The days of the lone wolf wholesaler are dead.
That’s right, the wholesalers that profess the credo of “I just want to be left alone to do my job” are become extinct as quickly as the Antillean Giant Rice Rat.
Welcome to the age of the franchise player.
Franchise players (FP’s) are wholesalers who:
- Understand the greater objectives and goals of the firm – this means that during the next meeting where your boss (or higher) is outlining the strategy for the year ahead, and the tactics that will get your firm there, FP’s are actually paying attention and absorbing the message.
- Look upon partner departments (marketing, sales support, service and, yes, legal/compliance) as colleagues and not forces of evil. In fact, real FP’s are the wholesalers that volunteer to have representatives of these partner departments ride with them so that they might learn the real challenges of wholesaling from the best place possible – your passenger seat.
- Welcome the reciprocal nature of others that seek to gain entry to your contacts. In firms that have wholesaler segments such as retirement plans, variable account, ETF, defined benefit, A&H, etc., FP’s see the ‘big round world’ benefit of cross pollinating.
- Take time to mentor newer members of the wholesaling team who will benefit from their sage advice.
- Place high regard on the training and development of internal (and hybrid) partners. FP’s relish the chance to positively influence the next wave of great wholesalers.
- Have influential relationships with their boss. FP’s are valuable contributors to the future direction of the sales team because they have the ability to offer both candid and constructive feedback to their boss.
The empirical number of wholesalers in our world will always ebb and flow based on economic and market forces.
It’s a certainty that our profession will be tested again by the next correction/crash, terrorist attack, economic downturn, or political malaise.
It’s also a certainty that Franchise Players generally don’t get cut or traded.
Wholesaler Masterminds has coaching designed to help you become a franchise player. Contact us today for more information.