Thoughts from Coach Rob Shore about the art, science and lifestyle of wholesaling, for wholesalers and their leaders.
Episode #2: What wholesaling rocks are you carrying around?
What’s on your mind? Email me at rob[at]wholesalermasterminds.com
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Welcome to another episode of On My Mind.
Completely random, arguably periodic, episodes where I just got to tell you what’s on my mind and ask you what’s on yours.
Ran a survey recently, you might have heard about it, you might have read it, you might have taken it. It was, What Motivates Wholesalers? Received a very interesting comment, and this is important stuff that I’ve been thinking about, and I want you to think about, and I’ll bet maybe in some ways you have thought about it.
One of the survey participants wrote in the comments, “I have money, the firm wants robots and there is no loyalty from the firm to wholesaler. The micromanagement has ramped-up with every firm. We have less and less impact on adviser’s investment decisions, we provide no value to the world. These products are commodities, the industry has changed, and I want out.”
There’s a lot to unpack in that statement. But, in the interest of keeping these episodes short, what’s been going through my mind is a few things.
Number one, and I wrote this on LinkedIn, if you’re this wholesaler, I dearly hope (because you identified yourself as being between the ages of 36 and 45), I dearly hope that you are actively investigating what to do in your career besides wholesaling.
And the reason I say that so specifically, is it’s super easy to fall into the hamster wheel of wholesaling.
By that I mean, we make ridiculous sums of money, which afford us really nice lifestyles and one begins to feed on another.
But then you mix in with that your level of discontent with the industry and pretty soon you find yourself miserable.
And I know people, quite personally, that have found themselves miserable in this business but still stayed at it because they made a small fortune.
And so my question to you is, what sort of rocks are you carrying around? And the rock here is, you’re completely discontent with the business and you’re still doing it.
We don’t know if this wholesaler is or isn’t looking for another opportunity – because if you’re carrying around big rocks about this business, I invite you to work really, really hard to figure out what the hell you’re going to do to get out of it, or get to another business unit of it, because to wholesale day after day, month after month, year after year (if you last that long) with just cynical, unhappy, bad juju is just really, sincerely, debilitating and I hope you never go through that.
That’s what’s on my mind, let me know what’s on yours.
Send me an email, rob[at]wholesalermasterminds.com.