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!

When we interview prospects (and for that matter clients) sometimes we go into “Interrogation Mode.” Gathering information dominates our mind and becomes our sole objective. In a staccato-line manner we reel off a barrage of closed-end questions like:

• When did you start working here?
• When did you start the business?
• How many employees do you have?

One of my mentors, Jack Perry, taught me a brilliant way to really dig deep when having a conversation with a business owner or executive. He asked this question of a bank CEO that had been my client for several years. The question is:

“What made you successful?”

We sat back and listed to the CEO reminisce for fifteen minutes about the people and events that had brought him to this place in his professional life. In spite of my long relationship with the CEO, I learned things I had never heard before! As a result of Jack asking him that question, (and his truly being interested in the answer) the CEO was totally receptive to our conversation. They were like old friends.

Getting the information is so important; finding the feelings behind the information is golden!

Good selling!