Wholesaler utilization continues to be a never-ending topic of discussion. Professional advisors seek new ways to partner with quality wholesalers and wholesaling companies, and the wholesalers also look for ways to differentiate themselves. There are a number of successful strategies for wholesaler utilization, including “5/60 Events (TM).”

A wholesaler comes to you with an idea you feel merits attention by a number of your clients. You have decisions to make. Do you:

• Present the idea to one client at a time at reviews?
• Conduct a large seminar?
• Do a mailing?

Consider a “5/60 Event.” Contacting clients one by one is a long process, and labor intensive. Seminars can be expensive and are also labor intensive. All of us know the challenges with large mailings, and quality advisors often prefer a more personal approach. A 5/60 Event involves inviting five, (yes, only five) clients/prospects to a luncheon, breakfast, or coffee to hear an idea of interest. The time commitment is 60 minutes, and the small number of attendees allows for prompt, professional follow up. A 5/60 Event is economical, efficient, and effective. You and your staff avoid the challenges of complex meeting planning, and the small number of invitees provides a wonderful forum for idea sharing and relationship development. The wholesaler presents and participates in the cost of the event. Simple!

How many wholesalers call upon you with quality ideas? What if you did monthly 5/60 Events? What if you opened accounts with just a third of those who attend? What would that do for your business? Consider building 5/60 Events into your Q4 Marketing Plan.

Good selling!

As children, these words marked the beginning of a big event, such as a circus or some other performance of colossal dimensions! With these words we knew we were in for a treat, with excitement and amazement attached to every moment.

We want our clients to react with excitement and amazement whenever we meet with them, whether it is a professional or personal meeting. Excitement and amazement result from many factors, but they start with something very simple; our ability to be professional, and to act as ladies and gentlemen.

As always, we must know our clients and know our audiences. Times exist when we can and should be more casual, but there is never an excuse for being unprofessional in any way. When we share a meal with clients, we must know how to entertain. You will never make a bad impression by knowing which plate to use for bread (on the left) or which glasses are ours (on the right). Knowing what silverware to use does NOT mean we are professionally competent, but it shows we pay attention to the little things.

A large money management firm was interviewing a person for a role as a portfolio manager, and they chose not to hire him because of a faux pas, which occurred over dinner on the day of the interview. What was the egregious error made by the applicant? The applicant salted a steak without first tasting it. The money management firm deduced (rightly or wrongly) that a person who would salt food without taking the time to taste it first would not do the necessary research to make investment decisions.

Professional conduct shows through in everything we do. How we meet a person, make introductions, entertain, correspond with clients, dress, and any aspect of interaction should be a reflection of our willingness to be a true professional. We won’t always be right, but we can always conduct ourselves in a professional manner.

Often, sales technique or lack thereof is subtle. Recently I attended a business luncheon in St. Paul, Minnesota at a rather well-known restaurant. Significant business transactions are some of the main fare at this establishment, known for fine food and deal-making. While waiting for my client, a party was about to be seated, and the hostess asked one of the ladies in the party if a certain table would be acceptable. Then another lady in the party – the salesperson – said to to her guests – and the hostess – that “I have several documents that I want to show you, and I want to be able to spread them out.” As a result, another table was selected for seating the party.

You may ask what is wrong with this scenario. Aren’t you supposed to control the selling environment? What was said that was so wrong?

The most dangerous word in selling is also the shortest – the word “I” kills more sales than any single word or phrase. Closing rates plummet when the most frequently used word in a conversation or presentation is “I”. Simply change the focus to the prospect by changing your words. In a famous 30-year study, Yale University determined “You” is one of the 12 most persuasive words in the English Language. Our focus should be on our clients first, and our words support us – or sometimes they betray us.

So how could this lady have better controlled her selling situation? First, by telling her prospects that, “You will want to be able to see some documents I have prepared for you, so why don’t we get a table when you can spread them out?” Second, by getting to the hostess early, she could have expressed her need for a larger table in a more private area.

Placing the emphasis on the client and their needs instead of yourself and your needs always helps position you as a client-focused advisor.