We were asked:
“What bad routines and habits can hurt wholesalers the most?”
Lack of useful business planning – Is it planning to fail or a failure to plan? According to a survey done here at Wholesaler Masterminds®, while 83% of wholesalers completed a business plan, only 40% of wholesalers received the plan template from their firm.
This means that the plans were subject to wide variations in terms of the data that was compiled and analyzed to form the plan – with many being done simply to fulfill management’s request that a business plan be completed.
Inability to build meaningful rotations – The key here is on the word ‘meaningful’.
Great wholesalers get “dirty in the data” and are dedicated to measuring the granular sources of business, by firm and producer.
This includes understanding the locations of all existing producers and prospective producers. It also requires using both industry analytics (e.g. Market Metrics) and mapping programs.
Running their business like a clubhouse – Tenured wholesalers have the challenge of not allowing years’ worth of advisor friendships deteriorate the quality of their appointments.
Too often the mission of extracting ongoing business gets diluted by the “friendly chatter” that now occupies 90% of the scheduled meeting time with the advisor.
Showing up and throwing up – Feature, benefit, feature, benefit, lather – rinse – repeat.
Wholesalers that are not dialed into how and where they add the right doses of their own brilliance (versus product pitch only) are on the path to failure.
Wholesalers that develop their PVP – Peerless Value Proposition® open up new vistas of both conversation and value creation with the advisor.
Getting sloppy with self-discipline – How many jobs in America allow for almost complete autonomy, with company benefits, and the potential for incomes north of $250k – at the age of 31?
In exchange for that managers expect wholesalers who know how carry themselves. That can handle their alcohol; that know how to respond to the CEO of broker dealer when they meet them; that know the rep top producer trip to Kona is not designed as their private, expense paid getaway.
Failing to adapt – Wholesalers today are tested in ways that simply were unthinkable 10 years ago.
Disinterested advisors and skeptical prospects make for additional clicks of the stress meter to the right.
Add in the rigors of travel, activity tracking, CRM requirements, the number of folks in line to take your job, downsizing, right-sizing, product changes, new marketing campaigns, a new CEO, a new sales manager, higher sales goals, less expense money and the stress-o-meter is past maxed out – it’s at 11.
Wholesalers are called upon to be more adaptable than ever before, and when they lose sight of this they risk falling out of favor with their firms.
Not being emotionally mature – Certainly not exclusive to wholesalers, it’s about how we all interact in the world. Failure to be emotionally mature can lead to failure as a wholesaler.
The partial list of attributes of emotional maturity includes:
- The ability to listen to others without passing judgment
- Mastering the art of compromise
- To see, and consider, another person’s perspective
- To be able to express your feelings appropriately
- Taking responsibility for your actions and behaviors
- Maintaining perspective under trying circumstances
- Keeping your word and being dependable
Use these seven items as a checklist to check-in with your wholesaling practice.
If any of the items are out of alignment or are in need of improvement take action, before someone else takes action for you.
Contact us if we can assist.