Wholesaler

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Apr 3, 2007 12:43 pm

I am a new wholesaler in this business and want advice on what you are looking for in a wholesaler when he is trying to get you to sell his funds.


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Kappa Love

Apr 3, 2007 12:56 pm

Read the other recent posts on this subject. It seems they want you out of their hair by 8:00 AM and if you are going to provide lunch it should be better than IHOP.

Apr 3, 2007 12:58 pm

$$$$$$$$$


CMB - nothing personal but, 'show me the money'!

Apr 3, 2007 3:09 pm
12345:

Read the other recent posts on this subject. It seems
they want you out of their hair by 8:00 AM and if you are going
to provide lunch it should be better than IHOP.





1.) Know your products cold. Understand where they fit in to my practice.



2.) Good food.



3.) Good and useful sales advice/mentorship.



4.) Do not transact business during market hours.

Apr 3, 2007 3:56 pm

Know your product cold is great advice.  I might add that you want to be able to tell me what your product can do for my clients...they (and I) are not here to fill your needs; it's the other way around.  Oh, and be able to tell me on the phone in 5-10 minutes before 8 or after 4.  I don't meet with wholesalers. 

Apr 3, 2007 4:02 pm

Thanks for all the replies, i am looking to move from an internal to an external and trying to make sure I am talking to reps about the proper things.

Apr 3, 2007 4:12 pm

Actionable sales ideas.


Also, please realize that we sell a WIDE variety of products as full service financial advisors.  That includes 529s, life insurance, bonds, stocks, fee based accounts, and the list goes on.


So don't expect us to know about your specific fund, spend your time telling us about it and why it is different.

Apr 3, 2007 5:16 pm
vbrainy:

Actionable sales ideas.


Also, please realize that we sell a WIDE variety of products as full service financial advisors.  That includes 529s, life insurance, bonds, stocks, fee based accounts, and the list goes on.


So don't expect us to know about your specific fund, spend your time telling us about it and why it is different.



And make sure to explain why it is different from other funds in the same class as well as other funds in a portfolio.


I.e if you are pushing a floating rate fund. Then you need to explain how it compares to a normal high yield bond fund (zero durration, senior loans), money market fund (more risk, higher yeild) and other fixed income investments.


As well as usefull info about the fund itself. I.e when mainstay was promoting their floating rate fund, the whole saler explained that the fund had a default rate 1/2 that of the benchmark. That is important, come up with useful talking points outside the funds existing literature.


And don't forget the good food.  

Apr 3, 2007 5:22 pm

And free stuff.  Everyone likes free stuff.

Apr 3, 2007 6:15 pm

It's what you should NEVER do that is at least as important.


I had a lunch meeting the other day and the guy acted like he was letting us have our way with his wife.


Years ago I used to be the fund cordinator in the wirehose firm. The hole seller was pushing XYZAF and telling us that it outperformed Fidelity Magellan, "just go to the back of the S&P Stock Guide and show that to your client!" But the S&P Stock Guide didn't take sales fee into account. Show that to a sophisticated (they used to buy Mutual funds back in the day) investor and he'd find a new broker! That guy never got in again! (And I had an open door policy)


Never Lurk! You got stung for a lunch by some schmoe who then pretends to be on the world's longest conversation. You got stung, move on.


Everybody DOES like free stuff. Especially clients! Give me something I can pass on. Year ago Eat'nDance used to have "Yaz Balls" hardballs signed by Carl Yaztremski(?). I'm in Yankee/Met ville and my client's still loved to get a Yaz Ball! I don't have any, even though I had dozens over the years. (Still have the entire dozen Eton Vance golf balls though).


If you give out Golf Balls, advise the advisor to pay them forward. (BTW, the guy from lunch? He was supposed to bring GBs for my broker, who has done a Mill in his funds in the last 6 months to give out in his golf league. No balls, sour puss, broker is looking for a new fund family.)


DO NOT come into the branch and pretend that your last idea didn't blow up! DO NOT not come to the branch because the last idea blew up. DO NOT not know anything about why the last idea blew up. We're big boys and big girls, we make mistakes and we make our own decisions, if you had an idea and we bought it, it was us that made the decision. Not to say that there aren't knuckleheads that will blame you, but our clients are blaming us so we transfer that to you. Don't hide, we have analysts that hide when they are wrong. Don't make a pest of yourself, but man up when there's been a setback, you'll make clients out of brokers that way.


Have your ass't call and say thatnk you for the ticket. It doesn't matter a lot to me, personally, but I've seen it make all the difference in the world for others. I always say Thank You to clients when they say "Buy it" or send me money, so why shouldn't you? Think of me as your customer.


Good luck.

Apr 3, 2007 6:16 pm

Oh and don't work for a crappy fund company.


And don't hold your breath on the move from Internal to External. It'll take years, if then.


Sorry.