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‘We Don’t Meet with Wholesalers’ But Here’s Why You Should

When was the last time you worked “on” your business instead of “in” your business? We believe that taking a few minutes, hours or days to truly focus on how to grow and scale it will ultimately help you become more profitable. And believe it or not, we think that wholesalers can provide support on your journey toward success.

Wholesalers meet with thousands of advisors per year, and they see some pretty cool stuff – whether it is marketing materials, campaigns, events or something entirely new. They have tried and true field stories that all advisors can benefit from hearing.

Additionally, wholesalers have access to interesting value-add resources. This could include profitability workbooks, time tracking tools, investment screening, complimentary benchmarking reports and much more. Ask your wholesalers. Find out what their team offers (maybe start a list that provides the name of the wholesaler, contact info, company name and available resources). That way, for example, when you need information on a topic (e.g., financial wellness), you can contact T. Rowe Price and access their great comparison guidebook.

Another benefit of getting to know your wholesalers is that they know stuff. Yes, technical knowledge, but also about plans in motion (possible referral source), books of business for sale (purchasing a book), and advisors looking to change firms (recruiting). They understand your local advisor ecosystem and have their finger on the pulse.

Another idea is to keep a list of all the companies that your clients work with (recordkeepers and DCIOs) and then calendar a check-in meeting. Share an agenda with the wholesaler on what you want to talk about (e.g., product updates, service updates, additional value-add resources). Then meet for about 30 to 60 minutes and go through it together. This will help you stay informed when you meet with your clients (working “in” your business). At the same time, by hearing industry information and learning about the value-adds, opportunities will be created for you to work “on” your business, thus helping you to grow, scale, and ultimately become more profitable.

Wholesalers are friends, and they have great information to share, so why not set up a few meetings and hear directly from them how they can help you work “in” and “on” your retirement plan advisory business?

Thanks for reading and Happy Marketing!