www.icarrythebag.com
Issue 5 | Summer 2011
Success at Conferences OR How Not to Waste $50,000 Are Most Of Your Assumptions About Internal Wholesalers Wrong? How do your answers compare?
10 Ways To Stay Employed Regardless Of Market Conditions Don’t let the next economic or market speed bump effect your career
No, You Can’t Have A Perfectly Balanced Life Is finding balance really a myth?
So Your Firm Is Giving You an iPad – Now What? Get the most from this emerging technology trend
Fact or Fiction: Great Speakers Never Get Nervous Common misperceptions dispelled
LEgends,3Myth, &to Guarantee Folktales Issue Surefire Secrets Your Next Ovation • 30 Tips That Propel High Achievers • 10 Unusual Wines That Are Well Worth a Try
3rd Quarter | SUMMER 2011 ISSUE FIVE
Table of Contents Editor-in-Chief/Publisher Rob Shore
Art Director
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10 Ways to Stay Employed Regardless of Market Conditions
Lynn Lee
By Seth Friedman
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A COI’s Point of View:
www.lynnleedesign.com
Contributing Writers Mary Allen Paul Bednar JB Bush Mary Anne Doggett Seth Friedman Christian Gabrielsen Scott Halford kasina Kip Gregory Miles Healy Ivy Naistadt Rob Shore DeeAnne White
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12
By Christian Gabrielsen
By Miles Healy
Fact or Fiction: Great Speakers Never Get Nervous By Ivy Naistadt
Professional Development On The Go
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No, You Can’t Have a Perfectly Balanced Life
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So Your Firm is Giving You an iPad–Now What?
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By Jesse Mark and Eric Daugherty, kasina
Marketing to RIA’s: It’s Just Like The B/D Channel, Right?
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John Hancock Mutual Funds
Profiles of Great Wholesalers:
Road Fit and Ready: The World According to Grok By Paul Bednar
By Mary Allen
Inside the Bag: Interview with Jeff Duckworth
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Legends, Thoroughbreds, and Mules
Library of Congress ISSN 2157-1155 (print) ISSN 2157-1155 (online)
6 Ways To Make Your Internal Wholesaler’s Travel in the Field Legendary
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By Mary Anne Doggett
Are Most of Your 18 Assumptions About Internal Wholesalers Wrong?
By The Anonymous Internal Wholesaler
I Carry The Bag is a registered trademark of shorespeak, L.L.C. All content in this publication ©2011 shorespeak, L.L.C. and is protected by international copyright law. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Bruce Levitus, Advisor Group
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Kerry Nevins, Legg Mason
By Kip Gregory
Success at Conferences or How Not to Waste $50,000 By Rob Shore
Sales People Are Born, Not Made By JB Bush
Thinking for Dollars: The Successful Critical Thinker By Scott Halford
A Life Beyond Wholesaling: The Myth of Fast By DeeAnne White
Some photos appear under Creative Commons Attribution License:
Photos used with permission:
Anonymous International Wholesaler: http://www.flickr.com/photos/epsos/5591761716/
The World According to Grok The Myth of Fast: http://www.flickr.com/photos/croncast
6 Ways To Make Your Internal Wholesaler’s Travel In The Field Legendary: http://www.flickr.com/photos/epsos/5591761716/ Legends, Thoroughbreds, and Mules: http://www.flickr.com/photos/tbisaacs/2406342937/
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letter from the editor
As we complete our final edits of this, our first anniversary issue, the economy is sputtering and losing some of the alleged momentum it had only 90 days ago. The stock market has had six consecutive weekly declines – its longest losing streak since 2002. If you listen to mainstream media, the next end of world scenario is lurking just behind the release of the July 2011 jobs report or the outcome of the next round of proposed bailouts for Greece. For wholesalers coming off of the anxiety filled years of 2008 and 2009, this may seem like, as Yogi Berra once said, “It’s déjà vu all over again.” So what’s the best course of action to take as summer creeps into our collective attitudes and consciousness? Control the controllable. While the gyration of the markets provides the daily headlines that fuel endless chatter on CNBC, our jobs remain the same: providing professional, consultative, informed ideas and support to the legions of advisors and agents that have clients depending on them. To do our part and assist you with that task, we have lined up another issue filled with great content from contributors who focused this quarter, in part, on the Legends, Myths and Folktales of sales and wholesaling. Our outstanding regular contributors are still here, and we have asked some previous writers to provide us with more of their insights – all with one singular goal in mind: to make you the best possible wholesaling professional you can be. That’s been our goal since we launched one year ago, and it will remain our mission as we move forward. Thanks for your readership.
I CARRY THE BAG | SUMMER 2011 | 33
By Seth Friedman
10 Ways To Stay Employed By Mary Allen CPCC, MCC Regardless Of Market Conditions The investment wholesaling community is now two years past the worst employment recession our industry has ever witnessed. As distributors reorganized their models, many successful and valued wholesalers were jettisoned from long careers. There are many theories as to how we came to this place. But candidly, the lessons learned are just as important. Many of us now recognize that each and every wholesaler is responsible for his own career arc, branding message, and self-preservation in a crisis environment. The risk in not taking this strategy seriously is so large and so vast that leaving things to chance can lead to long-term unemployment or an uncontemplated career change. While it’s possible that you may find these ideas objectionable or counter-intuitive to your business model, keep in mind the core objective of this article is to help wholesalers understand the career risk involved in today’s wholesaling climate. 1. Do You Own Your Best Client Relationships? Too often wholesalers want to vendor out the important follow-up issues to a subordinate. Let your internal wholesaler order sales materials and make follow-up calls, but make sure you are in the middle of any aspect of your advisor relationships that can negatively impact your relationship. 2. Is Your Manager Looking For A Cheaper Alternative To You? That’s right! No company minds paying top dollar for top tier talent. Nevertheless, in an industry where a $500K annual compensation is not uncommon, there’s sometimes great pressure to reduce costs by going younger and cheaper. However, if you truly own your brand and your relationships, there is enormous risk for any product distributor in pursuing this strategy. If your business model is a homogenized
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approach to wholesaling, you might already be on the bubble. 3. Do Advisors View You As Merely White Noise? Think about your message and your ability to execute to meet your commitments. If your approach to an advisor meeting starts with a review of the most recent sales idea conjured up from corporate marketing, you might have some issues. Consider what the advisor wants out of the meeting and what you can do to enhance your relationship. Don’t forget that advisors value wholesalers who can help them grow revenue more than any other servicerelated activity. 4. How Do You Truly Feel About Your Firm’s Business Model? It’s very common for wholesalers to disagree with a particular strategy or rollout plan, which might happen as a result of poor communication or a misunderstanding. It is an entirely different matter for a wholesaler to disagree with the overall direction of the firm. If you find yourself in this position, I strongly recommend that you seek out your immediate supervisor and discuss your concerns in the most respectful way possible. Strong managers intuitively know who is not on the bus. Few issues can threaten your career more than this disconnect. 5. What Are The Major Weaknesses Of Your Story? Wholesalers should fully understand the strengths and weaknesses of their best stories and how their companies are viewed in the industry. Failure on this basic level will impact everything else they seek to accomplish. 6. What Is Your Exit Strategy? Yes, we all get calls from search firms. But if you decided to make a move tomorrow, who would you call? Why would this relationship deliver for you? How do respected minds and centers of influence view your brand? In short, we should all consider our career goals and where we want to be short-term and long-term.
7. Do The Traits Of Your Best Advisors Define Your Value As A Wholesaler? Most topquartile wholesalers work with advisors that exude certain traits. How have you helped individual advisors in their career development? Are you merely the wholesaler looking to get a slice from the corner-office advisor? Or did you provide the support to help him/her get to that corner office? 8. Are You Comfortable About The Prospects For Your Business? You shouldn’t be. Nothing says more about a wholesaler than complacency. History demonstrates that our industry has the potential to change direction without notice. And when it does, the whipsaw effect can be enormous. Advisors recognize wholesalers who have lost their edge. So do good sales managers. 9. What Isn’t Your Management Telling You? Are you in the loop or are you on a need-to-know basis? Your management may believe you are merely the talent, an extension of their philosophy at the ground level. I strongly encourage everyone to understand all elements of their business from every possible perspective. 10. What Separates You From Your Competition? How do you execute? Do you exceed expectations? Are you available for advisors when they are working, or only during regular hours? Do you live the job or is the life of a wholesaler part of the fabric of your life?
Seth Friedman is National Sales Director of Equity Based Products at Retirement Marketing Solutions. A Mutual of Omaha Company.
A COI’s Point of View: Bruce Levitus, Advisor Group Bruce Levitus is Senior Vice President of Investment Advisory Services and Head of Product Sales at Advisor Group. ICTB: Bruce, Advisor Group, for those of our readers that don’t necessarily know, is now the new name for some very familiar brokerdealers. What broker-dealers today are under the Advisor Group name? Bruce Levitus: Actually, Advisor Group is a network of three well-known independent broker-dealers: FSC Securities Corporation, Royal Alliance and SagePoint Financial. Advisor Group is part of SunAmerica Financial Group, one of the largest life insurance and retirement services organizations in the country. Each of our broker-dealers has a unique brand, a unique culture, and talented leaders. Advisor Group allows us to leverage talents, strengths, and financial resources across the network to the benefit of our affiliated independent financial advisors and their clients. ICTB: When you take the weight of all of that, how many financial advisors are we talking about in total? BL: About 5,200 producing reps. ICTB: And your role within the organization is what? BL: First and foremost I head up Investment Advisory Services, which is our fee-based business. I am also responsible for the
sale and distribution of all products. That includes mutual funds, variable annuities, and alternatives. In addition, I head up our insurance agency business, and I‘m responsible for our training and education group. ICTB: How frequently do wholesalers reach out to you at the top of the organization? How often do you get inquiries or requests for assistance from them? How much do you invite that to happen? BL: Let me answer the second question first and say that I try not to invite that to happen that often. The reason is that I have a structure in the field of sales managers and business development managers who are on the ground and who can work directly with the wholesalers. In other words, if every wholesaler called me I’d be in a lot of trouble as I just wouldn’t have any time in the day, although the managers will funnel things up to me. However, when I’m out in the field conferences, regional meetings - I get a lot of inquiries. ICTB: You’re obviously very busy and there are only so many calls you can take in the course of a day, so who within the structure of Advisor Group should our readers connect with that could be good centers of influence to incorporate into their businesses?
