Bear market wholesaling
Published: Sun, 03/15/20
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"Are wholesalers really hiding under their desks?"
This question was posed to me by a coaching client whose firm asserted that this was the case.
And that their wholesalers could get a competitive advantage by being highly visible.
To be clear, I agree 100% with the importance of visibility.
In fact, the insights and support you offer advisors/COIs today will pay huge dividends when the smoke clears.
Regarding the specific question about wholesalers and taking cover, my answer to him was, "it depends".
I boiled it down to three categories of wholesaler:
Category one: If you are one of many wholesalers who started their careers in the last 10 years, and have only experienced year over year increases - briefly interrupted by v-bottom corrections - then you may well be downright hesitant (frightened?) to have a thoughtful conversation about this current market environment with older, and allegedly wiser, advisors.
Category two: You may be the wholesaler who hears all about the things you should be doing, either from your firm, your peers, or from us, and chooses to do nothing because you're thinking this will blow over soon.
Category three: You are the truly great wholesaler.
The one who is more visible (in person, via phone, via email, via snail mail, via virtual meeting), better equipped with solid messaging, and ready to engage the advisor's/COI's analytical brain and their palpitating heart.
Item one in this post from Reformed Broker says, "This is the Super Bowl for Financial Advisors".
It may also be the biggest game of your wholesaling career.
New: How Great Wholesalers Handle the Coronavirus Event and the Market Meltdown
New: The What, Why and How of Virtual Meetings in the Coronavirus Era
Rob
p.s. Please do take time to take care of you.
This question was posed to me by a coaching client whose firm asserted that this was the case.
And that their wholesalers could get a competitive advantage by being highly visible.
To be clear, I agree 100% with the importance of visibility.
In fact, the insights and support you offer advisors/COIs today will pay huge dividends when the smoke clears.
Regarding the specific question about wholesalers and taking cover, my answer to him was, "it depends".
I boiled it down to three categories of wholesaler:
Category one: If you are one of many wholesalers who started their careers in the last 10 years, and have only experienced year over year increases - briefly interrupted by v-bottom corrections - then you may well be downright hesitant (frightened?) to have a thoughtful conversation about this current market environment with older, and allegedly wiser, advisors.
Category two: You may be the wholesaler who hears all about the things you should be doing, either from your firm, your peers, or from us, and chooses to do nothing because you're thinking this will blow over soon.
Category three: You are the truly great wholesaler.
The one who is more visible (in person, via phone, via email, via snail mail, via virtual meeting), better equipped with solid messaging, and ready to engage the advisor's/COI's analytical brain and their palpitating heart.
Item one in this post from Reformed Broker says, "This is the Super Bowl for Financial Advisors".
It may also be the biggest game of your wholesaling career.
New: How Great Wholesalers Handle the Coronavirus Event and the Market Meltdown
New: The What, Why and How of Virtual Meetings in the Coronavirus Era
Rob
p.s. Please do take time to take care of you.