Our friends at Cerulli have just released their report U.S. Intermediary Distribution 2023 Seeking Differentiation Through Digital Engagement.
This comprehensive 174 page report delves into a ton of data that distribution leaders and decision makers will find extraordinarily useful.
And our wholesaler readers should find the following of keen interest:
Over half (55%) of advisors find new client acquisition to be a challenge.
Wholesaler Masterminds’ take: Your ability to engage an advisor in successful strategies to acquire new households and increase assets will be viewed as a net positive by 1 out of 2 advisors you see.
Come to every meeting prepared to meet this need.
More than three-fourths of wholesalers (79%) believe that technical expertise is becoming more important for success as advisors seek product education.
Wholesaler Masterminds’ take: The importance of you seeking out professional credentials to add to your skill set has never been more important.
82% of wholesalers know it takes between 3 months and 9 months to get the first piece of business from a financial advisor.
Wholesaler Masterminds’ take: Stop beating yourself up for not getting a ticket on the first visit – and make sure your follow-up process is sound.
Emails are the least meaningful conversation type to advisors with only a 15% success rate.
Wholesaler Masterminds’ take: Why? We believe that:
- Blast emails sent from your firm are, generally, garbage. They are deleted on site.
- Most wholesalers have not taken the time to learn how to write emails that get opened and read.
The majority (90%) of advisors find that hearing best practices utilized by other advisors is at least somewhat valuable.
Wholesaler Masterminds’ take: If you are not honing an advisor best practices skillset to use in your meetings with clients, prospects, and COIs you are missing a huge, glaring opportunity.