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!

Wholesaling is competitive; VERY competitive. But what business is not competitive? Competition is a fact of life. Unfortunately, so is slamming the competition. “Slamming the Competition” questions the integrity and truthfulness of the competitor, and differs from comparing and contrasting products or services in both substance and tone. Being a Master Wholesaler™ means you never slam the competition, and you act as a professional in every respect.

Recently I attended a broker-dealer conference, which as is typical, was attended by a large number of product partners. Unfortunately, one wholesaler made it a point to jump in on conversations when his competitors were speaking with prospects. What made this amusing was he would say, “What are we talking about?”, as if he had been a part of the conversation. In addition, he slammed competitors when speaking to brokers, and the situation escalated to the competing wholesalers taking pot-shots at one another.

SOLUTIONS: When faced with competitors who slam you and/or your product, don’t play their game. Be a pro. When faced with competition, use the following strategy:

1. Acknowledge that your competitor is a fine company with good products.
2. Also state that your product is not right for every situation.
3. Tell them where your product fits as a superior solution.

A shortened version of the conversation may sound something like this:

“Mrs. Prospect I am very familiar with XYZ Inc. and their product.  XYZ is a good company, and they do some things very well, such as [example.]  My company and our products aren’t always the best fit all the time.  In this case, however, I believe your needs can best be met by OUR product / service.  Let me tell you why. ”

FOR ADVISORS: Don’t tolerate wholesaler who act in anything less than a professional manner, and that includes slamming their competitors.  If it happens, ask the wholesaler to stick to their product, specifically:

• How it benefits the client
• How it works
• Where it fits
• How to sell it

When YOU are meeting with clients, don’t fall into the trap of slamming your competition. Be a pro, and expect others to do the same.

Good selling!

We are a society of gift givers. “Never arrive empty handed,” applies to business as much as it applies to social settings. Recently I dropped off some dry cleaning, and asked the impossible: Could I get it in an hour? Usually – in fact, almost ALWAYS – the answer would be “NO!” One-hour dry cleaning has gone the way of the full-service gas station. However, this time the answer was YES, because the owner is a customer service fanatic. In addition, I drop off cookies once a month. Gifts make a difference.

However, a gift protocol exists in business that says gifts should not be bribes. In addition, many industries have limits – or outright bans – on gifts to prospects and clients. Always be aware of firm and industry rules concerning gifts. Make gifts appropriate and compliant. Nothing is more embarrassing than having to unwind a gift that exceeds gift limits.

SOLUTIONS: First of all, know the rules. Second, know your client. A gift doesn’t have to be huge or expensive. A well thought out gift for a client based upon their interests or passions makes for a better relationship than something that you give to everybody.

FOR ADVISORS: Don’t do business with a vendor strictly because they always arrive with gifts in hand. Select products and services based upon their benefits to your clients and your business. Beware the product-pusher who wants you to business strictly on the basis of gifts or entertainment, especially when no previous relationship exists. In addition, make YOUR gifts to clients appropriate and compliant as well. An advisor I know makes it a point to select PERSONAL gifts for clients. One of his assistants does the shopping once he builds the list.

Gifts are a sign of friendship and relationship. Use them, and use them well.

Good Selling!