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Wholesaler Dilemmas – Your Questions Answered

We’ve received some great questions via email, as well as in our live events lately, so we thought we’d address some of them here for all to see.

At a recent meeting, while working with a team of seasoned wholesalers, I received the question:

“When I build my rotations, how strict should I be in adhering to my loops?

There are times when a big prospect/producer wants to see me and it’s ‘out of cycle’.”

My answer was simple – while the great wholesaler has a rotation and sticks to it as one of the fundamentals of their business, stuff happens.

That means that your rotations are subject to events that allow for a diversion off course.

And, as long as the rest of your territory schedule is managed by you, versus managed for you, don’t stress about it.

__________________

“Rob, what do think about using my photo in the signature of my email communications?”

I’m not a fan.

I prefer to use Wise Stamp to create an email signature that will include a link to your LinkedIn profile, and other links as appropriate.

In that way your reader, who wants to know more about you, can get your full profile in one click versus just your bio pic.

__________________

“Is it o.k. for my scheduler to write my thank you notes?”

Maybe we are too old school, but in our opinion that’s like asking your ‘secretary’ to buy your spouses birthday gift.

__________________

“Rob, are 16 Zones too many to have in your rotation?”

Yes.

And, yes.

Either you are cutting the data incorrectly or your territory is way too large and you’re not managing it effectively.

__________________

“How many times should I see an advisor before I ‘cut bait’ and fish in another pond?”

That’s such a tough question.

There are plenty of advisors that are hard to crack and take multiple visits to establish rapport with in order to build a trusting relationship that results in meaningful business.

And there are seven figure wholesalers that have ‘rules’ that establish the maximum number of times a rep will be seen before being removed from their schedule.

The key is, what are you doing with the advisor to advance the sale?

If you’re not moving the sales cycle forward then you have to move on.

That said, this one falls under the category of ‘art’, not science, in our opinion.

What questions do you have?

Leave them in the comments section below and we’ll take a stab at answering them for you.

Better still, get information about one of our coaching programs and really accelerate your career.

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Comments

  1. It has become more popular – the use of schedulers and assistants to make appointments for wholesalers.

    Back in the early 2000’s I was the mutual fund coordinator at a large Merrill Lynch complex. I was also partner with the largest producing team in the complex, and number one in my class of POA FA’s (Trainees).
    When I used to get the assistant or schedulers calling me to meet with their wholesaler, I would automatically think that I was not worth the wholesalers time. Granted, after the relationship is well established, having an assistant call was slightly different.

    Do you think that the use of schedulers is wise?

    Your thoughts are appreciated.

    -Angelo

    • Angelo;

      I get that question a lot!

      The short answer is that I completely agree with you – to use a scheduler for new advisors that you have no relationship with might actually harm your chances of getting in front of the advisor.

      My firm position has always been that every touch – even one for scheduling – with the advisor and/or a member of their team is a solidifying strand in the relationship fiber.

      Rob

  2. I learned the dangers of not scheduling myself when I had my assistant schedule for me.
    Offices where I was expecting a branch meeting thought they were going to have to screen a new wholesaler, and less productive days ensued. Another time I tried it, my scheduler had no idea of the time required to get from one location to another and I had to re-configure the trip anyway.
    The very best time to schedule your next appointment is as you are concluding the current one. Or if your rotations are solid, you can do it in November or December for the whole year while the branch scheduler has the appointment book open.