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
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