BL: Most certainly our Business Developments Officers. While FSC, Royal Alliance and SagePoint Financial leverage back-office support, we also keep the three broker-dealers very separate. We have three presidents and we all report to Larry Roth, our CEO. Each of the broker-dealers has anywhere from three to four business development managers that work in the field, working directly with the OSJ’s and branch managers. They get down in the weeds and work with larger producers. You won’t see them pairing up one-on-one with individual reps as they work to the OSJ level, but they direct people in the field, along with our advisory services sales managers. ICTB: Your experience with wholesalers, I’m sure, has highlights and lowlights. BL: Yes. ICTB: Let’s talk for a moment on the positive side, the highlights. What are the attributes of wholesalers that make good headway when dealing with centers of influence at Advisor Group. What can help them move their message into the organization and assist your organization? BL: The first thing is to listen. Yes, you’re going to go in and talk about a product, and hopefully, some value-add to help that OSJ. continued on page 6… I CARRY THE BAG | SUMMER 2011 | 55
A COI’s Point of View Bruce Levitus continued from page 5… But when you go in, it’s really important to listen. Our OSJ’s love to talk, and they’re going to give you all kinds of information that’s going to help you understand the size of the business and the opportunity in front of you. To those business owners (because they own the business, they own the space where the reps are housed), it’s showing them that you’re not just coming to pitch product; rather you are somehow demonstrating what you did in the past to help a similar type of business manager reach a goal. The OSJ’s are going to ask for support, but they also realize they should be sending some business your way. What I don’t like is when my OSJ’s say, “I don’t allow wholesalers in.” I’m a former wholesaler myself. We don’t want that. We want to make sure that those that do get in are only making the promises they can keep so that the next wholesaler gets a fair crack at it as well, so it really all starts with credibility and listening. ICTB: What else is on the positive side of things that you are really enamored with from wholesalers that serve your organization? BL: Being able to translate your product and products are getting more complicated. Regulatory bodies are getting harder and harder to work with. So a wholesaler that understands how his product fits the needs of X advisor and their clients, and who can articulate it and then back it up. I frequently hear that wholesalers will do a client dinner or they’ll write a check. But will they speak at the client meeting? Will they help that advisor - who works for the big OSJ - close business so that the individual investor, the retail client, understands? You’ve got to teach that advisor how to position product. So the best things I hear are when the wholesalers showed up, did the meeting, and stood up there for 45 minutes really explaining how the product worked. They made it so that my advisor was able to just get the business closed.
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ICTB: Let’s flip it over to the other side, the less attractive side. What are some things for you, and the centers of influence in your organization, that demonstrate behaviors that wholesalers do that are getting off on the wrong foot, running down the wrong path, screaming into brick walls, etc.? BL: Getting off on the wrong foot - first, e-mail. Every day I have people who “drip” on me through e-mail. I don’t even respond to the e-mail from these “campaigns.” My feeling is: pick up the phone. I built a business as an advisor, managing $20 million back in the early ‘90s by cold calling. That’s hard now, but in our business, you’re still able to pick up the phone and call. E-mail is easy, but it’s cowardly. It’s a great way to send out a lot of stuff. But would you ask for an order via e-mail? Probably not. How about canceling an appointment with a producer via e-mail? I just had that with one of our third-party money managers the night before a meeting. At 2 o’clock in the morning the wholesaler sent the advisor an e-mail, “I’m not going to be able to take you to breakfast. We’ve tried to work with you before and I don’t have the time or T&E to spend.” The advisor showed up on Long Island for the breakfast; halfway through he read his Blackberry and realized he’d been cancelled on. That did damage all the way back to the senior management of that money manager, and the producer wasn’t even that large. But the wholesaler made a commitment and then cancelled via e-mail? That’s probably the worst one I’ve heard all year. ICTB: That’s pretty horrific. So, understanding when a phone call is appropriate and when an e-mail is the right vehicle for communication. Also being respectful of people’s time and understanding the protocols are critical, is that right? BL: Yes. One of the best things to say is, “How do you prefer to communicate?” Some people will tell you to send an e-mail. Others will now say text messaging.
ICTB: Anything else come to mind that is on the less attractive side of the wholesaling ledger? BL: Yes. Although most wholesalers don’t do it, the hardcore selling against or attacking your competitor. Just lead with your best, support the advisors, and be respectful of their time. ICTB: What would you say to wholesalers that don’t understand the value of adding close contacts with COI’s to their business? Sometimes wholesalers are reluctant to reach out to COI’s because it will result in a financial request. BL: Reach out because you’re going to gain access. When you get in our network, those centers of influence return the value, meaning very few will say, “Sponsor this before you can just come in.” For those, yes, you’ve got to question, “Do I buy the steak dinner before we’re clients or not?” However, that’s a personal and a business decision. My thought is that if a wholesaler can get in with one or two centers of influence that control several hundred advisors, it’s topdown versus bottom-up. You’re going to spend a lot more time, and you might end up spending more money, going bottom-up than top-down.
By Mary Anne Doggett
Are Most Of Your Assumptions About Internal Wholesalers Wrong? YOUR firm, you can’t possibly determine how much time to spend with this advisor. Are you getting chump change or a substantial portion of the book? Knowing that info can change your strategy. “Tell me about your business” is an important question for an internal to ask on an initial call. False: Before Google and LinkedIn that was a good question. Today’s advisors expect both internals and externals to know that information before they call. Asking questions about what’s NOT on the internet, such as how their business has changed, can help to more quickly identify what the advisor might need now.
You might not recognize the name John Stockton, but he’s a basketball legend. He holds the all time record for assists in the history of the NBA – 15,806 to be exact.
Here are some assumptions many internals have that impact the quality and frequency of their assists. How do you think your internal would answer these questions?
Great assists set up the shots that win the game. They require strategy, timing, and skill to know when (and if ) to pass the ball. If you played in the NBA between 1984 and 2003, you wanted John Stockton on your team.
TRUE OR FALSE: Advisors with significant AUM should be referred to the external ASAP. False: Sending you out just knowing AUM is like asking you to take a shot from half court. Masters of the assist find out about money in motion, how the advisor makes investment decisions, and what circumstances might prompt him to make changes.
If you’re a wholesaler, you want an internal that is a master of the assist. When your internal sets you up with an advisor, are they sending you in for a lay-up or a long three pointer? Do they know when to hold on to the ball? When to take the shot themselves?
It can be detrimental for an internal to ask about an advisor’s AUM. False: If they don’t ask and only operate from knowing the assets the advisor has with
The best way for an internal to end a call with an advisor is to set up a specific time to follow-up, or suggest a time for the external to visit. False: The best approach to closing is to ask the ADVISOR to take a specific action to move the sale forward. Otherwise, the advisor gets busy and on the follow-up call he says, “Oh yeah, I haven’t had time to think about it…” And you need to start all over again. The best internals get past the gatekeeper as quickly as possible. False: Using techniques to get past the gatekeeper is like trying to put one over on the referee. Occasionally it works. Savvy internals know that gatekeepers can provide prime info about the best approach to use with the advisor. Sure they screen out, but they can also screen in.
continued on page 16… I CARRY THE BAG | SUMMER 2011 | 77
6 Ways To Make Your Internal Wholesaler’s Travel In The Field Legendary When your internal partner gets the go ahead to travel for the first time with you in the territory, hopefully you are as excited as he is. You’re not!? Then you’re missing the point of this exercise. This is your biggest opportunity to get your partner not just to like working with you, but to think of you as a friend, a trusted alliance, and someone who is worth admiring. Too much pressure for you to handle? Just think about how he feels! Poor kid is probably shaking, although that could be from the excitement of getting out of the office and finally getting to attend the legendary steak and whiskey dinners you regale him with stories of. To help you maximize his loyalty to you and to your clients, making him the most valuable supporting player for your business, try to follow the guidelines below. In this example your internal’s name is Pat. 1. Make Day One A Planned Lay-Up: Before tossing Pat to the wolves (Day 2), make a stop at a small but friendly office, preferably one that takes his calls. Ten days in advance of the trip have him make appointments for one-on-ones at offices you have designated. After this lay-up set of meetings, and a taste of Pat surprisingly being able to hold his own (internals do have MUCH more up-to-date information than your weekly packet contains), take an
advisor he likes out for cocktails. A relaxed happy hour will give you, the FA, and Pat a chance to have a good time. You might be amazed, but two drinks in and your partner’s global economic outlook, along with a dash of company Kool-Aid, may start flowing. He might even position a product. If you picked the right FA, then even if it’s not a great pitch, the confidence booster for Pat and the chuckle he provides for your client will likely yield positive results. 2. Make Night One About Bonding And Strategy, And Getting A Little Drunk Together: Pick a top Tier 2 Steakhouse, and go out - just the two of you. Get drinks at the bar, and start talking about business and strategy. Surreptitiously change the discussion topics to Pat’s social life, friends on the desk, where the two overlap, etc. Once you’re seated, start sharing some stories from your glory days on the desk. Were you the 1990’s internal wholesaling Errol Flynn? Stories of your degenerate (stop kidding yourself ) youth, Work Hard - Play Hard attitude, and ultimate success, can only serve to reinforce two things: A) If your internal is all work and no play, he is missing out on the best part of this industry, and he is likely to lose his mind. B) As long as he shows up, gives 100% and can drive sales with you, then the rest is
just a waiting game. A dinner just like this, at Rothman’s in New York, solidified my undying allegiance to my first external. I did chastise him for talking to me while at the urinal, only to discover he was on the phone saying goodnight to his kids that were off to bed. It’s a joke between us to this day. 3. Day Two And It’s Game On: Feel free to lay it on him! After breakfast together, hopefully one that cures all remnants of the previous night’s mild excesses, it is time to hit the road, HARD. Make sure your partner gets some solid face time with the advisors that you do business with, especially if they don’t take his calls. Make Pat an integral part of your lunch meetings. Assuming he has the drive to “carry the bag” one day, a sentence or two at a scripted interval will give him credibility and experience. 4. Face Time With A Stop-Loss: When you’re at the one-on-ones with the corner office teams, let Pat give the advisors an update on the funds they use. His story will be the freshest version, since internals get updates daily. Let him answer the advisor’s questions, or at least give him rights of first refusal. Over the aforementioned breakfast, devise a set of hand signals for him to use with you, like the ones you have continued on page 19…
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By Christian Gabrielsen
Legends, Thoroughbreds, and Mules In 1987 I became a professional salesman for the first time. You could argue I was always in sales, because bartending through college took good storytelling, waiting on tables in the summers took convincing, and closing was needed to land jobs painting houses and digging ditches.
run. A mule wholesaler prefers to stay put with what they know. They believe they are the sole expert on every topic. They see less people. Indeed, they see the same people over and over. The mule wholesaler blames everybody else, and of course their product, when their territory isn’t producing.
