Stupidest thing a wholesaler pitched

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May 29, 2006 2:18 pm

I want to here the stupidest ideas wholesalers ever had for you to earn business.  I'll go first.


Set up a BBQ in the drive thru lanes of my bank, and give people a hot dog and my business card.


I have a few fo these....

May 29, 2006 3:05 pm

Someone once told me to work in a bank, so I can roll $10,000 CD's into fixed annuities.

May 29, 2006 4:46 pm

Remote,


That was pretty stupid.  I take 80% of my money from transfers and 401k rollovers rarely do I do fixed annuities, but if I am going to write an annuity ticket I'd try to make sure it's for at least 20K.


May 29, 2006 5:22 pm

remote,


I've worked in the bank channel for over two years and have never written a solicted annuity ticket to date.


scrim

May 29, 2006 6:51 pm
scrim67:

remote,


I've worked in the bank channel for over two years and have never written a solicted annuity ticket to date.


scrim



I believe you.

May 29, 2006 7:02 pm

remote,


why are you so critical of annuities, after all that is all you sell.

May 29, 2006 8:17 pm
bankrep1:

I want to here the stupidest ideas wholesalers ever had for you to earn business.  I'll go first.


Set up a BBQ in the drive thru lanes of my bank, and give people a hot dog and my business card.


I have a few fo these....



Wow. Quite an image.....

May 29, 2006 8:26 pm

OK.. Here goes it.....


Guy isn't in the business anymore - but, still an established company.


I call this one "Work the Funeral"


Look in the obituaries, go to the funerals in the nice parts of town, at the "meet and greet" later (he actually called it that) give the widow some brochures while you tell her, "It's so strange, your husband called my firm a few days ago and asked me to drop by... why, actuallly tomorrow - he seemed like such a good man. If there's anything we can do to help..."


I always had an image of an enraged son pounding my head against the casket....

May 29, 2006 9:36 pm
san fran broker:

OK.. Here goes it.....


Guy isn't in the business anymore - but, still an established company.


I call this one "Work the Funeral"


Look in the obituaries, go to the funerals in the nice parts of town, at the "meet and greet" later (he actually called it that) give the widow some brochures while you tell her, "It's so strange, your husband called my firm a few days ago and asked me to drop by... why, actuallly tomorrow - he seemed like such a good man. If there's anything we can do to help..."


I always had an image of an enraged son pounding my head against the casket....




That's a character who'd better hope that God is not a practical joker.

May 29, 2006 10:08 pm
bankrep1:

remote,


why are you so critical of annuities, after all that is all you sell.



Where did I criticize annuities?

May 30, 2006 1:17 pm
remotecontrol:

Someone once told me to work in a bank, so I can roll $10,000 CD's into fixed annuities.



WOW! you really missed that one- GOOD THING you are at the most ethical firm on Wall Street- now you roll $10,000 CD's into 30 -YEAR BONDS!!!!  Estate Feature, of course.

May 30, 2006 2:22 pm
bankrep1:

remote,


why are you so critical of annuities, after all that is all you sell.



people in this forum will always put down an annuity sale of almost any stripe, but most (with the exception of the nutjobs and wannabee's) hold up the fee based acct sale as the end-all trophy kill, regardless of acct size---- go figure.  



May 30, 2006 3:53 pm

In retrospect it was a bad idea to participate in the "sidewalk" sale sponsored by a local country radio station with a dancing "little Caeser's Pizza man" standing on the corner flagging down passersby.


....sigh back to the drawing board.

May 30, 2006 4:57 pm

How much do you think the average wholesaler makes??

May 30, 2006 5:22 pm

$400k from the ones I've worked with.

May 30, 2006 8:45 pm

I got one that was interesting,


  Had a wholesaler tell me the following (Keep in mind I work in a rather large city):


  "I don't want to leave today w/o giving you a great SALES IDEA.  Find yourself a little MOM and POP restaurant and go there once a week.  Get to know the servers and set it up to where you buy someone lunch every time, set it up to where when she or he takes the prospect the bill the server says, "That gentleman over there would like to buy your breakfast and in return he just wants a couple minutes of your time"  The wholesaler then just said to repeat this process every week.  I almost started laughing right in his face. 


  There isn't even a "MOM and POP" gig w/ in 50 square miles.  Plus I have 20 brokers on the same street that he just went and saw and told them the same "original brilliant" SALES IDEA.


May 30, 2006 10:36 pm

That's pathetic.  He's surely no longer in business.

May 31, 2006 7:12 pm
BrokerRecruit:

$400k from the ones I've worked with.


If the "average" wholesaler makes $400k, I'm in the wrong end of this business.

May 31, 2006 7:55 pm


Maybe the average American Funds wholesaler.

May 31, 2006 8:15 pm

I know the top bank wholesaler for AIG (fixed)in the country makes around 700K, he covers like 10 states