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!

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!