Twenty-something years later, I have hired, fired, promoted, motivated, and partnered with scores of financial service representatives, known in our field as wholesalers. Together we have raised billions and made millions.
As a manager, my teams have sold variable annuities, mutual funds, separately managed accounts, REIT’s, and Reg D private placements. Regardless of the product— which I believe has absolutely nothing to do with what makes a great wholesaler— the traits of the top wholesalers remain consistent. The most common denominator, without exception, includes a positive attitude.
In the world where I live it is pretty simple: there are wholesalers who are thoroughbreds and those who are mules. Thoroughbreds want to get better, yearn to learn, and thrive on winning. They are emotional creatures and will run like the wind if you just let them—and they trust you have them on the right track. It is in the nature of a thoroughbred to want to run. In other words, these studs live to see more people, tell a great story, and reveal all the plusses and minuses of an investment, and they are honest when their particular product cannot fill the client’s needs. Mules, on the other hand, need to be whipped if not kicked. They don’t want to
We keep score on Wall Street. There are clear winners and losers. We measure everything from how many people we see to how many prospectuses we give out. Yet, in the beginning and in the end, the facts are the facts, and the only numbers that differentiate a legendary wholesaler from a pretender are the dollars raised. At least most of the time. For example, I have worked with a legendary wholesaler who has a photographic memory. He can repeat verbatim an article from yesterday’s WSJ that pertains to his
investment story. That’s nice, but it’s not what makes this wholesaler unparalleled. No, he uses that steel trap mind of his to remember every single person’s name. Not just to impress people at public seminars, but to use his gift to treat everybody like a long lost friend, including the valet who parked our car and the receptionist he hasn’t seen in a year. Any wholesaler can remember the name of the top producer in an office, but who knows the names of the grandkids of the guy who runs the mailroom? He does. And who wouldn’t want to work with the most thoughtful guy in the business? No one would turn down that chance! Another wholesaler I have worked with has been growing brokers’ businesses since the late 90’s. Not just expanding his territory, but the industry in general. This wholesaler considers himself a marketer instead of a merchandiser. Coming up with ingenious plans to add new net assets matters more to him than what the competitor’s product features are. He takes the high road in everything he does and has been rewarded in multiple investment categories on both coasts. When I was a wholesaler in New York City, before the turn of the century, I took a territory from worst to first ($7M to $90M) continued on page 16… I CARRY THE BAG | SUMMER 2011 | 99
The World According to GROK By Paul Bednar In the finance world, our story is about the numbers. Activity leads to appointments, and the more appointments, the more sales. As Don Corleone said, “This is the business we have chosen.” But there is another f-word in business and it’s called fighting fat – raking in $56 billion dollars annually! Here are more numbers to peruse. I live in the sixth fattest city in the country. It ranks fifth in people avoiding exercise and fourth in obesity. Its major claims to fame are its BBQ and the steak named after it. The odds of more than ten people listening to a fitness guru named Mark Sisson on a Saturday from 9 am to 3 pm when the forecast called for sunshine and 75 degrees were easily 40-1, a long shot at best! Except those weren’t the actual odds. In fact 40 was the number of attendees to Sisson’s event, which I attended. Part of being committed to my own well-being is making sure that I keep current with new information and new approaches to physical health. What I learned blows the roof off the conventional wisdom about exercise and the “standard American diet.” Let me give you some examples: 1. 30 minutes of vigorous exercise 3 times per week minimum is good for you (not true) 2. Whole grains should be the staple of your diet (not true) 3. Saturated animal fat contributes to heart disease (not true)
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Who hasn’t believed that if they followed just these three guidelines they would lose weight and become a healthy being? I sure did! I have competed in triathlons over the past 25 years and thought that following the standard American diet was the best way to become supremely fit. I have log books with swim workouts, interval training, cycling routes, and tapering schedules coupled with everything I ate for fourteen days prior to my races. Here’s where we’re wrong! The father of “Grok,” Mark Sisson, has researched the why behind the myths. In fact, he has lived by these guidelines. Thirty minutes of vigorous exercise teaches your body to burn glucose and glycogen. If you’re looking to lose weight, that won’t happen because you’re teaching your body to burn sugar. Whole grains may be the worst! They’re anti-nutrients and the protein is substandard. An excess consumption of grain-based carbohydrates leads to obesity. So, go ahead and eat the chicken with skin or the BLT, just hold the bread. Also, according to the Framingham study there is no link between saturated animal fat and heart disease. 21: That’s a number relevant to everyone. My calendar is booked a minimum of 21 days in advance. Who doesn’t remember their 21st birthday? (A few of us I’m sure!) But 21 is also the number of days you’re going to track your meals. For the next three weeks, follow these 4 steps and build your own legend about how you created a new sense of well-being. 1. Avoid all grains (wheat, rice, corn, bread, pasta, cereal, etc.) 2. Walk instead of run. Go for a brisk walk or a
long hike. Aim for 3 to 5 hours of walking per week. The key is to slow down! 3. Finally, eat more steak, fish, and chicken (with skin). 4. Track your progress – write down your meals and your exercise daily, and record your weight weekly. Along with three members of my family and two friends, I put these steps to the test. What makes this approach different? The plan is geared toward down-regulating the glucoseburning genes (achieved through high levels of aerobic exercise; they burn mostly sugar and little body fat) and up-regulating the fat-burning genes (achieved through your eating style and very low level activity to become a fat burning machine around the clock). Debunk the mythology around fitness and make tomorrow Day 1. Share your experience with me in 21 days. (As always, get your doctor’s approval before you try anything new with exercise or diet.) Please refer to www.marksdailyapple.com for more information about the science behind these mythbusters and get training ideas at my blog: 2ndwindwealth.blogspot.com.
Paul Bednar is President of 2ndWindWealth, an Independent Team BeachBody Coaching company. Email him at 2ndwindwealth@beachbodycoach.com
By Mary Allen, CPCC, MCC
No, You Can’t Have a Perfectly Balanced Life 2. Build in flexibility. Is there room for LOTS of variation in your ideal vision of the perfectly balanced life? Remember, life is dynamic. How can you make room for life to happen while still enjoying higher levels of satisfaction in each area of your life? That’s the key. This means allocating time for workouts, date nights, and down time without overbooking yourself to the point of exhaustion and burn out.
People fantasize about having a perfect life. That means a thriving business, overflowing bank accounts, fulfilling relationships, stellar health, a happy family and plenty of time for relaxation. In a word, they want BALANCE. They want it all. And, they want it now. How about you? All this motivates busy people, like you, to finally hire a professional life coach like me. However, since this issue of I Carry the Bag is all about Myths, Legends and Folktales, let’s get real. While “balance” and “the perfect life” are worthy aspirations, unfortunately they only exist for moments – if at all. The optimist in me cringes when I say this, but, it’s honest. Perfection doesn’t exist. Period. In fact, being obsessed with these ideals can actually cause more harm than good. Why? Most people already beat themselves up for not having greater balance in their lives. Let’s face it, there are far more ways for life to be imperfect than “perfect.” If you’re constantly striving for an unobtainable ideal, you may become stressed or depressed because it’s a no-win situation! Of course, it IS totally possible to up-level each area of your life. And, that I highly recommend. I’ve coached countless clients to a closer ideal of the perfect life. That means quadrupling income, becoming more fit, sharing in more “date nights” and creating countless magic moments with their children. Of course, not all my clients are as committed to these types of results, but the ones who are committed to them enjoy tremendous fulfillment! Let’s keep in mind that life is dynamic. It’s always shifting and changing. A child gets sick. You lose an important client. Your significant other becomes needier. Your energy dips. Alternatively, waves of goodness can throw life out of balance. You land a huge client, demanding more time. You win a trip to the Caribbean! You get engaged. Your family has twins. You receive a large inheritance! Having the skill, wisdom, and mindset to navigate all the ups and downs is what ultimately creates a fulfilling life.
3. Focus on ONE area at a time. The path to balance starts by optimizing one area, then working on the next. Then, the next. Then, the next. Concentrated focus soon turns into a solid set of new habits which pay dividends in fulfillment.
Take a moment and notice how life is constantly giving you an assortment of highs and lows. How do they affect you? More importantly, how are you finessing each one to add to your quality of life? Since balance and the perfect life aren’t achievable, per se, does this means you should simply surrender to your oh-so-out-of-whack life? Absolutely not! There is a lot you can do to aim for balance without chastising yourself and wasting valuable energy in phantom pursuit. Here are a few tips: 1. Get clear. What is your vision of balance? Most haven’t given adequate thought to what a perfect life could look like, so they never even get started. Just because there is no such thing as the perfectly balanced life, it doesn’t mean we should rest on our laurels. Suggestion: spend some time pondering this first question. Then, write down the key elements of your vision. Remember, it’s not about obtaining balance, but progressing toward it.
