“It’s like déjà vu all over again.” ~ Yogi Berra
That’s what it feels like to read the most recent advisor survey results from FUSE and WealthManagement.com.
Similar findings, different year (click to see most recent results).
For those loyal readers of Wholesalers Masterminds®, you have seen this before:
This One Chart Should Scare The Crap Out Of You
FundFire Survey Uncovers Wholesaler Weaknesses and Opportunities
What Wholesaler Skills Are Most Important To Advisors?
6 Things You Might Be Doing To Piss Off Advisors
The 2019 survey results reinforce (again) an opportunity that you simply need to be taking advantage of.
And if you’re not, well, shame on you.
Most Important Areas for Wholesaler Improvement
Further, the study goes deeper to suggest:
“Those advisors seeking a boost in the delivery of value-add programs were wirehouse advisors and IBDs, advisors with mid-tier practices, middle-age advisors or middle-age clients, and younger advisors,” notes Patrick Newcomb, Director of BenchMark Research, FUSE Research Network.
2020 Survey Results Yield Similar Findings
Overall, the survey results (released through Ignites) tell a similar story from years (decades?) past.
Advisors continue to prefer wholesalers that have a focus than extends beyond their own product set.
We would add that for the great wholesaler this ‘knowledge of competing products’ requirement extends to all facets of the advisors business.
This includes their managed money platforms, analytic tools, and marketing technology.
You’re thinking, “That’s a lot. Is all that really required?”
Well, if you wish to be consistently middle of the pack in your firm, then no.
A Deeper Dive Into These Findings
No, It’s Not An Overused Phrase – You Need To Add Value
Our assertion that wholesalers need to have a well constructed PVP-Peerless Value Proposition® continues to be borne out in advisor survey after advisor survey, for the past decade.
You simply cannot expect to gain long term traction with an advisor by hurling pithy product factoids at them visit after visit.
If you are STILL on the fence about the need to craft and deliver a compelling PVP-Peerless Value Proposition® you should READ THIS.
Grab our one page Creating Your PVP-Peerless Value Proposition®.
Need help? Our PVP course combines our online learning with LIVE coaching – check it out here.
We Call It “Advisor Reconnaissance”
Nobody cares how much you know, until they know how much you care.
And surface insights, such as where an advisor graduated from college, is not going to melt the natural icicles that exist around every sales encounter.
But well informed Advisor Reconnaissance will!
When properly researched and delivered (yes, there’s a highly effective delivery we recommend), you can shave a TON of time off of the relationship building process.
Read more about Advisor Recon and listen to our podcast episode on this topic here.
Let us show you how to do more effective Advisor Reconnaissance here.
If’d like to discuss other facets of your practice, contact us – we’re glad to speak with you.
More information on the FUSE Research Network’s latest Advisor Trend Monitor Series Report – Wholesalers: The Advisor View, can be found here.
Banned From An Advisor’s Office
RESULTS: One Question Survey – Wholesaler Thank You Calls
One Great Idea Brought About By Covid-19
The Work Wholesalers Do Is Significant – Joe Jordan
5 Ways For Wholesalers To Cope With Feeling Overwhelmed