InvestmentNews posted an interesting piece yesterday covering 8 ways that wholesalers get blacklisted by advisors. There are some good things here, but they are probably best summed up by one comment: “Be a good business partner.”
 
Really, this is professional services selling 101 and the examples posted here should be obvious to anyone who has been in sales. The fact that InvestmentNews posted this shows people are still violating the fundamentals. Some might argue that this is a reason to rely on e-wholesaling. My take is that while there are many reasons to pursue an e-wholesaling strategy, it should not be the only distribution method of your wholesaling team. People are still important, but if your people cannot add value to the relationship they have with advisers, they are wasting your clients’ time and your money.

What do you think? What is the right balance between e-wholesaling and live reps?

Report: Practice Management Tools for Advisors

This report examines the sales topics and practice management materials available behind login on advisor sites. While firms frequently release sales ideas and find ways for advisors to sell their products, back-office issues frequently go ignored. Since practice management skills are essential for building a business, firms should take the time to provide advisors with tips for gaining and retaining clients, in addition to standard product-selling information.

 

 

To read more information, please visit our website.