4. Get support. The definition of insanity is doing the same thing over and over again, but expecting a different result. If you’re not sure HOW to up-level an area in life, reach out to a friend, enlist your significant other, or hire a life coach. Find someone who has seemingly mastered the area of life you most want to improve upon, and take one step at a time. When you know a higher standard is achievable, it’s easier to make it a priority. While we’re giving up on the fantasy of the perfectly balanced life, I hope you are not giving up on your potential for an even more fulfilling life. My guess is you haven’t pushed the edges of what’s possible yet. Why wait? Get started today. You deserve better. Mary Allen, CPCC, MCC is one of the most wellknown life coaches worldwide, helping clients enjoy greater success with inner peace in all areas of life. For over 12 years, her clientele have included busy professionals, and even a couple of billionaires. She is author of the acclaimed book The Power of Inner Choice: 12 Weeks to Living a Life YOU Love. She leads The Inner Peace Immersion Retreat annually. Receive 26 Inner Peace Tips & 2 Free Chapters from her book at www.lifecoachmary.com
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So Your Firm is Giving Yo If you just got an iPad, or decided to give iPads to your sales team, you are not alone. In the past few months JPMorgan, Dreyfus, The Hartford, and John Hancock, among others, have all rolled out iPads to their sales teams. If you are not one of the lucky ones to already have the gadget, you probably will not have to wait long. According to a survey by Ignites, 36% of respondents yet to receive an iPad said their firm is planning to give them one soon. Most people agree that iPads provide substantial benefits to a firm’s sales force, and asset managers are developing the content and functionality they think will best arm wholesalers for success. At kasina, we have been working with asset management firms to plan their iPad rollouts, creating strategy roadmaps to address cross-functional governance, security and connectivity, prioritization of content development, and training initiatives. We also understand wholesaler needs, what advisors value about wholesalers, and how wholesalers use technology. In this article we outline steps wholesalers should take to make the iPad an effective tool: • Help Your Organization to Define How You Want to Use the Device • Make Sure Your Organization is Developing the Content and Functionality You Need • Prepare Yourself to be a Productive iPad User Help Your Organization to Define How You Want to Use the Device One of the crucial components of teeing up the iPad rollout for success is involving all of the key firm stakeholders in strategy development and implementation. However, too often firms develop their mobile strategy siloed from Sales. The fact that Sales is only involved with
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strategic development at 38% of firms and implementation at 13% of firms is a recipe for suboptimization, if not outright failure. At most firms wholesalers are the key internal stakeholders who will be using the iPad on a day-to-day basis. Therefore, if your firm is contemplating an iPad roll out, the success depends on you and your colleagues. If you have not had the opportunity to provide feedback with the type of content and functionality you want, the chances are the iPad will not be configured to optimally serve your needs. If you are not being involved in the development process, talk to your Sales Manager. What might this conversation sound like? How about going to your supervisor and mentioning something to this effect: “I have given some thought to how the iPad could help me and better serve our clients. The three capabilities that I would find most important as we plan development initiatives are: (a) integration among CRM, my calendar, and e-mail, (b) a content management platform to access marketing material, and (c) a portfolio modeling app. Not only would this functionality allow me to increase my efficiency and hit it off with my clients, but I also think I could ramp up sales productivity by 10-20%.” Carrying forth a thoughtful recommended solution – and one that impacts the bottom line– is apt to bear more fruit than begging for a new toy. Make Sure Your Organization is Developing the Content and Functionality You Need Firms arming wholesalers with the iPad are developing and prioritizing the content which they feel will have the biggest return on investment (ROI). Our philosophy for asset managers is to focus on two components when
ideating apps and developing content for the iPad: • Increase effectiveness of wholesalers • Project a better brand experience for advisors Firms are providing the iPad to wholesalers because there is clear value in improving the tools wholesalers have at their disposal. This includes improving their productivity and giving them more “wow” factor with advisors. According to kasina’s research, on average wholesalers are spending 57% of their time selling to and servicing clients. The dilemma for firms is how to maximize time spent selling and servicing while ensuring that necessary administrative functions get accomplished. To combat this predicament, firms see the iPad as a productivity platform to help integrate administrative activities such as activity logging, sales reporting, and real-time updating of broker contact information. It can even be used to eliminate double-entry in e-mail and CRM, as well as integrating a calendar with Outlook. The “always on” nature of iPads also make them great tools to fill those 5-10 minute gaps in a day, compared to booting up and logging on to a laptop. Firms are also leveraging the iPad to provide a differentiated brand experience to advisors. By creating a centralized location for marketing materials, firms are improving the ability to focus advisor conversations using existing marketing collateral and reducing the amount of collateral that wholesalers carry with them. Useful libraries for marketing material not only let wholesalers access up-to-date marketing content, but they are searchable, provide education on how to use content, and contain the functionality to e-mail, order, or share materials with clients.
ou an iPad–Now What? By Jesse Mark and Eric Daugherty, kasina
Prepare Yourself to be a Productive iPad User To fully leverage the capabilities of your iPad, or the iPad you are planning to get, we recommend that you: 1. Review policies and procedures. Firms that give wholesalers iPads generally have policies in place to safeguard the firm’s internal and external data, as well as to outline acceptable use. Users should review this agreement to make sure they are in compliance with security standards, and they should understand the steps to take if the device gets lost or stolen. 2. Attend training workshops. For the technology savvy wholesaler, the rollout of the iPad will be a welcome addition. Unsurprisingly, many wholesalers have already bought the iPad and use it at home (or in some cases on the road but unsupported by the firm). For others, the iPad may be an intimidating device. Attend any training workshops that your firm organizes to demonstrate best practices to make the iPad an effective resource. If your firm does not have any training workshops, encourage your firm to add some. 3. Turn the iPad into your new laptop. The purpose of the iPad is to replace, not augment, your laptop. Instead of lugging both around, spend a day with just your iPad
and replace everything you usually do on your laptop with your iPad instead. This will allow you to see what you can and cannot do on your iPad, or maybe do not yet know how to do. Make and share with your Manager a list of the things you do not know how to do or cannot do. 4. Join or start a user group. Most likely you are not the only one who cannot get his or her head around some of the functionality. Join or start a user group at the firm to discuss some of these things. Have a working lunch with other wholesalers at the firm and share experiences. If you do not have time, check out an online user forum like Apple Discussions (http://discussions.apple.com/ index.jspa) 5. Provide feedback to the firm. Circle back with your Manager and the project manager for the iPad with the list of functionality you would like incorporated into your firm’s content development efforts. Also, express whether you think further training or support is necessary. Whether your iPad becomes an indispensible tool is largely determined by how your organization supports the decision to roll out the device and the resources you take advantage of. Your firm is probably developing
content and functionality where it sees the biggest ROI. As the employee in the field, you will be the one using the iPad on a daily basis. Make sure you are involved in the strategic development and implementation efforts by discussing the crucial content and functionality you need. You also need to “get smart” about the iPad so you know best practices and how to truly make it a valuable resource. If you don’t, you may find that cool device is underutilized.
Eric Daugherty Principal and Director of Research at kasina, Eric Daugherty is charged with driving the research agenda and providing thought leadership. Prior to kasina, he spent ten years at the Vanguard Group, most recently as Principal leading their Retail Advice Services Group. Jesse Mark Research Analyst at kasina, Jesse Mark supports the firm’s primary and secondary research initiatives and report writing. Prior to joining kasina, Jesse spent several years at NERA Economic Consulting where he performed economic analysis for subprime and credit crisis-related litigation. Jesse graduated from Tufts University with a degree in Quantitative Economics.
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with Jeff Duckworth
Jeff Duckworth is the President of Distribution for John Hancock Mutual Funds. the biggest differences are between wholesaling then and wholesaling now? JD: The biggest difference is that we did not have the technology back then to aid the wholesaler. I think back when I first started to wholesale you only used a cell phone when you absolutely had to because the cost was unbearable. We didn’t have laptops. We didn’t have LCD projectors. Everything was done on a flipchart, on the back of a napkin, a notepad, or using the literature that you had in your bag.
ICTB: Jeff, you carried the bag. How long ago and for whom?
Also, we had very large territories, so you had to be very careful and very selective about where you went and who you spent your time with. Today you’ve got technology to help you out. Plus, you have a tighter territory. Technology helps you in a million different ways, whether it is through the use of the cell phone, the Blackberry, or now the iPad.
Jeff Duckworth: I started wholesaling in 1993 for Wood Logan Associates, which eventually became John Hancock Annuities. We were the distributor for the Venture Variable Annuity. After wholesaling for them for a number of years, I started a wholesaling company in Nashville, Tennessee for J.C. Bradford & Co. I returned to Wood Logan/John Hancock after J.C. Bradford was sold to Paine Webber.
ICTB: When you think about the similarities, there are some time-tested things about wholesaling that we’d agree will always remain consistent. However, I’d love to hear you articulate your viewpoint, even though technologies have changed, cell phones are affordable, and iPads have now hit the scene, about things that are fundamentally unchanged. What are those things in your opinion?
ICTB: What channels did you serve when you were wholesaling?
JD: It’s actually several things. Maybe the best way I can answer this is to talk about what I think really makes a successful wholesaler, because I don’t think it’s any different today than it was back then.
