A Whole Lot More Than 24 Great Ideas Wholesalers Use to be More Productive

The first 24 ideas post was written in 2009. The ideas were borne out of Wholesaler Masterminds® Group Coaching calls.

They have now been edited, updated and refreshed with the latest ideas, insights and info.

The ideas presented here only scratch the surface of the depth and breadth of knowledge, experience and wisdom great wholesalers apply in their practice every day.

1] Most wholesalers have no agenda when they arrive at a reps office. Great wholesalers send an email prior to broker appointments asking what the broker wants to discuss, issues they have, questions on their mind.

Update: Use Outlook (or Lotus notes) to future schedule the delivery of the email. Here’s a video about using the Change Delivery Time Feature at YouTube.
Update: If you are a user of Gmail, even if not for work, you know that ‘send later’ is not an option. Check out a Gmail add-on called Boomerang that does allow for future delivery.
Update: 3 Ways Wholesalers Can Have More Productive Advisor Meetings
Update: An easy way to make the agenda less time consuming is to have text blocks that are pre-filled automatically. This can be done on an iOS device using Shortcuts: One iPhone Hack That Will Save You a Ton of Time
Update: Maximize your advisor appointment success by doing expert Advisor Reconnaissance

2] Do you have a community of Twitter followers, of Facebook friends, or LinkedIn connections? Why not build a ‘community’ of brokers?

Update: While many firms still will not allow the building of a social media online community, the concept still applies to the formation of advisor “mastermind” or “study” groups facilitated by the wholesaler.
Update: We see LinkedIn as the de facto place to build your advisor and COI community, and yet we still see wholesalers that either are not present on the site or have weak presence. Make sure you are showing the proper profile to your community and not making crucial profile mistakes. Read Your LinkedIn Profile Might Suck If…
Update: In addition, make certain that you are a member of the Wholesaler Masterminds Group at LinkedIn.
Update: Listen to our podcast episode about LinkedIn: Fess Up Wholesalers, Better LinkedIn Useage Belongs In Your Practice’s Toolbox with Laura Virili

3] Handwritten cards get noticed now more than ever. Handwritten cards that are specific to a broker’s interest (wine, golf, NASCAR etc.) are a home run, every time.

Update: We do mean handwritten. That said there is a site that will create a font that you can use directly from your own handwriting. Check out YourFonts.com
Update: We have clients using SendOutCards
Update: Three apps (among many) that allow you to send cards directly from your iPhone are

4] Use Copytalk (the link will save you $) to dictate your call notes, thank you cards, follow up letters from your phone right after your appointment.

Update: We successfully use the service to dictate emails and blog posts. The accuracy of the dictation and the speed of turn around are both good.
Update: We also had a chance to speak to the good folks at Dial A Note and recommend their service specifically for the CRM interface.
Update: We have used the Dragon Dictation iPhone app with great success.

5] Good wholesalers ask for referrals: Why Don’t Wholesalers Ask For More Referrals?

6] Great wholesalers ask for referrals and deliver feedback to referrer on the progress of those referrals.

7] Develop a Fallen Angels List. Stratify that list by asset class, product, firm, producer level, and by geography.

Update: Another list to have is your Ten Most Wanted List.

8] Business planning is a waste of time without firm business commitments. Tell advisors how much you need from them in dollars.

Update: In fact you need to Always Be Closing
Update: And Trial Closing

9] Old school marketing used fax blasts. New school marketing uses VoiceShot.

Update: Explore a service called Call-Em-Call which sends important alerts, notifications, and reminders to your entire group in just minutes using automated messaging service.
Update: Check out slydial to avoid cell phone ringing and go directly to voicemail.

10] Joint client appointments allow you to display your brilliance. Great wholesalers press for them.

Update: Great wholesalers host great client events too: 23 Client Event Ideas

11] Good, albeit common, question asks, “What cases are you working on?”

12] Great, consultative question asks, “What cases have you missed on?”

Update: 76 Great Questions Wholesalers Should Ask Advisors

13] Host your own mastermind meeting of advisors in your region.

14] Keep your internal, your scheduler, and your admin (you have one right?) all on the same page with Google Drive. Share calendars, spreadsheets, etc.

15] Speaking of schedulers: learn more about a unique breed of wholesaler scheduling services at Wholesaler Masterminds Schedulers.

16] Loops, zones, sub-zones are great. And sometimes a great wholesaler has to set a follow-up appointment for hot prospects sooner than the rotation would otherwise dictate.

Update: Make sure you pick up Perfecting Your Rotations – Getting Dirty in the Data
Update: The NEW Wholesaler Masterminds Rotation Builder is available here.

17] Run the advisor’s preferred fund grid through an analytic screen like FI360 to see where your product better fills styles needs.

Update: Zephyr
Update: riskalyze
Update: ActiveShare
Update: tableau

18] For a phone call that requires a visual (PowerPoint, charts, graphs, tours of brochures, etc) use Glance. It is a simple, low cost way to bring your spoken word to life.

Update: Now a free and super simple way to share your screen has arrived. Check out join.me
Update: zoom.us

19] For your VIP brokers host a client call with a portfolio manager.

20] To find outsource help (virtual assistants, admin support, etc) explore upwork.com

Update: We found our first assistant at HireMyMom.com
Update: Fiverr
Update: Virtual Assistants Specifically For Financial Services Wholesalers

21] Take the time to comb through the IXI data that the firm provides and know your territory, and its weak spots, thoroughly.

Update: Market Metric allows you to dial into production in your region in a way that had not been possible in the past. Listen to Market Metrics explain more at Wholesaler Masterminds Radio.
Update: WalletShare™ provides faster, more accurate insight into your market share information that you can immediately turn into action.

22] Focus on relationship building with Centers of Influence.

Update: Read 5 Things to Do to Make COIs Love You
Update: Read 8 Ways Wholesalers Succeed With COIs
Update: Listen to the interview we did with a former Merrill complex manager: Former Merrill Insider Speaks About Wholesalers
Update: Your COI Mindset: A Giving Hand Is Always Full
Update: Giving Until It Hurts? 3 Things to Expect From Your COIs

23] Re-engage producers (see #7) with lists of client positions that you hand deliver.

24] Stay in front of the information tsunami with RSS.

Update: Use the app Feeddler view your Google Reader feed on your smart phone or tablet.
Update: With the death of Google Reader, the most widely used replacement is Feedly. Available for all your devices – here’s how to use it: Use Feedly To Be A Better Student Of The Business
Update: Flipboard
Update: The Old Reader