Thoughts from Coach Rob Shore about the art, science and lifestyle of wholesaling, for wholesalers and their leaders.
This episode: You Versus 183 Other Wholesalers
What’s on your mind? Email me at rob[at]wholesalermasterminds.com
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Wholesalers welcome back to The New Wholesaler Masterminds Radio Show, this is On My Mind. It’s that little corner of Wholesaler Masterminds Radio where something’s been banging around my brain and I want to tell you about it and maybe get your opinion. What’s on your mind as well?
What’s on my mind are two numbers, 183 and the number one.
I’m talking to a coaching client not long ago and he shared a startling statistic, at least it seems so on the surface.
He mentioned that there was a Morgan Stanley branch in his region that had done a meeting, an all wholesaler meeting. Wholesalers in attendance, key accounts, you’ve been to one perhaps.
And the Complex Director shared that there had been 183 wholesalers that had come through the complex in the last year.
183 wholesalers had come through the complex in the last year. Are you freaking kidding me?
How exactly do you stand out from The Sea of Sameness from 183 wholesalers and how bombarded are those financial advisors?
So the first number is 183.
The second number is the number one – and that’s the number of financial advisors that I’m presently looking for to take over management of my money.
And the effort for me to find a financial advisor, and the effort for you to find a financial advisor to sell your product are interesting when you compare one against the other. And here’s some things that come to mind, when I’m looking for a financial advisor; it’s been so interesting for me to see how financial advisors go about the process of responding to my inquiry.
One that I’m interested in particular; I want to tell you about their attributes.
I put in an email to this Barron’s top 20 financial adviser, and I got an email back from the CEO within an hour. Think about that. Barron’s top 20 financial advisor, manages billions of dollars, got a message back from the CEO within an hour.
That was pretty impressive.
And then, in the course of the email communication (I sent the email out, and he sent the email back and it said, “I have time to get together…”) I responded with a, “Great, here’s when I’m available.” And then my phone rang.
I picked up the phone and the first thing he said to me was, “I’m old enough to where I thought I would do the old fashioned and unheard of. I actually thought I’d pick up the phone and try you.”
He took me through in articulation of what his process was, in this case what his “product” was, and it was thorough, and it was well thought out, and he knew all the nuances of how his firm went about the management process and what the reasoning and rationale was for each of those bullet points.
He was really clear on what his firm did and what they didn’t do, and for what type of investor they did it for.
All along the way, his attitude was one of calm reassurance.
He wasn’t cocky, he wasn’t grandiose.
But he was very confident and very self-assured in what his firm did for the right kind of clients.
So what does that mean for you as a wholesaler?
Urgency is going to have an important effect upon your practice today – so figure out a way to respond as quickly and efficiently as you can to every advisor outreach.
And, when possible, pick up the damn phone to do it because circa 2019, picking up the phone is a differentiator. I can’t believe I just said those words.
Of course, you got to know your product absolutely cold, and your competitor’s product cold as well, we know that.
You are not a hammer and every prospect is not a nail. So, you can’t jack up every client into your product regardless of circumstance.
You can be really confident in the knowledge that this particular type of product, has this particular type of advisor, that sell under this type of circumstance. And, if you don’t fit that well, that’s okay because there’s nothing as reassuring as calm self-confidence (not to be confused with being cocky) but that self-assuredness comes through.
So it really doesn’t matter, it doesn’t matter if you’re in retail (work in business to consumer) or you’re on the business side working with other business professionals like we do.
If you’re trying to cut through the noise of 183 wholesalers (in this case in a complex), you better get really good at some nuanced things about our craft of wholesaling.
These items, I hope, give you some pause for thought in terms of creating that memorability with your financial advisors, your prospects, your centers of influence.
That’s what’s on my mind today. What’s on yours? Send me an email, rob[at]wholesalermasterminds.com.