JD: Back then we were not channelized, so I really had everything, wirehouse, independent financial planner, and regional firms. When you look at the early to mid-90’s, it was really pretty much a wirehouse and regional broker-dealer game. ICTB: When you think about your experience in the early to mid-90’s versus the challenges and opportunities that your team faces today, what do you think
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It’s drive. It’s focus. It’s having what I call the “it” factor. And what I mean by the “it” factor is that it’s not having to have a sales manager to get you up out of bed to go – great wholesalers want to win every single day. Ultimately you’ve got to have wholesalers who want to do one thing, and that’s to be at the top of the sales report
and want to win. To do that, you’ve got to relate to people. You’ve got to be able to sell. You have to ask for the order. You have to expect results. No matter how good the technology is, you still have to have the fundamentals: drive, work ethic, relationship-building skills, listening skills, and knowing when and how to pivot and close. Technology is an important part of the game now, but it has not changed any of the fundamentals - I don’t think it ever will. ICTB: How many wholesalers are in your organization in total? JD: We have 81 retail wholesalers. If you include our specialties like DCIO, separate accounts, 529, and institutional sales, it’s right at 100 salespeople. ICTB: As part of your distribution plan, as part of the infrastructure, are you employing hybrids? JD: The one place we employ hybrids is in our 529 business. We have six specialists solely devoted to college savings. They’re all headquartered here in Boston. They work the phones probably 90 percent of the time, and they spend about 10 percent of their time out in the field following up on leads and helping drive sales. They are mirrored up to external wholesalers and are helping to drive the 529 business. They do have specific geographies they can go into, but we find most of their time is spent on the phone as opposed to in the field, although they have that option. ICTB: As the leader of a very large distributor, do you have a take on the evolution of hybrids? JD: We don’t. We’ve researched it. It goes back to when you asked what I thought
made a successful wholesaler, and we still believe at the end of the day that you need consistent face-to-face contact. And we do not have a plan to move towards a hybrid model. We’ve done a tremendous job growing our market share over the last five years, and I think we’ve done that because we were out toe-to-toe, knee-to-knee, faceto-face with advisors. We’re not prepared to make a move off of that at this point. ICTB: The media is giving attention to how technology influences financial advisors and influences the way financial advisors touch the end public customer. Tell me a little bit about how technology is influencing the delivery of product from a distributor’s chair. JD: Use of technology has become very important and that will continue to expand. Here are just a few examples. First, we just launched iPads to all our wholesalers. From that perspective, you can get information to advisors so much faster when a wholesaler is using the iPad in a meeting. We think that can ultimately help leverage the wholesaler’s time better. Second, advisors today are going to the websites and getting information on their own, whereas 10 years ago you just didn’t see that. The advisor is much more educated today and your technology has to keep up with that to make sure that you’re giving them the information that they need. Third, even beyond the technology that you have through a computer, we’re using technology to touch advisors. For instance, we do an event at least once a year called Market Pulse. Market Pulse allows us to have many different touches with an advisor, but it really stems off of the main event. It is a live broadcast that’s done out of a TV studio where we put anywhere from 1,000 to 1,200 advisors at various restaurants around the country. We use satellite technology while a panel of portfolio managers have a roundtable discussion live as our guests are eating dinner and submitting questions to the panel. You could not have done these broadcasts10 years ago. I don’t know if the technology existed; if it did, it would have
been too expensive to use. ICTB: Does your firm have a stated position about social media; that is to say, specifically for our business i.e. the “suitand-tie” LinkedIn network? Since you seem to be technologically forward-thinking, is there a position that the firm has taken on using those technologies? JD: It’s funny you asked that because we are using some very cutting-edge technology to help drive our sales. At the same time, in some areas we’re still very conservative, taking a longer time to make a move. And when it comes to social media, this happens to be one of them. We are in the process of working with a consultant to help us come up with a social media plan for John Hancock Funds. Ultimately we will come out of that and have a plan where, at a minimum, our wholesalers will have a page on LinkedIn that is devoted to John Hancock Funds. As far as Facebook goes, we have a Facebook page but it’s not interactive. When I say not interactive, we can’t chat with people. We basically have a page where people can find us, but that’s where it stops. And we’re not presently on Twitter. ICTB: In your opinion, what’s the hardest part about managing wholesalers? JD: There are a few things. Number one is making sure all 100 of our wholesalers are on the same page and all sharing the same core message in every meeting. This has been a key initiative that we continue to spend a great deal of time on. We don’t want robots. We’re not asking our wholesalers to use the exact same words and the same style, but at the end of the day their core message should not deviate from one to the other. The only time you really deviate from that is when you get into a specific fund and a specific story that fits that particular conversation. Number two: With a large sales force, you’re going to have 30 to 40 percent of them that are self-drivers and always want to win. It’s that other 60 to 70 percent – what do you do to make them want to be at the top of the page every day and keep them
motivated to do so, so they don’t get lazy? That’s always a challenge. ICTB: Who is your mentor(s) in this business? JD: I’m going to give you two. The first was one of the 5 original Wood Logan wholesalers, Bob Allphin. Bob is the person that hired me into this business in 1993. What really got me about Bob was that he was, without a doubt, the best public presenter I’ve ever seen in this business, so I wanted to emulate him. He made me raise the bar every single day, especially when I saw how well he could present, sell, and close. He would get in front of an audience, put them in the palms of his hands, and do whatever he wanted to with that audience. He had a special talent and trying to emulate him made me better. The second would be Bob Cassato. For more than 20 years Bob served as head of distribution for Wood Logan/John Hancock Annuities. Leading by example, Bob taught me the most valuable lessons in this business: never expect anyone to do what you are not willing to do yourself; wholesalers drive the organization’s success; show your leadership the most when times are hard; be honest with yourself and everyone you meet; and no matter how high in the organization you go, it’s okay to think like a wholesaler. I think the greatest compliment I could ever get is if someone said, “He reminds me of Bob Cassato.” I’m still working on that one! ICTB: As you mentor the next wave of great wholesalers at your firm, what is the best piece of advice you can give them that is born out of your experience? JD: Work harder and smarter than your competition. Don’t be scared to succeed. Be willing to take calculated risks. Don’t listen to the noise around you (example: negative wholesalers) and focus on what you can control. Do what you say you’re going to do. Don’t take yourself too seriously. From someone who has been married 17 years and in this business that entire time, make sure you find balance! Finally, find your own “Bob Cassato” and wake up every day with a mission to be better than him or her.
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Are Most of Your Assumptions About Internal Wholesalers Wrong? continued from page 7… Voicemail is the most effective drip technique. False: Many advisors listen only to the first couple of seconds of a voice mail. Product pitches via voicemail often get a quick delete. More than two voicemails on the same topic is too many. It’s important to drip, but internals need to use a variety of advisor touches.
Legends, Thoroughbreds, and Mules continued from page 9…
The best internals communicate with their wholesalers several times a day. False: The best wholesaling teams establish a process for exchanging information. Internals who transact all day are far less effective than those who set specific times to communicate and block off ‘do not call unless it is an emergency’ times when they focus on making sales calls.
by seeing more people than anyone (6,600 faceto-face meetings in one year). But what boosted my reputation was the fact that I never stopped for lunch unless it was with a financial advisor. New hires that traveled with me were told to pack food because, “Gabe never stops.” I loved hearing that!
Face-to-face appointments are always more effective than phone appointments. False: Face-to-face appointments have much more impact if you can set an objective based on how the advisor does business, what they look for in a wholesaler, and what information they’d like to discuss. Savvy internals set up a phone appointment in advance and gather the info that can help make your visit more effective OR give you the head’s up when a visit would be a waste of your time.
I have been very lucky in my career to work alongside some of the sharpest salespeople in America. There is no doubt I learned more from them than they from me. These superstars instilled in me a desire to keep improving. They continue to remind me on a daily basis that playing as a team not only works better, but it is also a lot more fun. Altruistic humility is the bonus and differentiating factor that remains the hardest to achieve.
Wirehouse brokers will only give internals a couple of minutes, so they need to pitch them fast. False: If a fast pitch happens to work, your internal may have a future as a telemarketer, but not as a wholesaler. The number one thing that prompts a wirehouse advisor to say ‘gotta jump’ is a product pitch. Great internals craft powerful openings and questions that relate to how the advisor does business.
If I didn’t mention you here, you know who you are. If you don’t, just look in the mirror and ask yourself if you are willing to get better. If you are, you may be a thoroughbred. If you then do something to make yourself better, you are definitely a winner on your way to being legendary. The alternative, of course, is being an ass.
Christian “Gabe” Gabrielsen is currently EVP, National Sales Manager, at Thompson National Properties (TNP), an international real estate advisory company specializing in the creation and management of real estate investment funds. Prior to working at TNP, Gabe was National Sales Manager at Knight Capital, Lincoln Financial, and Senior Vice President of Sales at AXA Financial. He holds Series 6, 7, 24, 26, and 63 licenses. He is also a freelance writer, father of two, and lacrosse player.
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The more advisors an internals calls, the better their chances are to succeed. False: This assumption also belongs in the telemarketing business. Strategic targeting is the make or break skill today; it should be used to identify the advisors most likely to buy. That doesn’t mean internals should make only a handful of calls, but if they are still dialing randomly without a strategy, don’t be surprised if their success rate is dismal.
Mary Anne is the founder of Interactive Communications, a highly specialized and well-regarded strategic sales consulting and training firm. Since 1994 she has helped top financial services firms improve their distribution capabilities and sales effectiveness. She began her career in Behavioral Psychology and spent 13 years with Citigroup. She pioneered Citi’s telephone sales business and was the Director of Sales for the NY Bank. She is the author of Reinventing Distribution and The Quick and Essential Wholesaler Handbook. Mary Anne has a BA from the University of Vermont and an MBA from NYU’s Stern School of Business. mdoggett@interactive-com.com. 212-223-8339
By Miles Healy
Marketing to RIA’s: It’s Just Like The B/D Channel, Right? For years asset management firms have been trying to solve the “RIA” marketing puzzle. Over the past 17 years of my career, I have seen the same mistakes made over and over by some of the largest and most successful asset managers in the industry. They see what works for the core of their business, broker dealers, and try to force that strategy to work with RIA’s. It never works. Every RIA firm is unique and different in many ways, which is why it is difficult to take any cookie cutter approach in this channel. Most RIA’s have started their careers with a BD and made the choice to become fully independent due to the frustrations of working for a large corporate machine. They want to run a business that is free from any conflicts of interest, has the ability to be unbiased, and strives to do the right thing for their clients and not the company’s balance sheet. This line of thinking extends to how they choose their investments and interact with wholesalers.
Anyone new to the space should become familiar with the ins and outs of running an RIA practice. Understanding the major differences between RIA’s and BD reps is critical. Each practice is usually self-sufficient and has to have all the major components of a financial firm: Compliance, Technology, Research, Customer Service, and Business Development. In smaller firms, the principles can wear many if not all of these hats, and as they grow, they either build out these groups internally or outsource them. All good RIA wholesalers will build not only their knowledge of these firm components, but also the service providers that support them. This could include custodians, research providers, investment platforms, and technology providers. The more you know about how their business works, the better you can position yourself as a critical key to their success.
Here are three critical concepts that can help you in your interactions with RIA’s.
