10 Things I’ve Learned About Wholesalers and Wholesaling In The Last 10 Years

Warning: you may not agree with (or even like) what I’m about to say.

Wholesaler Masterminds® has now been in business more than 10 years.

During that time I have coached, trained, mentored and motivated thousands of wholesalers through live events and intimate one:one coaching.

Here are 10 things that I’ve learned about wholesalers and wholesaling over that time:

1. The 80/20 rule is in full effect (though it might be 90/10) – 20% of the wholesalers that I work with will embrace change. The other 80% will give head-nodding agreement regarding the need to change, but too few embark on the agreed upon behaviors to do so.

The 20% have the openness, drive, determination, guts, tenacity, creativity, and self-awareness to actually bring meaningful change to their practices and themselves.

2. Your financial bubble is both deceptive and, occasionally, delusional – True story: when I was negotiating my package at my last corporate job, the annual income proposal that I presented to the CEO made him stop in his tracks.

When he questioned the size of the annual income, I said, “I don’t make the rules, I was simply fortunate enough to pick this lane (distribution) in financial services”.

Effort and income don’t align properly in a whole host of professions, and I’m 100% sure that ours is one.

If you actually believe, for one moment, that you are worth $500k+, versus being appreciative every day that this income is possible for you and your family, you need a reality check…fast.

3. Most wholesalers are unwilling to invest in themselves – Maybe it’s a function of the expense account environment we live in.

Or maybe it’s simply frugality on steroids.

Either way, great wholesalers are willing to spend their own time and money in pursuit of said greatness.

Their mantra is, “If the firm will pay for it all the better, but this is what I need to do to get better at my craft”.

4. The most requested thing wholesalers ask for is to be held accountable: They say they want “an accountability partner”.

And, in a world where you’re operating solo most of the time, this makes perfect sense.

Wholesalers should find additional ways to establish that accountability oversight.

Through their peers, leaders or coaches.

5. Lack of organization will train-wreck a practice: You are running behind on expense reporting and/or call reporting.

It’s a canary in the coal mine.

Show me a wholesaler who is behind on these activities and I’ll show you a wholesaler who is likely an organizational mess.

That could be why one of our most popular podcasts is Daily Habits of Highly Profitable Wholesalers with Laura Stack.

6. Wholesaling is a love/hate thing: Many wholesalers truly believe that this is the greatest gig on the planet.

Others roam their region with a serious case of love/hate.

Love	Hate
The income	Being on a financial treadmill
No daily supervision	Bosses who are disconnected/absent
Colleagues at firm	Home office bullshit
Advisor clients	Advisor clients
Accountability	Rules/policies/procedures

Like most things in life, the job has trade-offs.

The quicker you make peace with that, the happier you’ll be.

7. All the talk about a “new era” of wholesaling might just be hyperbole – For example:

The firm provides reams of data, but too many wholesalers don’t know how to assimilate the data into their practice.
The wholesaler is provided with support staff (admin, schedulers), but given no guidance in how to make these resources successful.
Technology allows for wholesalers to know more about their client and prospects, pre-appointment, than was conceivably possible just 10 years ago. Yet so many wholesalers go into appointments blind.
Most wholesalers express great confidence in their ability to present. Yet too many wholesalers are under-prepared and winging it from the platform.
Pay to play is alive and well, especially at smaller broker dealers. Wholesalers continue to get jacked up by advisor’s financial requests/demands.

8. Your career trajectory can be confusing – You’ve had a great 10 year wholesaling run.

Now what?

Heading to sales management is simply the wrong choice (for the firm and the wholesaler) in most cases.

Staying in the same role, with the same products, and the same advisors feels underwhelming.

Firms would add great value, and longevity, to wholesalers by offering ways to enrich the position.

What new skills, experiences, opportunities, responsibilities, input, or mentoring can be offered to augment the successful wholesalers’ experience and keep their fire burning bright?

9. Internal wholesalers are still an underutilized resource – After my nearly 30 years in the business, it’s still true that:

Too many wholesalers simply don’t know how to partner with their internal. They are not able (willing?) to train, mentor and coach their partners in order to maximize the relationship.
Firm requirements are out of touch. Firms that place dial requirements or use highly paid internal wholesalers for anything other than “opportunistic scheduling” are simply wasting money.
Hiring screens for internals are failing when the ability to sell, speak on the phone, and write a cogent email are not part of the pre-employment evaluation process.

[click to see all the posts we have written about Internal Wholesalers]

10. As well known as I think Wholesaler Masterminds is, it’s not – It does not matter that at Wholesaler Masterminds we have (or have had):