A Wholesaler’s Second Chance

At the beginning of every quarter I ask my coaching clients what successes they were most proud of from the prior quarter’s work.

A mastermind coaching client (we’ll call him Clark) told me a terrific story today and I need to tell you:

Back in March 2010 Clark set up a meeting to visit a Raymond James team with ~$200 million under management. As he is newer to wholesaling he went into the meeting admittedly less prepared than he might have liked, but willing to put it on the line to rope in this team’s business – they were Elephants.

Clark attempted to go into his pitch and was cut off by the team – stopped dead in his tracks.

They said, “You are going about this all wrong”.

The team then made an offer to Clark.

They said that they model their practice on their Nick Murray learning’s and told Clark that if he was willing to read two books of Nick’s in the upcoming 90 days that they would be willing to set up another meeting with him; believing that having read the books Clark would now better understand how they operate.

So what did Clark do?

He read two books:

1. Gathering Assets
2. The Value Added Wholesaler in the 21st Century

He then scheduled a follow up meeting.

In that meeting he spent 45 minutes learning about the team’s practice, how they manage money, how they interact with their clients, along with a host of other insights.

When Clark was done the team said, “Welcome. You are now apart of our team.”

Clark asked for their product matrix to analyze where his funds might fit – and they gave it to him.

Next week he has a call with the Raymond James team and his fund family’s portfolio managers to discuss a potential $10 to $30 million allocation.

I asked Clark why he thought that this team gave him this remarkable 2nd chance. He offered a few suggestions as to why:

1. At no point was he an arrogant wholesaler
2. When the team pushed back he did not get defensive
3. He took the time to listen
4. He followed through on their suggestion to read the books
5. The team appreciated him for being younger and willing to learn – and they wanted to help

The wholesaling landscape is littered with guys and gals that are getting their teeth kicked in every day.

It’s so great to hear success stories like this that validate the very reason why we do what we do.

Wholesaler Masterminds clients are a breed apart.

Apply today and let’s discuss.

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