Since every RIA firm is unique and different, discovery is one of, if not the most critical parts of the sales process. You should view discovery in three distinct phases: pre-
• Know The Industry, Know Your Audience
• Discovery, Discovery, Discovery
meeting, in-meeting, and post-meeting. Never go in to a meeting with an RIA firm without doing some up-front discovery. Most firms have a public website where you can get a good idea as to how the firm is set up, who some of their partners are, and their function in the practice. Come prepared to ask questions about their business to find out critical information such as the company investment philosophy and process, how they make their investment decisions and build their portfolios, and who is involved in that process. Don’t be afraid to spend most of your first meeting asking questions and taking notes. Post-meeting, take all the information you have gathered and catalogue it in a way to help you share it with your internal partner. It is also important to review your notes as part of your meeting prep the next time you are in front of this firm. It will save you time in the sales process and help you get in front of the decision makers with the right strategies. In follow-up meetings, having advisors repeat anything they shared in your original conversation is the quickest way to lose credibility and your invitation to come back. continued on page 19… I CARRY THE BAG | SUMMER 2011 1| 717
By Ivy Naistadt
GREAT SPEAKERS NEVER GET NERVOUS 3. The Adrenalizer (When: Just before the event) Sometimes referred to as the Fight or Flight Syndrome, this manifestation means not necessarily that something is wrong with you, although it sure might look and feel like it, but that adrenaline is seizing control of you. Like an athlete gearing up for a race, it’s common to feel extra energy as you build momentum towards an event.
“I’m an experienced business person; I’m not supposed to be nervous. There must be something wrong with me.” If you’ve said this to yourself, guess what - you are not alone! As a matter of fact, 90% of people I work with, including CEO’s, Presidents and VP’s of companies, tell me they feel nervous speaking at different times for different reasons. It’s a total myth that because you are a competent professional in your area of expertise, there’s something wrong with you if you get nervous before a presentation or speaking event. The question to consider is, “Is it a pesky yet manageable annoyance, or does it interfere with my ability to speak and perform effectively?” Another question you might be asking yourself is, “What can I do about it?” A great place to get started is to identify your Nervousness Profile. Over the years, I have discovered that people who get nervous about speaking in front of groups fall into four general types, categorized by when they start getting jittery. These profiles, outlined in depth in Speak Without Fear, came to light after working with thousands of people in my speaking programs, and also personally dealing with performance jitters as a professional actress. I can remember standing backstage waiting to go on as an understudy for the starring role in an Off Broadway show and feeling my heart racing as I tried to steady myself to prepare for one of the most challenging evenings of my life. Without any formal rehearsal, I was thrust on stage to perform before a packed house. As the orchestra began to play
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and I braced myself to make my entrance, I honestly wasn’t sure I could pull it off. In the end, I prevailed. All that I learned up until that point came into play that evening and even resulted with a surprising standing ovation. Later, I met successful business professionals in my speaking programs who thought they weren’t supposed to be nervous and that they should just “tough it out,” but they still displayed signs of the jitters. I encouraged them to explore the root cause of their fears and to learn solid techniques to address them head on. One of the pleasures of my business is the continuous feedback I receive from people who are breaking through fears and experiencing newfound speaking confidence. What’s Your Nervousness Profile? Here are the four types at a glance: 1. The Avoider. (When: At the mere suggestion of a public speaking situation) Avoiders experience the highest degree of anxiety at the prospect of public speaking because they will move heaven and earth to stay out of the spotlight, no matter how this may damage them personally or professionally. 2. The Anticipator (When: From the moment the speaking event is scheduled) Otherwise known as the “worrier,” the Anticipator takes the Boy Scout motto of “Be Prepared” to a whole new level. Whether their skill level is high or low, they are consumed with every aspect of their upcoming speaking engagement or presentation; this extends right up to, during, and sometimes even after the event itself.
4.The Improviser (When: During the actual event) Improvisers like to “wing it.” They tend to think, “Hey, Robin Williams just gets up and does it; so can I!” Well, Robin Williams is a professional comedian and I can assure you that he tries out all of his material ahead of time. Improvising, or winging it, foments an anxiety that keeps building the more you improvise until, in some cases, your nervousness type shifts from the Improviser column to the Avoider column. Remedies for all types vary. For example, Improvisors generally need to place more focus on preparation and rehearsal (a little goes a long way!), whereas Anticipators tend to over-prepare and benefit from stepping back and trusting they will do a good job when it’s time. Now that we have dispelled the myth, remember that, as in life, if you know where to place your attention, you can take charge of the situation and command the stage!
Ivy Naistadt is known worldwide as an expert in helping clients reach their professional communication potential. As the author of the highly acclaimed book, Speak Without Fear (Harper Collins), nationally recognized speech coach and speaker, Ivy has helped business professionals and others deliver successful public presentations for over 20 years. Her diverse client list includes such leading organizations as IBM, Pitney Bowes, The New York Times, Merrill Lynch and Princeton University. She is frequently interviewed on radio and television, and has been featured in numerous publications including, The New York Times, USA Today and The Daily News. To learn more about working with Ivy or to hear a sample of her new audio book, go to:www.JoinTheIvyLeague.com, or email: Ivy@ jointheivyleague.com.
Marketing To RIA’s: It’s Just Like The B/D Channel, Right? continued from page 17… • Add Value Beyond Product You never want to be known as “another product guy” when you build a relationship with RIA’s. Come to the table with ideas that are not always related to product. Talk about practice management and business development ideas. RIA’s are hungry for information and often don’t have access to the resources of a larger BD. Share your company’s resources and white papers with them. Bring analysts and specialists to their offices, deepen the discussion and share information without focusing on product. Product conversations should come naturally from this process. Strategic partnerships can be helpful when it comes to the additional value that you offer. Find resources that you can bring to the table that will help your clients become better advisors and grow their businesses. This could be a marketing, technology, legal or practice development consultant that you introduce to your advisors, or you could do meetings in tandem with these specialists. While not new concepts, you would be surprised as to how often I hear horror stories about wholesalers trying to shove product down RIA’s throats! Working with this channel should be as simple as getting to know your audience and working with them in ways that they are comfortable and can relate to. Being informative and credible on a consistent basis will help you thrive in this market space.
6 Ways to Make Your Internal Wholesaler’s Travel in the Field Legendary continued from page 8… with your wife at Christmas parties. This way he can start to answer any question with confidence, knowing that if the information is getting over his head, he can run his hand over his head and you will be there to finish the job.
Miles Healy brings 18 years of financial services experience as the CEO of Wealthbook, a private document management/ referral network for advisors and wealthy individuals. Prior to Wealthbook, Miles spent 8 years with Nuveen Investments as a Senior Vice President and head of their Registered Investment Advisor business.
5. Follow Up Is Key: If Pat is to gain access to the advisors you’re hoping he will, allowing him to sell more and earn you more, make sure he has taken a business card from each one-on-one and written something on the back of the card about which he should follow up with those advisors. When he returns to the desk, his transition back will be easy. He can fill the first day with thank you calls and providing follow up information. Tell him to track these and see what turns into dollars in the door.
Miles received degrees in Economics and Finance from Northeastern University and investment certifications from The Wharton School and the University of California Irvine, where he is an advisory board member for the Paul Merage School of Business, Center for Investments and Wealth Management. You can reach Miles at miles.healey@ wealthbook.com or (657) 222-0909.
6. Words Of Wisdom: Your trip will eventually conclude, and you will both hopefully feel like it was a success. If you want to leave a final long-lasting impression on your protégé, here is the best advice I can impart: Give him a book. Not just any book, but a book from
your collection that has some sort of significance to you, like the one your first external gave to you. (Buy a used copy and write the inside cover’s notes over. Then have your wife write your additional words of wisdom – we don’t expect you to part with poignant artifacts for EVERY internal you get.) Whatever you ultimately come up with, make it about the time you spent together, make it encouraging, and make him feel like you see him as your legacy (true or not). Even if you still have your doubts, if you hide them well and encourage your partner, he may turn out to be just that!
The Anonymous Internal Wholesaler, M2M, began his career as a Financial Advisor working out of an Independent Division Firm in their NYC office. M2M was recruited to his current employer just before the last Bull Market ended. Anonymity was decided upon so that he could write bluntly and honestly about the views of Internal Wholesalers, without fear of offending External Partners, or reprisals from Managers referenced.
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What’s in Your Bag?
Profiles of Great Wholesalers Kerry Nevins – Sales Director, Legg Mason Legg Mason is one of the largest asset managers in the world, with assets under management of $678 billion as of March 31, 2011. ICTB: You left college and you went right into external wholesaling?
at Legg Mason and it’s been an extremely useful tool.
I’ve moved to Virginia from the Denver area.
KN: Yes.
ICTB: iPod?
ICTB: Family 411?
ICTB: Not many people do that.
KN: Sure.
KN: It was pretty fortunate, I guess.
ICTB: Favorite artist?
KN: Two kids: a daughter who is eight almost nine and a son who is six; and my wife of 12 years.
ICTB: Age?
KN: Metallica
ICTB: Best year in production?
KN: 40
ICTB: Favorite industry read?
ICTB: What is the brand of your bag and how old is it?
KN: Fund Fire and Ignites, they always provide insights as to what’s going on.
KN: Best year in production on a calendar year basis was probably 2009, believe it or not.
ICTB: Territory? Kerry Nevins: The state of Virginia, D.C., and Bethesda, Potomac and Rockville in Maryland. ICTB: Channel? KN: National broker-dealer, which would be the main wirehouses. ICTB: How long have you been wholesaling? KN: 18 years - I started in 1993. ICTB: How long have you been at Legg Mason?
KN: It is a Tumi bag. The ballistic nylon version; the really indestructible, pack-it-full, version. We cover a lot of product at Legg Mason, so I can’t have a tiny briefcase. It’s a replacement from an identical Tumi bag that disintegrated over time, so this one is about three years old. ICTB: Automobile choice? KN: 3 ½ year old Audi A6. It’s got about 50K on it. ICTB: Mac guy or a PC guy? KN: PC
ICTB: What’s the last book you read? KN: Unsustainable, by James E. MacDougald. ICTB: Favorite haberdashery? KN: I’ve been getting most of my dress clothes custom made from Kenny Keswani of Keswani Creations in California. I got my first suit from Kenny when I was in college - it was an interview suit. I’m still doing business with him nearly 20 years later. There is also a store locally here in Reston called Davelle where I get some ties.
