Resist the negative...

On the annuity side of the house, the number of "players" has dwindled over the past few months, with more concentration of assets moving to fewer carriers.    

Why?

• Was it the wholesaler?  
• The rates?
• The features?

Or was it because a wholesaler for one of those companies was showing advisors sales ideas without using the illustrations?  Heavens... say it isn't so! 

In a recent branch meeting, three wholesalers were invited to give 10 minutes each... their best pitch.  One of the three was a wholesaler from one of these "lucky" companies mentioned above ("Wholesaler M").  He gave a sales idea... but only gave the meat of the presentation.  He didn't include everything that he should have.  He didn't distribute the full 10 page illustration in this broker-only meeting.  His mistake, I suppose.

One of the other presenters, we'll call him "Wholesaler N" felt that this was clearly why Wholesaler M was beating the pants of of him in the market place.  It presented enough of a moral dilemma for him that he reported Wholesaler M to M's management team.  Claiming, among other things, unfair selling practices and violations of FINRA policy.  

After much to-do, the offender was offered the choice of a month without pay or permanent vacation.  Wholesaler M chose the month.  A month without pay.  A harsh, but appropriate reaction to the infraction.  

Advisors love to talk. Wholesaler M is going to give a reason he can't run meetings.  One has to wonder how the advisors out there are going to react to Wholesaler N and his decision to bring this issue to management's attention.  

Certainly nobody will hold it against him.  Surely they'll realize Wholesaler M was working in the best interest of the advisor and the industry.   

Moral of the story... or morals...

1) Don't cut corners.  Ever.  Whether broker-only or not.

2) You never know who's watching.  Or maybe it's you never know what those who're watching will do.

3)  It's as easy as showing half an illustration.  That alone will help you generate more assets than the next guy. 

"You have to learn the rules of the game.  And then you have to play better than anyone else."  - - Albert Einstein

Question: What needs to happen to get OUR business moving again?

Most of us are down... compared with last year or the couple preceding it.  Most of us are behind where we'd like to be.  

Under what conditions will our markets, our business, begin to improve?  I have my thoughts on the matter, but would like to hear yours.  

I welcome your comments.

The Importance of BEING THERE

We all know it.  Being there is half the battle*.  This precept was shown to be true a few times this week.  While traveling with a Point of Sale Advisor, I was invited to join him in a firm I'd never visited.  I come to find out that we'd just contracted with this firm... and I'm the first one in.   No better spot to be in.  

In another branch, I was invited for a Policy Audit day... to meet with selected Advisors, one on one.  I was invited because I was THERE.  The Sales Manager sees me regularly and knows I'll be there to support his team's business.

While there, we uncovered three really nice opportunities and a few other possibles.  Simply by being there.  

Over the next few weeks, I'll update these posts to take "the importance of being there" to the next step... now that you're there, what do you do? 

* Maybe in the future I'll consider the importance of being "good"... but for now, I'll at least make sure I'm there. 

Your SUPPOSED to do that!

I remember seeing Chris Rock in concert a number of years ago. He told a story about a man who proudly proclaimed "I take care of my kids!" Rock's response was classic... "What... you want a COOKIE? You're SUPPOSED to take care of your kids."

Why do we take pride in doing things we're supposed to do?

When you meet someone, follow up with a note. When you commit to following up, follow up. This, alone, will set you apart from most wholesalers. It'll almost assure (or is it ensure) that you'll be regarded as a decent wholesaler.

The question is... what will set you apart from the other's labeled as adequate?

Food for thought.

Life on the road, helping Advisors sell to their clients...

Life on the road, helping Advisors sell to their clients, can be a challenge.  

• Self motivation
• Separation from one's family
• The hunt... without, necessarily, the thrill of the kill
• The repetition

Random Musings on Wholesaling is my way of searching for catharsis, and if it helps you with some of the challenges and opportunities you face, then that's just "value added."