5 Critical Strategies That Will Make COIs Love You

“COIs only want what’s in my checkbook”, said the wholesaler.

Maybe that’s because they don’t see any other value in you.

Centers of Influence come in all shapes and sizes.

Regardless of your channel or your product great wholesalers know that these folks can make the difference between good years and Career Years.

Here’s a list of things to do to make COIs love you:

Ask for and understand their goals – Way too many wholesalers are ‘me’ focused when they should be ‘COI-centric’.

When was the last time you sat down with a branch manager, complex manager, regional manager, district manager, etc. and asked them about their goals?

• How much gross are they expected to produce?
• What is their recruitment target?
• Is there a particular product mix that they are trying to achieve?
• What’s the greatest challenge they face with their staff?
• What’s the greatest challenge they face coming from the home office?
• Are there producers that you may be able to assist in becoming better advisors (think Movable Middle)?

Don’t expect the keys to the COI kingdom if all you do is focus on you.

A COI Speaks: “Take a broader “world view” and be able to work with managers in a consultative framework. Be able to discuss products in the context of the manager’s and the broker dealer’s greater sales and marketing objectives.”

Find out where they have pain – Are you aware of the challenges that your COI faces?

As an example, every manager has x% of employees that are on the fence re their goals.

They have assorted pressures that they are managing from their boss and the home office.

If you find out what those are and help to find solutions you, my friend, are not just another wholesaler.

You are now a business consultant.

A COI Speaks: “Be respectful of time. I almost never talk to wholesalers who have not scheduled time to speak. However, for those that call ahead and want to schedule 10 minutes, I almost never say no.”

Commit to communication – How valuable would it be to a COI if you were able to keep them in the loop regarding

• the number of appointments you had in their shop?
• the kinds of questions that you are getting most frequently from advisors?
• the products that seem to be getting the most interest from producers?
• the issues that are preventing business – any kind of business – from being written?
• the ‘first responder’ communications that explain important economic and/or market moving events?

Put your COIs on speed dial, both metaphorically and literally.

Send them email updates.

Communicate.

A COI Speaks: “Everybody is just too busy to spend a lot of time on small talk. Get to the point.”

Cooperative planning – There is no bad time to get with your most prized COIs and formulate a game plan for the month, quarter, year ahead.

They want practice management ideas, advanced product training, conversion to fee based business assistance.

You have solutions.

In the form of your PVP-Peerless Value Proposition® and/or from within your firm.

 A COI Speaks: “The best wholesalers know the terminology of our shop.”

Follow through relentlessly – You know what we always say: Do what you say you will do, when you say you will do it.

The chart that follows give you some idea of how wide open this opportunity is for the great wholesaler.

The graphics speaks volumes about those wholesalers that talk a good game and those that act.

What’s your plan for making Centers of Influence love you?

Now read 8 Ways Wholesalers Succeed With COIs

Wholesaler Masterminds Coaching clients have excellent COI relationships – find out more about coaching for your practice.

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