ICTB: Alma mater? KN: University of North CarolinaChapel Hill ICTB: Pet peeve? KN: Anything or anybody that wastes my time is probably my biggest pet peeve. It’s a pretty broad category. ICTB: Best advice you’ve ever received about wholesaling? KN: Taking the time to work smart and not just work hard. ICTB: Final meal request?
KN: 9 years ICTB: Smart phone? IICTB: How did you get started wholesaling? KN: While in college I did some on-campus interviewing and discovered Great West; I started as an external wholesaler in the employee benefits business.
ICTB: How about when you’re off the clock?
ICTB: Life after wholesaling?
KN: iPhone ICTB: iPad? KN: Yes. It’s a relatively new addition for us. A handful of us are piloting a program over here
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KN: Sushi.
KN: I’m definitely into fitness weight training, lots of stretching, some running, some cardio. I work out quite a bit and like to play golf. I’m also a big skier, although I ski a lot less now that
KN: A lot more golf and a lot more leisure time. But I’ll always be interested and involved in investing and in the capital markets.
By Kip Gregory
Professional Development On The Go in half. You may not be prepared to make that commitment, but it works for me.
Unless you cover Manhattan or the Chicago Loop, one of the biggest time management challenges you probably face is putting “windshield” time to good use. For most wholesalers, time in the car is an opportunity to make or return phone calls or a chance to relax and decompress. But for those striving to take their game up a notch, it becomes classroom time—a place where they go to learn from the masters. How? The same way they develop rock-solid relationships with their advisors, by listening—to books or podcasts, or to whatever other worthwhile audio content they can get their hands on. Highly effective wholesalers are not only students of the business, they are opportunistic. They recognize that what their less successful brethren dismiss as “down” time—driving between appointments, cooling their heels waiting for a flight to depart, even working out on the treadmill in their hotel—is actually a recurring opportunity for self-improvement. And they make the most of it. If you aspire to be highly effective, your first stop should be Audible (http://
www.audible.com), the audio learning division of Amazon. There you can download Audible’s free mobile app for your iPhone, Android, or BlackBerry (http://www.audible.com/wireless). Once installed, the Audible app lets you shop, download, store, and play any of thousands of titles—from current New York Times Bestsellers to the classics of business and literature. I’ve been using Audible for over two years, first on my BlackBerry Tour and now on my iPhone, and I LOVE it. I exercise with it. I use it in my car. Sometimes I take brief breaks during the day for a quick 10-minute dose of inspiration or insight. It is an incredibly convenient, inexpensive way to learn— on my own schedule and at my own pace—from some of the best thinkers in the world. For peanuts. You can buy individual titles, but that’s the most expensive route to building your library. I started off that way but quickly shifted to Audible’s entry-level subscription plan. I eventually upgraded to their platinum level annual plan, 24 credits a year, because doing so cut the cost of the books I wanted to buy at least
What titles should you invest in? That depends on what you’re looking to do. Self-Development and Business are two of the biggest categories in the Audible store, but you’ll find Sports, Travel, Biographies, and 20 other sections to choose from as well. One wholesaler I know makes it a point to find out what his top advisors are reading—or planning to read—and then checks to see if an audio version of that book is available. If it is, he downloads and listens to at least some of it ahead of his next visit to that office. Talk about an easy conversation starter. The latest productivity boost for me when using Audible’s iPhone app has been the ability to control the playback speed, which is now by default set at 2 times faster than the normal on my device (if you’re really good, you can even increase the rate to 3 times the normal listening speed). When you realize that your brain can process words a whole lot faster than most narrators speak, you discover you can cut the time it takes to digest a book by 50 to 75 percent. “Speed reading” takes on a new meaning. Another great source of professional development content is Apple’s iTunes Store (http://www.apple.com/itunes/). iTunes offers a lot of the same titles as Audible (from my experience less expensively, unless you are on one of Audible’s subscription plans) but it continued on page 28…
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By Rob Shore
Success at Conferences or How Not to Was I
s there an instruction manual for how to properly work a conference? After all, your firm has decided to plunk down low-five to mid-six figures to secure a spot at a top broker dealer or industry trade show. Now what? Most wholesalers acknowledge that they have been ill-prepared for how to get the most from the firm’s investment. Based on that need for information, and our research that includes live interviews at one of the nation’s largest conferences, Schwab IMPACT, here are some ideas to help you be the most productive and effective at your next show.
• The Reward System is especially prevalent when the conference is taking place in a desirable location. In this case, the manager will offer the conference as an incentive to top performing wholesalers. • The Local Region Approach takes the guesswork out and institutionalizes the process. Conference being held in Chicago? Then our Chicago wholesaler will attend. • The Wholesaler Replacement Strategy is used by firms that are hesitant to take wholesalers out of the field, especially for smaller conferences. In their place they send internal wholesalers, members of the account management team, sales force support, or perhaps junior portfolio employees.
Editor’s note: All quotes are from live interviews and are presented anonymously as neither the interviewee nor I Carry The Bag wanted to jump through the compliance hoops of the multiple firms represented in these answers.
While any of these approaches may result in a successful conference outcome, why leave it to chance?
Who should attend? How your firm decides who will attend will have a major impact on the overall success of the conference, and yet far too many firms leave the selection process of attendees to one of the following approaches:
According to one manager, “You really need to put the sales people and the marketing people that have an aggressive, outgoing behavior [at the conference]. That type of attitude really gets into [the conference and] will get the attention of people just by being in their face.”
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Since working a conference is a full contact sport, why do firms insist on sending lower key, wallflower-type personalities that not only hate being front and center in the booth, but also show it? Pre-work leading up to the conference The answers were all over the map when attendees were asked, “What sort of pre-work do you do in preparation for the conference?” At one extreme we heard, “Having done these for a long period of time, I would say that the pre-work is minimal. We [decide] on what our marketing piece is going to be, the quantity, and then what, if any, giveaways we’re going to do.” And at the other end of the preparation spectrum one leader mentioned, “You know, we’ve been working on this for months -planning probably started six months ago. We think about how the booth’s going to look, and this year we actually developed a new booth. How our marketing materials are going to be laid out, the organization of traffic in the booth, any and all aspects of the conference are first touched on at six months and then updated [and] tweaked as it gets closer and closer to the conference.” In order to maximize booth visitors and
ste $50,000 attendance one wholesaler offered, “We did a lot of pre-mailings. We did a lot of calls, calling advisors that we knew were attending. We made sure that we were communicating and maybe even over-communicating to start [our conference] presence, hopefully, that would drive traffic and interaction.” Another sponsor agreed, saying, “You’ve got to work the list. You get the pre-attendee list so you know exactly who’s coming so you know who you can be targeting. [As an example] you can see who the lead research analyst is because it’s on the list and then you start targeting people in advance. Let them know you’re coming, highlighting your sessions, and then following up with those people as well.” How to stand out in the sea of sameness? The largest of the conferences held in our community (think LPL, Schwab, etc.) may have over 300 booths and 1000 distribution employees in attendance. How exactly do firms stand out? Planting seeds: A senior leader offered, “Knowing the people, calling the people beforehand, making sure you’re scheduling times for them to come by the booth and see you, and really just having a differentiated
story. If you have a differentiated story and they know that ahead of time, then they’re going to come see you.” She added, “And then if you have one or two people come to see [you] that are influential people at the meeting, then all the other people that see them come to see you during that break are going to want to come by your booth and see you as well.” Location: “What’s interesting is [that] one of the first things we did was [focus on] location. As long-time sponsors at IMPACT we were actually afforded an opportunity to pick our booth. We figured right here by the Schwab Center is the best location,” said one attendee. A sponsor who didn’t have the luxury of selecting a location offered, “I think you have to be proactive about searching [attendee clients] out because it’s always kind of Russian roulette where your booth is. Yes, maybe you have a higher level of sponsorship, you have a better position. But there are a lot of people that you have to make an effort to find, [also] you have to attend the gala, you have to look for [attendees] in the sessions and make a point of seeing them.” Enticement: “Having a person like Doug here as a professional caricature artist (who was drawing as the participants were speaking to
the wholesalers at the booth) or something unique that draws advisors to your booth, specifically. Obviously you want [attendees] to be focused on product; you want to talk about product. But let’s face it. There are a lot of booths in here. There’s a lot of distraction. So any way that we can stand a little bit better than anyone else, that’s a call to action to actually come to the booth.” What’s the measurement of success? How do you know that the time and money was successfully spent? Does your firm have a specific strategy for post-conference evaluation? From a seasoned veteran we heard, “Having been in this industry for 30 years we have a lot of relationships, so we take more of what I would call a rifle approach as opposed to a shotgun approach. We’re not trying to be all things to all people and so if we see a client that we are familiar with, we’ll spend some quality time with them. And to us that’s a success.” Another suggested, “Well, certainly traffic and interaction. Clearly, you want to meet as many people as possible. You want to be able to meet decision makers. You want to be able to understand practices and understand from them how they’re running their businesses. But clearly, if you’re going to just have one continued on page 28…
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Sales People Are Born, “Myths which are believed in tend to become true.” -George Orwell
When you think of the word “myth” and its connotations, most people jump right to Greek mythology’s gods and heroes. I think you would agree that there are times when our efforts to get a deal in the door fit that image very well. As defined by the American Heritage Dictionary (2000), a myth is “a popular belief or story that has become associated with a person, institution, or occurrence, especially one considered to illustrate a cultural ideal.” For those of us who carry the bag, there are several myths that follow us as sales professionals. We often find ourselves in conversation debating, discussing, and debunking these myths as we are called upon to defend our profession. Here are a few of my favorites: “Salespeople Are Born, Not Made.” Surely this is the most dubious and most protectionist statement ever - it’s as bad as saying, “I don’t expect you to understand football, you’re a woman!” Stand back and await the attack! This myth is a common perception, and I hear it too often from sales managers or human resources personnel that are frustrated with their recruiting efforts in finding successful sales rock stars. Yes, there are the gifted few that entered the world with an abundance of natural charm and intelligence and found the world of selling was a natural extension of them. The reality is that I have seen more real life examples of Sales Professionals that are focused on practicing proven methods, dedicating themselves to skill development and mastering their craft. They simply work hard towards their
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personal sales goals, and they have consistently outperformed sales people with more talent and intelligence. To say that sales cannot be taught is to say that only a few people can understand the communication process, the willingness to care for prospects in order to solve their problems and to create a purchase decision. Selling Isn’t That Hard! Anyone Can Do It! If you are reading this, you know that Selling is a hard profession to master, and I believe it is one of the most complicated professions in the world. Where else do you have to understand organizations and individuals with such depth and clarity? Where else do you have to build rapport with so many different types of people, in so many different locations, buildings, or business types? On top of this complexity is the reality that Selling is one of the few real pay-for-performance professions, with a healthy percentage of the compensation “at risk” or based on commission. A lot of sales professionals feel stress in their jobs. In the engineering profession, stress results from the application of a constant force to an immovable object. In selling, the force is your sales goal and the immovable object is each customer’s expectations. Think of all the characteristics it takes to be successful. A true professional dedicated to the art of helping his or her clients succeed is: passionate, enthusiastic, compassionate, a great listener, intelligent, a problem solver, hardworking, an excellent communicator, responsible for his own results, and the list goes on.
