricks with?
How to determine who to partner with
Select those wholesalers that:
1. represent a product that isn’t in direct completion with yours.
REIT wholesalers partner with VA wholesalers.
Fund wholesalers partner with UIT wholesalers.
2. are good fits from a stylistic standpoint.
Be certain to align yourself with a partner that wholesales the way you do.
3. embody your ethics.
Stay clear of partners that don’t operate in your ethical framework – lest you be cast in the same undesirable light.
We have coaching clients that have found tremendous success in creatively working the right partnerships, with the right partners, in the right way.