Recently Rob Shore, CEO and Founder of Wholesaler Masterminds®, was asked to field questions from a group of aspiring wholesalers who are enrolled in their firm’s training and development program.
The questions they asked are, likely, on the minds of many current and/or future wholesalers.
For that reason, we thought we’d share the questions, and his answers, with you.
If you were taking over a territory as a brand new wholesaler, what are the two or three top priorities that you would have to focus on in your first three months?
There’s a lot to work on. We’ve established that. And I just want to highlight three, three that I think… based upon all the work that I’ve done and all the wholesalers I’ve talked to and all the conundrums that wholesalers share with me about things they’d like to improve upon… three things, though not at the exclusion of anything else, three things I think are really vital for new wholesalers or aspiring wholesalers to be thinking about.
Number one is the Peerless Value Proposition®, for all the aforementioned reasons about why that is such a fundamental linchpin to your success as a wholesaler, especially circa 2019, circa 2020, which is hard to get off my lips. Having that brand that is established next to the great brand of you firm is critically, critically important, and will serve you for the balance of your career, whether your career is 25 years at your firm or you’ll work there for five years and move on to something else five years later.
Number two is to make sure you get really good at Advisor Reconnaissance. You have to be able to use technology as your friend, and you have to be able to melt the natural icicles that exist around the sales situation. And this is the way that you will differentiate yourself as a new wholesaler in that new territory coming in, taking over for somebody else. You’ll walk in with a database of information that you could share with the advisor, that helps them know you’re not just looking at them as the next ticket, that you’re able to understand them and their practice in a greater and more holistic fashion.
The third thing is, because I hear this constantly…when we did our survey a couple of years back, 47.8 percent of wholesalers said they need help with their follow up process because they don’t think their follow up process is very good. One of the things that we have a really ugly tendency to do in our business is get into the next conundrum. What’s the next appointment I have to make? What’s the next phone call I need to make? The next travel reservation I need to make? The next literature order I need to fulfill? And sometimes we move on to next before we actually take care of what we were supposed to take care of as a result of that last appointment.
And then staying in touch with that advisor between appointments by having a solid step by step system of what you’re going to do by way of follow up to keep you blinking on their radar. Because one thing you know for sure is as soon as you walk out, some other wholesaler’s walking in; could be the same day, could be two days later, but there is another wholesaler coming in to sit in that very same chair. How are you going to establish solid presence in your absence?
So, are there layers to that? There are.
Is there a ton more than that? There is.
But are those three things that if you get really good at, you can begin to excel beyond the competition?
I’m certain that is the case.