This One Chart Should Scare The Crap Out Of You

You may have seen the article at WealthManagment.com titled The Next Gen Wholesaler.

According to their Managing Editor: WealthManagement.com sent out an emailed survey to a sample of the publication’s database, asking advisors for their views on mutual fund wholesaling and distribution. More than 1,000 advisors responded from across the different channels, including wirehouses, regional firms, independent broker/dealers, insurance firms, bank brokerages, private banks/bank trusts and RIAs.

The findings both reinforce what we have been writing about (and in some cases previously reported via our own advisor survey way back in 2012) and brings current the fact that advisors expect and deserve to engage with highly informed, consultative and well-rounded wholesalers.

In our opinion, this one chart tells the most powerful story – a story that, if you are not listening, will prove to be the treacherous slope on which you wholesale.

source: WealthManagement.com “The Next Gen Wholesaler” May 2017

That story is further articulated by a Millionaire Wholesaler­­ that we interviewed a few years ago who said:

“You must be more to clients
and prospects than just your product.”

These Value-Add Programs can be found in the form of:

• Research work done by your firm: think Generational Wealth Transfer, Woman and Investing, Behavioral Finance, Social Selling, Health Care and Financial Planning, Social Security, etc.

In too many cases firms have invested a ton of money in programs like these; programs that too few wholesalers have engaged with.

We know, as in a past life we commissioned and paid for these value add programs, only to see them wither on the literature room shelf.

If you have the good fortune of programs like these being available at your firm, get busy perfecting your knowledge.

• Take it upon yourself to create your own value-add (we call it your PVP-Peerless Value Proposition®).

It’s what we have been imploring you to do for the better part of a decade
in this post,
and this post,
and this post,
and this post,
and this post,
and this video,
and this course,
and in our live presentations.

We all know that the steak and whiskey wholesaler died a cirrhosis induced death many years ago.

And in order to secure your place as a trusted partner – and a survivor in the future world of wholesaling – you need to up your non-product game…sooner versus later.