Wholesalers face aggressive activity objectives. Today’s standard is 25 in-person contacts per week. When covering larger geographies this proves challenging. As a result of insufficient scheduling, some wholesalers stop at an advisor’s office after calling to say, “Hey, I’m just down the street…” or – even worse – totally unannounced. “Do you have a few minutes?” turns into 30- 60 minutes. The wholesaler attempts to tell his or her story with little regard for the schedule of the advisor.

Recently a coaching client called me about a wholesaler dropping in unannounced and sucking up an hour of his Associate Advisor’s time. This wholesaler has a quality product, but my client called the wholesaler and advised him not to call or come back. You might ask if this is a little drastic; maybe so.  However, my client was waiting on a report that was to be prepared by the associate – and the report was late. Not only did my client fire the wholesaler, but he had to deal with a delayed meeting because the associate tried to be courteous to the wholesaler.

Are Drive-By’s ever appropriate? Possibly when dropping off a promotional item ONLY or to introduce oneself and schedule a future appointment. However, if a wholesaler expects the advisor to have empty time in his or her calendar because the wholesaler has empty time, the situation is totally unprofessional.

FOR ADVISORS: Be jealous with your time. Give wholesalers your “ground rules” for meeting. And be on time when you have a meeting scheduled with the wholesalers. Their time is as valuable as yours.

FOR WHOLESALERS: Schedule in advance. Use a scheduler. Set your next meeting at the conclusion of this meeting. And always be a pro.

Good Selling!

This is the second post in a series of ten discussing major faux pas’ made by wholesalers, ideas on how to correct them, and suggestions for advisors on how to deal with wholesalers who make these mistakes.

Mistake #2: Telling, Not Selling

Presenting is an essential skill for wholesalers. You demonstrate your product in such a way so the advisor knows what it does, how it works, where it fits, and how to sell it. And to say nothing about group presentations! Master wholesalers dominate when it comes to individual and group presentations.

However, hear the words of Jaime Calva, a selling sage with 60 years under his still productive belt:

“Telling is not selling.”

Dialogue happens when two or more people converse. Like the Tango, it takes two to dialogue, and in order for a sale to be made, both parties must communicate. While this involves feedback, it means more than the typical sales feedback loops. Selling involves interviewing your prospect. Selling means knowing your prospect, and in order to know someone you must ask questions. Asking questions does NOT mean interrogation with “Fact-Finding” questions, but professional rapport building with “Foundation Building” Questions, such as:

• “Tell me about your family.”
• “How did you get into the business?”
• “If you were to bring me on as new vendor relationship, what has to happen in the next twelve months in order for you to consider your decision a success?”“
• In looking at your practice / business today, what do you consider your biggest challenges?”
• “What is the biggest factor in your success?

SOLUTIONS: Develop a standard interview structure, and be flexible. Build a list of 20 Foundational Questions as a goal for each advisor relationship. Ask these questions over a couple of meetings to find the advisors passions, drivers, and motivations. Don’t forget to build effective feedback loops into your presentations, as well.

FOR ADVISORS: You should do the same with your clients. Ask better questions. And, beware the wholesaler who leads with, “What part of your sales is made up of [PRODUCT]?” Chances are he/she is looking out for himself/herself alone. For your part, get to know your wholesalers better with every meeting. Learn about their internal drivers, and what they need and want in a professional relationship. Expect wholesalers to truly be your partners, and be a partner with them as well.

Good selling!

Today’s kids just aren’t motivated. We have spoiled and coddled them. They don’t have drive, and can’t deal with competition.

Yeah, right.

Yesterday Missy Franklin put an exclamation point on her first world swimming championships in Shanghai.  She won five medals in all — two golds and a silver in relays as well as a gold medal in the 200 back, and a bronze in the 50-meter backstroke. Her performance put Michael Phelps meet – which was outstanding – into the second paragraph of news articles. Phelps was quoted as saying, “She does it all… she’ll remember this for a long time.”

Did I mention Missy Franklin is only 16?

Missy teaches us some wonderful lessons. You are never too young (or too old) to realize big dreams, but those dreams come with a price! During the broadcast, the commentators from NBC mused about the influence of Franklin’s coach, Todd Schmitz. Schmitz taught his young swimmer that when you practice, it is similar to making deposits in the bank. You keep making deposits whenever you practice, and you equate the amount of the deposit to the quality of the practice. When you compete, you get to withdraw everything you have deposited!

Apply this to your business. How can you make “deposits” into your business? What can you “practice” that will result in significant withdrawals in the future? Consider practicing:

• Exceptional Service
• Keeping Promises
• Presentation & Delivery
• Staff Empowerment & Development
• A Never-Ending Commitment to Improvement & Excellence

Congratulations, Missy Franklin. Thank you for your inspiration, and best wishes for continued success, and a long and happy life.

And to you…

Good Selling!

Today I received an email from a financial advisor who is a coaching client. A portion of the email read as follows:

“Mike; I am working on a schedule for my assistant for blocking time and activities.  What are your thoughts on the subject…?  Thanks.”

This was my reply:

For a start, book appointments – as many as possible – on Tuesday through Thursday. Mondays would be for staff review, planning, and case preparation. Fridays would be for finishing the week, planning the coming week, and cleanup of messes.

Does this mean you wouldn’t see a client on Monday or Friday, or for breakfast, lunch, or dinner, or possibly an evening or Saturday appointment? OF COURSE NOT! However, MOST clients can be guided to one of these time slots. Furthermore, I suggest that unless you plan to work Saturday, don’t schedule an appointment after 11:00 AM on Friday. This allows you to finish early – and let your staff catch up – from the busy and productive week.
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Please feel free to send me your thoughts on time blocking and scheduling appointments.

Good selling!

Restaurant business is down due to the economy; people do not go out as often. In the November 2, 2009 issue of Nation’s Restaurant News, trainer and professional speaker Jim Sullivan wrote, “Not that we’re out of the woods by any measure. Grocery prices are falling and restaurant prices rising. Technomic recently reported that in the past three years 21,425 units have closed in the United States, and 84 percent of those were full-service operations. That reflects the worst three-year contraction in foodservice history.”

What does this possibly mean to financial advisors? Coupled with consumer’s expressed desire for education and guidance as to where to go from here, consider a tried-but true marketing concept: dinner seminars.Advisors report seminars are more popular than any time since the 80’s, and clients are attending seminars in record numbers. Restaurants need the business. Contact restaurants to negotiate more favorable pricing for dinner seminars. By making a commitment for multiple events, and you might get a significan price reduction. Also ask for complementary gift certificates. Often you get these at a greatly reduced costs, because restaurant operators know when you have a gift certificate, you bring guests!

Americans love to eat out. They want and need economic news and education. Use the current situation to your advantage as you demonstrate to people in your community you continue to provide information and education that help them make intelligent decisions about money, and do so in a cost-effective manner.

“If you feed them, they will come.” Good selling!

Check out my latest article on Bank Advisor. Click here to read.