Wholesalers: Do You Stand Out?
When you are calling on your prospective advisors, does your message sound like every other wholesaler out there or do you sound different?
Think about the hundreds of phone calls advisors get every week from wholesalers trying to sell them their products or platforms. Most of the calls start like this:
“Hi Larry, this is Bill from ABC Life, how ya doin today?”
To which the advisor most often says , “Fine, (thinks “another wholesaler” and rolls his eyes, but is polite anyway) then asks , “how are you?”
“I am fine thanks, say I was just callin’ to see if you do any annuities/401K/life/LTC business at all”
It goes downhill from there if he says “not really,” because he now knows this is just another call from just another wholesaler—that Bill wants him to write business with ABC Life. Advisors are no different from any other busy professionals. Their time is valuable and they need to spend it on things that will help them grow their books of business. So when you call them, be sure to respect their time; ask for it, and when it is granted, offer something of value.
What does your company do for advisors? How do you help them grow their business? What sales tools and assistance can you offer? What is different about working with you and what is in it for them?
If you can’t answer these questions, how do you expect your advisors to see the value in speaking with you?
So will you continue to compete as one of many? Or will you set yourself apart by making your message about the advisor and how you can help grow his or her practice; instead of about you and your offering?
What are some of your suggestions to get past the opening lines without annoying the Advisor? I have found that if you just launch into your sales pitch that is more annoying than asking how they are or if they have time. However, asking a busy financial advisor if they have the time is like opening a door for them to say “no call me back” when in fact they don’t want me to and they ultimately do not take my call. I have a hard time asking them for htier time as it seems to be an easy OUT. Also, I have a job to do just as they do. I am not a telemarketer but rather a person with an opportunity to increase the advisors business, they should be respectful just as we are with them. Unfortunately Internal Wholesalers have some heavy lifing to do that often times results in closed doors.
Betsy, every Internal I have ever worked with has asked this question. It really has to do with how you go about asking for their time. But let’s first consider this analogy:
If you approached a neighbor’s home, one with whom you have no relationship, and rang the doorbell, would you barge in the minute the door was opened?
Chances are you would wait to be invited in, or perhaps ask, “May I come in for a moment?”. Yet we virtually barge into advisors’ offices all day long by launching into meaningless pleasantries and assuming it is a good time for them. Sure, they may be polite and simply let you talk, but if they are in a meeting or working on a case, will they even hear what you are saying?
I have heard thousands of calls to advisors and most often they will give their time when asked. If they are busy, the Internals simply ask when they should call back. I have yet to ever hear an advisor say, “Never. Don’t ever call me again!”. It may take a couple of tries to reach them again, but if you do follow up when asked, leave voice mails, and are persistent, they will be even more willing to talk with you when you do connect. They are often even apologetic for being so hard to reach!
So how do we go about this in a way that will show respect for their time and encourage them to say “yes” to the question? Try this:
“Jim, this is Betsy Ward from ABC Life, I know you weren’t expecting my call today, do you have a couple of minutes for me?”
or
“Mary, Betsy Ward calling from ABC Life, have I caught you in the middle of something or do you have a minute?”
You will be amazed at how this works if you will practice it and use it consistently so it becomes natural. Some people simply ask, “do you have a quick minute?”.
After you get permission to proceed, you can relax and clearly articulate your value proposition (what you do for the advisors you work with), and what the purpose for your call is, with a benefit to them.
So if you are still not convinced that it is important to differentiate yourself from others and not sound like a telemarketer, think about how you felt the last time someone you didn’t know called you, asked you “how are ya doin’ today” and launched into their pitch.
I suggest that we simply treat advisors the way we would appreciate being treated.