Wholesalers

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May 11, 2009 1:44 pm

How are the rest of you guys leveraging wholesalers?


For the fifth time in 2 weeks we had another wholesaler come in for lunch.  Aside from them ponying up some bucks for lunch or to throw a dinner, does anyone have a strategic way that they integrate them into your business model?

May 11, 2009 2:17 pm

I let them pony up some bucks at the golf course

May 11, 2009 2:23 pm

Yeah, dont meet with them more than twice a year, waste of time

May 11, 2009 2:33 pm
Ron 14:

Yeah, dont meet with them more than twice a year, waste of time

 
They've got money, knowledge (some of them), and resources... someone has to be utilizing them in a way that adds value.
May 11, 2009 2:42 pm
etj4588:
Ron 14:

Yeah, dont meet with them more than twice a year, waste of time

 
They've got money, knowledge (some of them), and resources... someone has to be utilizing them in a way that adds value.

I use them for golf, taking a client to dinner, sponsoring client/prospect seminars, and as drinking buddies.
 
I've made good friends with a couple of them.  But there are some real douchebag wholesalers.  I hate the guys that demand business.  They say, "I want to be your #1 fund provider".  I'm like, "Go F yourself".  This one guy cut me off from all his firm's research, which was actually good info and stopped inviting me to stuff because I wouldn't do business with him and he tried to pitch his Long/Short fund to me.  He's like, "We've outperformed the S&P by 500 basis points".  I said, "It doesn't impress me that your Long/Short fund lost 32% instead of 37%, as a matter of fact, I think that's crap".
 
The guy is a tool and I have never wanted to NOT do business with anyone more than that ass clown.
May 11, 2009 2:51 pm
snaggletooth:
etj4588:
Ron 14:

Yeah, dont meet with them more than twice a year, waste of time

 
They've got money, knowledge (some of them), and resources... someone has to be utilizing them in a way that adds value.
This one guy cut me off from all his firm's research, which was actually good info and stopped inviting me to stuff because I wouldn't do business with him and he tried to pitch his Long/Short fund to me.  He's like, "We've outperformed the S&P by 500 basis points".  I said, "It doesn't impress me that your Long/Short fund lost 32% instead of 37%, as a matter of fact, I think that's crap".
 
I may be taking the quote out of context, but if a wholesaler was inviting me to stuff and I never put a dime into his funds I wouldn't expect him to keep inviting me to things.  Would you continue to take a prospect out for dinner if time after time they told you your firm was crap and your ideas didn't sound enticing, but thanks for the T-bone? 
May 11, 2009 2:55 pm

Hey you can get a good look at a T-bone by sticking your head up a bull's ass but wouldn't you rather take the butcher's word for it.

May 11, 2009 2:59 pm
3rdyrp2:
snaggletooth:
etj4588:
Ron 14:

Yeah, dont meet with them more than twice a year, waste of time

 
They've got money, knowledge (some of them), and resources... someone has to be utilizing them in a way that adds value.
This one guy cut me off from all his firm's research, which was actually good info and stopped inviting me to stuff because I wouldn't do business with him and he tried to pitch his Long/Short fund to me.  He's like, "We've outperformed the S&P by 500 basis points".  I said, "It doesn't impress me that your Long/Short fund lost 32% instead of 37%, as a matter of fact, I think that's crap".
 
I may be taking the quote out of context, but if a wholesaler was inviting me to stuff and I never put a dime into his funds I wouldn't expect him to keep inviting me to things.  Would you continue to take a prospect out for dinner if time after time they told you your firm was crap and your ideas didn't sound enticing, but thanks for the T-bone? 
 
I put money into some of his funds, but he was never going to be my #1 fund provider.  Eventually I just got fed up with how pushy he was.
May 11, 2009 4:18 pm
jkl1v1n6:

Hey you can get a good look at a T-bone by sticking your head up a bull's ass but wouldn't you rather take the butcher's word for it.

 
That was one of the prettiest alley oops I've seen in a long time.
May 11, 2009 6:43 pm

I've found little use for them other than booze and golf. A few are borderline analysts and I respect what they have to say about the market.

May 12, 2009 8:35 am
henryhill:

I let them pony up some bucks at the golf course



FWIW, someone once said to me that when you have a wholesaler take you and a client out to lunch, dinner, or golf, it simply sends the message to the client that either you don't have enough money to do this, or you don't care enough to pay for the event on your own.

I'm not saying I bought it hook, line, and sinker, but it was an interesting perspective.

Too, I think clients see right through it and realize that the wholesaler is footing the bill because either you've done a lot of business with them or they are hoping for you to do a lot of business with them.

Either way, doesn't reflect well on you.

My cynical opinion, 90% of them are useless...even as drinking buddies, because they are going to try to use those c***tails and the 'friendship' to leverage you into using their products for reasons other than simply the quality of the product.  That is their job.

May 12, 2009 9:18 am

I am really starting to get frustrated with some of the wholesalers in my area.  I don't call them, I NEVER attend our regional wholesaler dinners (which are up to like 3x's a week now!)  I never ask them for anything.  I only meet with 2 MF wholesalers (funds I actually sell), and only about once per quarter.  The other guys just don't get it.  They act like I owe it to them.  I try to tell them I'm not interested, and that I need to spend time focusing on my business but they just play dumb and keep calling.  I'm starting to see how my cold calling prospects feel! haha

 
I've even had a couple of guys get beligerant on the phone with me, or my BOA when I tell them I don't have time to meet.  They get all pissy and act like I owe em' one for that regional meeting they attended 6 yrs ago.
 
These guys are a joke!  They always have the same one liner, "I've got some great business building ideas that will help you build your business!" 
And wouldn't you know it, they always have the same stupid ideas.  UGH, ok I feel better.
May 12, 2009 10:00 am
jkl1v1n6:

Hey you can get a good look at a T-bone by sticking your head up a bull's ass but wouldn't you rather take the butcher's word for it.

"Tommy Boy" quotes and "Spinal Tap" quotes always bring life's greatest conundrums into searing clarity.  Well done.