The startling news was dropped during a Private Coaching call with “Hal” (not his real name), who was a new(er) external wholesaler.
Hal worked at a firm that has had multiple senior-level management shake-ups, along with dubious local management support.
As we got past the niceties and into the purpose of the coaching session, Hal took a sharp left turn and explained that he had received a call from the home office – and he was no longer employed with the firm.
He went on to explain that a huge weight felt like it had been lifted from his shoulders and that he was done with wholesaling.
As a person devoted to our profession, I felt a bit deflated and disappointed.
Hal explained that after trying to get airtime with brokers for his less well-known company, enduring three strategy shifts at the firm courtesy of multiple C-suite changes, and dealing with a Divisional Manager who, in his opinion, was clueless, he was done with “the whole financial services wholesaling thing”.
And then I started thinking about the fact that it is true, that not everyone is cut out for this line of work.
After all, the hours are longer than long, the role we play in brokers lives’ ranges from teacher, to clergy, to pseudo-friend, and the job is flat out hard to do well.
Unfortunately, Hal had all those other headwinds that made the job even harder.
A Few Thoughts:
1. Working for a boss that you believe adds no value to your career is frustrating and can be debilitating.
Wholesalers deserve to have a leader that assists in making their jobs easier and more rewarding by removing obstacles and helping to propel their careers through training, mentoring, coaching and being a motivational force.
In the event that is not the description of your leader, you need to work harder (and smarter) to succeed.
2. Watching the CEO at the firm change multiple times in only five years is distracting, confusing and tiring.
Getting on board with a new set of directives, strategies and tactics takes a massive amount of time and energy.
Wholesalers are wise to understand the opportunity offered by a firm from top to bottom, and ask a ton of insightful questions before accepting the job.
3. Hawking a product that few are familiar with has great challenges. And yet not every wholesaler gets to show a name brand product – and that name brand product may not even be the best solution.
Not every wholesaler works for a “tier one”‘ firm, and some prefer it that way.
The great wholesalers that work for lesser known brands understand that their product is only part of the story.
Their brand, their PVP-Peerless Value Proposition, plays a vital role in their success.
Hal did try. I have to give him that.
He reached out and sought coaching help – and paid for it out of his own pocket.
That alone speaks volumes.
The Grass Isn’t Always Greener
While acknowledging that it’s his career to manage, I can’t help but believe that Hal made a mistake.
Won’t the challenges be the same in pharmaceutical sales, as an example?
It’s another highly regulated industry with razor thin margins.
Sales managers in that industry are, after all, still humans, still sales managers.
It’s your drug vs. the other firms’ drug.
There are great doctors to call on, and those doctors and you would like to report for malpractice.
Wholesaling is one of the truly great professions.
While not for everyone, it has a great combination of ‘assisted entrepreneurialism’, extraordinary earnings opportunity, and the ability to make a difference in the lives of those that use our products.
Did Hal make a mistake by leaving our business?
That’s Hal’s question to answer.
As for us at Wholesaler Masterminds® we’ll continue, as we have for almost a decade, to provide the resources wholesalers need to endure the marathon that is this career of wholesaling.
If you are a wholesaler that is new(er) to the role of external, please check out the course we designed just for you – it packs an unprecedented amount of content and support into a very realistic price.