In the cover story of the latest NAPA Net the Magazine, six of last year’s Top DC Wholesalers describe how their work has shifted and what they see ahead for the wholesaler-plan advisor relationship.
The business of being a wholesaler shifted abruptly in March, with the simultaneous onset of the COVID pandemic, the market volatility, and a personal financial crisis for many Americans. “There was a sense of ‘Wow, what just happened?’ So much has changed this year, and at such a rapid pace,” says Scott Ward, Boston-based regional vice president at John Hancock Retirement. “It has been an enormous challenge for all of us in the industry. As a wholesaler, we need to help advisors to quell the panic and help their plan sponsors and participants focus on the future, with calm, reassuring advice and guidance. For us, the challenge is to embrace this insanity, focus, and work hard.”
Six of last year’s Top DC Wholesalers—three from the Top 10 DCIO list, and three of the Top 10 recordkeeper list—talked about how their work has shifted, and what they see ahead for the wholesaler-plan advisor relationship. “As a wholesaler, adaptability has to be one of the best traits to have in order to succeed in varying environments,” says Matt Kasa, Newport Beach, California-based vice president and DCIO regional sales director at Nuveen.
What’s Happening Now
For Keith Neal, his workdays look a lot different now. “The biggest ‘time shrink’ in my life the past few months has been the travel. I’m definitely doing less entertaining now—things like coffee and golf—and fewer presentations and plan sponsor meetings,” says Neal, Boston-based director at MFS Investment Management. “Instead, I’m doing a lot of Webex, Zoom, and Skype calls, and a lot of old-fashioned talking on the phone.”
The first month, Neal says he struggled with the temporary end of face-to-face conversations with advisors, a part of the work he really enjoys. “But as soon as I realized that we’re not getting back to normal anytime soon, and accepted that, it’s been good since then,” he says. “I’m not wasting a lot of time traveling, so I’m spending my time on direct interaction with people.”
Kasa has been going back to his roots, making a lot more phone calls, and also doing a lot of Webex and Zoom calls. In their talks with advisors, Kasa and his Nuveen colleagues focus on trying to provide solution-based ideas. “We are not talking so much about investment products themselves,” he says. “Everybody is just wondering, ‘How am I going to get through this? And how are my clients going to get through this?’ Our focus is on how we can help advisors get as informed as possible, so they can help their clients.”
Read the full article here.
