Wholesaler question

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Feb 24, 2009 10:44 am

I know that in general no one likes wholesalers - I was wondering if anyone would be able to give me any advice as to what would make a wholesaler valuable to you in your business.  I am looking at going down that road (recently having come from a rep position myself) and would love some input.


 
Thanks :)
Feb 24, 2009 10:52 am

Pay for my business building activities, and stay out of the way..

Feb 24, 2009 11:10 am
Squash1:

Pay for my business building activities, and stay out of the way..

 
Second that...
Feb 24, 2009 11:35 am
Squash1:

Pay for my business building activities, and stay out of the way..

 
And pay for non-business building activities like happy hours...
Feb 24, 2009 12:33 pm
snaggletooth:
Squash1:

Pay for my business building activities, and stay out of the way..

 
And pay for non-business building activities like happy hours...
 
Second that, too...
Feb 24, 2009 3:35 pm

Present yourself as a reputable and knowledgeable expert in your field, willing and able to stand before us and our clients and relate what your particular managers are doing to maximize value inside the funds you represent.  I can't tell you how many wholesalers cross the threshold of our office, and within 30 seconds it's clear that he/she would be embarrassing/frightening/creepy in front of clients.  Don't be that guy/girl.

Feb 24, 2009 4:09 pm

It's sad that we've come to this - but, yes... 

 
Pay for my business building activities and stay out of the way.
Feb 24, 2009 4:24 pm
2wheeledbeemer:

Present yourself as a reputable and knowledgeable expert in your field, willing and able to stand before us and our clients and relate what your particular managers are doing to maximize value inside the funds you represent.  I can't tell you how many wholesalers cross the threshold of our office, and within 30 seconds it's clear that he/she would be embarrassing/frightening/creepy in front of clients.  Don't be that guy/girl.

 
I don't let wholesalers come near my clients... They are constantly pitching product, it's almost as if they can't turn it off
Feb 24, 2009 4:45 pm

I really don't know what's so difficult about this.  I give a wholesaler one shot.  If he doesn't:

1) offend me,
2) or say something like "well you could be giving your clients so much better service with this product, blah blah blah"

and

1) actually has a product that's worth knowing
2) and gives me detailed scenarios where x product is a good strategy

then they get my support (doesn't mean I'll write a ticket immediately), but they have my ear if they wanna chat for 10 minutes on friday about planning scenarios, and they get to buy me lunch when they visit. 

Again, this is mostly for annuity/insurance ideas.  I tell fund wholesalers to just mail me the latest commentary, and be sure to keep the holiday gifts coming. 

As for annuity wholesalers who won't stop calling you?  Just ask them to mail you a kit with what they think are some of the best strategies right now, and let them know you'll contact them if you're interested. 

This is really not rocket science, they're trying to make a living too, but I've met many who just have never gotten constructive feedback on how to actually do business (or make my business better).  If you think they're making an ass of themselves, tell them.  If you don't like their sales pitch, tell them. 

Anyway, I guess I'm just sick of the wholesaler bashing....they would be better if we could better communicate what we need. 

Feb 24, 2009 5:57 pm

I've had two wholesalers this week suggest that I sell their short-term bond product with the intent of exchanging them into equities at some point in the near future.  I guess the client makes out, the fund makes out, and I cut my pay in half - depending on breakpoints of course.  When I was brand new I asked a wholesaler why someone wouldn't or couldn't do that, as if I was the only one to ever think of it, and he led me to believe it's dishonest.  I guess not anymore.

Feb 25, 2009 9:44 am
liz722:

I know that in general no one likes wholesalers - I was wondering if anyone would be able to give me any advice as to what would make a wholesaler valuable to you in your business.  I am looking at going down that road (recently having come from a rep position myself) and would love some input.


 
Thanks :)
 
Like most of you, I never had much use for wholesalers. Last year, I was introduced to the best one I had ever met. She showed me the best presentation I had ever seen for VA's and 2.5 MM later we still have a great relationship. BTW she is now a wholesaler for VA's for EJ in St. Louis. If you haven't met her, give her a call. Email me if you need more information.
Feb 25, 2009 10:17 am

Don't bash other firms products.  It really turns most people off.

 
 
Feb 25, 2009 10:38 am
CreditOnion:
liz722:

I know that in general no one likes wholesalers - I was wondering if anyone would be able to give me any advice as to what would make a wholesaler valuable to you in your business.  I am looking at going down that road (recently having come from a rep position myself) and would love some input.


 
Thanks :)
 
Like most of you, I never had much use for wholesalers. Last year, I was introduced to the best one I had ever met. She showed me the best presentation I had ever seen for VA's and 2.5 MM later we still have a great relationship. BTW she is now a wholesaler for VA's for EJ in St. Louis. If you haven't met her, give her a call. Email me if you need more information.
 
Would that be Stephanie or the new John Hanc*** woman whose name escapes me? 
Feb 25, 2009 10:49 am

John Hanc*** - Vicki Herring. She is great...lots of very good ideas. I had seldom sold VA's when I was with Ej. She really has some good ideas to share. JH also has very good internal's as well.

Feb 25, 2009 11:42 am

"John Hanc***,  it's Herbie Hanc***. DUH"

Feb 26, 2009 12:29 am

Are we not allowed to say c***?

Feb 27, 2009 4:47 pm

i hear most good wholesalers at big firms make north of 400k a year?

Feb 28, 2009 9:32 pm

I guess the wholesalers that I have in my area are really decent guys compared to the rest of the country. All of the reps in my city that I have met really enjoy meeting with wholesalers as long as they are not busy. Obviously the end of the year, right around tax time, etc are bad times to bother reps, but otherwise, they meet with reps like very 6 or 8 weeks.



But what I really like about the wholesalers I work with are that they call me when something has changed in their product, their internals are always very nice and helpful whenever I have a question or problem, they are a great referral source, and they are always willing to help with seminars and client events.



But most importantly is that they are knowledgeable about their products AS WELL AS their competitor's products and can tell me the differences. That is key. I agree with the previous posts, don't talk badly about your competitors, that just makes you look bad, but know your competitor's products and know why yours is better or different.



Other than that, Good Luck!