Thoughts from Coach Rob Shore about the art, science and lifestyle of wholesaling, for wholesalers and their leaders.
This episode: Do You Understand Your Advisor’s Algorithm?
What’s on your mind? Email me at rob[at]wholesalermasterminds.com
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Welcome back to this edition of On My Mind. I’m Rob Shore with Wholesaler Masterminds. These are those snack size episodes where I just want to share with you what’s on my mind and ask you what’s on yours.
I hope you’re not going to find it too obscure that I want to connect two dots today. I want to connect the dot of LinkedIn to financial advisors.
Now, stay with me if you would.
Recently, LinkedIn has changed their algorithm. They’ve changed the way in which posts show up in your main feed at LinkedIn. And the reason this is of importance to me at Wholesaler Masterminds, is because I post there often and I certainly want your eyeballs on my content. It’s one of the ways over the last many, many years that I’ve built business at Wholesaler Masterminds.
Interestingly, over the course of the last couple of months, I’ve noticed that posts, any kind of post, that I put up at LinkedIn, whereas before it may have registered hundreds of eyeballs, sometimes thousands of eyeballs, those numbers are down significantly.
So I started researching what it was about the LinkedIn algorithm that had changed.
It depends on what you read and who the author is. It all comes back to a few different things.
One is the level of engagement of the user. How often are you engaging with other users of LinkedIn on an ongoing basis?
One has to do with aesthetics like, how good is the title of your post? Are you using an image in your post? Are you sending out a juicy description of what your piece of content is including? Does it have media attached to it? What’s the caliber of the picture? Is it a video?
Are you a paid member of LinkedIn or are you not a paid member of LinkedIn?
All of these things go into this algorithm though of course, LinkedIn, like Facebook, like Twitter is never going to tell us exactly what their algorithm is. They leave it for users that wish to message through their platform to be frustrated when they can’t get their message out as robustly as they did before.
What does this have to do with financial advisors? And this is where I hope you don’t think it’s too much of a reach, but I don’t think it’s too much of a reach because you need to figure out the algorithm of your financial advisor.
You need to figure out the algorithm of the firms that you call on. Every single firm you call on, every advisor that you speak with is going to filter; that’s the algorithm, that is the way that data is filtered.
They’re going to filter that data in a very particular way and maybe their filter is a performance filter. That’s all they care about. They’re going to spreadsheet your product on one, three, five, 10 years. They’re going to spreadsheet your product based upon the rate of return of the living benefit. They’re going to spreadsheet your product based upon the life insurance premium paid against the benefit achieved.
So it may be that their algorithm is simply a performance algorithm.
They might be more wired for relationship. We hope they are. We spend enough time and money trying to build good relationships with our financial advisors. Their algorithm might be really driven by relationship. If you have a little less than the highest performing product, name your category, they’re okay because you forged this deep, meaningful relationship with them.
Some advisors, some firms, sadly, are only after the dollar. Their hand is always out, they just have the monetary algorithm cooking.
Some firms want the benefit of not just the relationship, but they want the praise. They want to feel loved. They want access to national sales manager, they want access to portfolio managers. They want access to the head of the firm. They want to come back and kick the tires, if that’s permissible in your channel, in your firm.
How well do you figure out the algorithm of the firms that you serve, of the advisors that you serve?
And just like LinkedIn is different from Twitter, is different from Facebook, in terms of social media platforms that have different algorithms, you have to figure out the algorithm of the firms that you work with and the advisors that you work with because they’re different.
And to do the same thing for every advisor at every appointment is not going to serve you. It’s not going to get you the “eyeballs” that you desire. It’s not going to get you the tickets that you require.
That’s what I’m thinking. That’s what’s on my mind. What’s on yours?
Send me an email. Let me know. Rob[at]wholesalermasterminds.com.