This is a series of ten 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.

Wholesalers are driven, competitive, outcome focused and BUSY. They focus on the next call; the next appointment. They follow up on calls. Wholesalers order kits and illustrations. They book travel and events. They entertain. Wholesalers watch sales figures, sales penetration reports, and market statistics. They SELL!

However, sometimes they walk right by the biggest asset they could have in getting advisors to sell their product; they snub the Sales Assistant.

Advisors rely upon their sales assistants (SA’s) to do many things, from administration to service to marketing. In addition, the SA helps the advisor focus on priorities, avoid distractions, and in many cases, wholesaler meetings are distractions. With the wide variety of products available, number of money managers, never ending product changes, and wholesaler turnover, an advisor could see one wholesaler every day of the month –or more! The SA often acts as a gatekeeper.

In addition, the SA is the person who will have to deal with a change in paperwork, processes, features, and home office contacts. The SA does not WANT the FA to change vendors, as this creates more complexity in an already challenging position.

If you treat SA’s with anything less than courtesy and respect, you impinge your opportunity to grow your business. Besides, you are never too busy to be nice to people – especially when that person can affect your ability to grow your business and your income.

SOLUTIONS: Recognize Sales Asisstants as people and the professionals who are, bring promotional items* and “goodies,” and be courteous and polite. Acknowledge the SA’s role within the business, and treat them as you would any professional. It’s good business, and the right thing to do.

FOR ADVISORS: Keep your team happy by refusing to do business with firms that disrespect your team. Make certain to introduce wholesalers to you SA(s). Communicate the SA’s role in your business to the wholesaler, and should you choose to add a product to your lineup, insist that the wholesaler spend time with your staff to facilitate smooth processing and good order transactions. Have the wholesaler introduce the SA to the wholesaler’s internal associate, as well as home office key contacts. Don’t forget to treat the wholesaler with respect as well. You get what you give.

Good selling!

* Always be aware of firm and industry rules concerning gifts.

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!