By JB Bush
, Hey, it’s supposed to be hard. It makes the rewards of success that much sweeter. Focus On Getting The Sale. Truth: Focus on helping your prospects get what they want. If your focus and intention is on selling, selling, selling, you will repel, repel, repel. People don’t like to be sold, and if you are focusing on selling, chances are high that your prospect will be looking for ways to quickly end the conversation. The focus and intention should be on having a conversation to understand if you can help your prospects get what they want to help them succeed. Do this and watch how they open up and listen to how you can help them. It is your intention to help people get what they want that will result in more deals. You Must Like Rejection! Seemingly every sales course, sales book, and sales training will tell you to keep a very stiff upper lip when you get “rejected.” A rejection can occur when you are rebuffed on the phone, not granted an appointment, or simply told “no.” The advice is to never let a “no” get you down. The problem with this approach is the fact that once you accept the simple proposition that you have been rejected in the first place, you have given up the psychological high ground and put your selfesteem into retreat! Simply put, you need to reject the notion of rejection.
want your help or choose not to deal with your company for whatever reason, it is not your problem. We simply move on and locate another prospect that needs our company’s products or services. I am not suggesting you turn and run at the slightest hint of a “no.” Regardless of the response prospects give, the salesperson is still the same person with the same amount of product knowledge, experience, and competence. The healthiest mindset to adopt is: “You, Mr./Ms. Prospect, have made a decision to move forward without my services. I’ll be here when you come to your senses and change your mind. It’s not my responsibility to straighten you or your company out.” So, are these selling myths facts or fiction? I believe your inner Greek god knows the answer.
JB Bush has more than 20 years of success in senior management and executive sales positions with established companies as well as start-ups. JB arms his clients with solid education, sales-ready messaging and the confidence that they can win. He is a sought-after keynote speaker and trainer who can deliver high-impact results by maximizing and leveraging his clients’ investment in the VallueSelling Framework and Essentials, a series of leading edge web based training modules on essential sales skills. jb@jbbush.com
Once we, as sales professionals, understand that all we are doing is helping people, every outcome should be the same. If prospects don’t
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By Scott Halford
Thinking for Dollars:
The Successful Critical Thinker During a lab, a professor asked his first year medical students to identify a pattern on an electrocardiogram (EKG) that was very difficult to discern, but essential to a diagnosis, and critical to life. As each group of students hovered around their EKG monitors, the professor asked each group whether they thought that they had the proper diagnosis. Group after group failed to identify the heart failure based on the squiggly lines. Finally, one group said that they thought they had it. They described their conclusions, only to be challenged by the professor. The group backed down, feeling a bit dejected. They were certain that they had found the answer. The professor stopped the class to make an example out of the group. He said that, indeed, they had the correct diagnosis. However, the professor continued, the group had essentially failed along with the others because first, they were not confident in their diagnosis. Next, he explained that the group with the correct answer was unable to tell him how they had identified the heart malfunction. Finally, the group couldn’t make any recommendations about what to do next because they were unable to see past the picture on the EKG and give it application. In this lesson these young medical students learned something that they would never forget: it is not enough to be right. You must know why you’re right, be able to explain why, and then make recommendations based on the reasons why. Such is the case with the lessons from critical thinking. If you apply them, you go from being a wholesaling product peddler to a trusted advisor whose thoughts and opinions become much sought after. It all has to do with the kind of questions you ask and the thought you give to them. It might add an hour to your
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process up front, but it is well worth the years of client loyalty you get on the backside. By its very nature, critical thinking pursues the “why and how” of issues. It insists on delving into the background and the possibilities that the “why and how” provide, and helps in understanding long-term implications of any decision. In sales, good critical thinkers not only impact their careers by making wiser business decisions, they are able to help clients by giving more well thought-out answers as to the application of their product or service to the client’s business. Consider a product presentation that you are making to a financial advisor. In practice there are core skills that allow the “why and how” to emerge: Analysis This is the ability to assemble and look at available data and make judgments about it. Is there enough data? Is it the correct data? What arguments can be made in light of the data? What is missing? Take time to look at what’s really going on with your client’s business, and then see if what you have to offer is REALLY a fit. Evaluation In this age of information there is rarely a lack of data for review. Critical thinkers have the ability, and they take the time, to judge the credibility of data. This skill also includes evaluating one’s biases about the data. Are you considering the competitors’ data and evaluating it fairly? Where are the holes in your data? Is the provider of the data credible? Are assumptions being made that are not justified? Interpretation Simply put: what does the data mean? Do I
have the full capabilities to decipher what is here? Should I wisely bring someone else with more knowledge into the interpretation of the data? What does the data say on the surface? What does it not say? Do my clients understand what the data means, and am I able to educate them so that we are both on the same page? Explanation This ability to explain “why” is the part of critical thinking that truly adds value. It is what people see and hear. It can affect changes in thinking, point out overlooked details, and avert disastrous courses of action. Can you coherently explain why the data tells the story it does? Can you explain your reasoning in terms of your method and criteria in a succinct manner? If you were given the task of subjectively evaluating and grading an idea, could you be explicit about your subjective grade? If nothing is said, nothing is gained. Again, am I able to educate my customers so that they understand what they need to do in order to move forward? No one likes to feel stupid, and a client will rarely do business with someone who makes them feel that way by omitting this step. Inference The presentation of the data is only the beginning. Critical thinkers ask, “Now what?” As objectively as possible, they explore the conclusions that are indicated by the data. What are other options to consider?
Self-regulation One of the most difficult things for many people to admit is that they are wrong or that they don’t know. Skilled critical thinkers are able to stand back from their conclusions and counter-argue them. They are willing to change their minds in the light of new data. Is your “barometer” on your conclusions and judgments of the data accurate? Can you be fair? The application of critical thinking requires that you step back and systematically question yourself and others. For many of us it is not the way that we typically operate, yet as the medical students learned, the ability to credibly and logically explain “why” is the true goal. With practice, these skills can become the little voice in your head that turns on the moment you begin working with your clients to solve their issues.
Scott Halford is President of Complete Intelligence, LLC and critically thinks with audiences and individuals worldwide as a professional speaker and educator of success behaviors, emotional intelligence and influence. He is the bestselling author of Be a Shortcut: The Secret Fast Track to Business Success. His thinking and advice is featured monthly as the Brainy Business Columnist in Entrepreneur Magazine’s online edition at www.Entrepreneur.com. Find out more about success behaviors and emotional intelligence by going to www.CompleteIntelligence.com
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Success at Conferences or How Not to Waste $50,000 continued from page 23…
Professional Development On The Go continued from page 21…
measurement, the measurement would be the number of people you’re able to meet and interact with and hopefully follow up with.”
carries far more than books. In iTunes U, you’ll find podcasts on business, sales, entrepreneurship and more from Harvard Business Review, MIT, Oxford and dozens of leading universities around the world—all available at no charge and easily listened to on your Audible player.
One account manager said, “Well, the first thing that you’ve got to do is get away from the booth. You’ve got to get out. You’ve got to get in front of advisors. We’ve been doing meetings in the morning, afternoon, everywhere, to schedule as many people as we possibly can. That’s what you have to do -- it’s a lot of planning. We’ve been planning this since the spring. We’ve been working getting advisors to our dinners since April of this year.” Things that make us cringe Unfortunately we uncovered a litany of things that wholesalers and their boothminding colleagues do that is not in the interest of putting either their best foot or their firm’s best foot forward. They include: Catching up on current events- The conference display floor is not the place to catch up on the Wall Street Journal news of the day, yet we witnessed this practice more than once – while attendees were walking the floor. Talking, texting, Facebooking, Tweeting, etc. – While the smartphone has become a commonplace and necessary business tool, it should be used discreetly and infrequently at the booth. Yes, we are all busy. No, prospects and clients don’t need to listen to our conversations while we are in the display booth. Grabbing a snack…or a full meal – Staying nourished during a multi-day conference is critical. Yet the 6 foot table provided as a part of your sponsor fee is not for dining. Jamming only product at attendees – This
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was best summed up by one manager, when asked what made her cringe as she looked around the display floor, who said, “It’s not about products; it’s about engaging these advisors in what’s important in their practice and it’s about outcomes. It’s not about the products. If you’re adding value to their practice, they will absolutely do your products, but in that order.” Finally we heard some excellent insights into capitalizing on the collegial nature of the wholesaling community while working a conference. One wholesaler offered, “Meet other wholesalers. I think one mistake that wholesalers often make is they don’t talk to their peers enough. And I’ve found success trading intelligence about who are the gatekeepers, [do they prefer] getting phone calls or e-mails, or how do you get in front of them?” To which another offered, “Networking with your peers is always something [gratifying]. You always come back with several gems that you learned from other firms that are similar to yours and are dealing with similar issues.”
Rob Shore is the Editor-in-Chief of I Carry The Bag and is a 25 year veteran of Distribution. Read more of his work and learn about coaching at www.wholesalermasterminds.com/blog
Yet a third category of content worth listening to is what your own marketing department publishes, or what your top competitors make available from their websites. I recently heard someone say that reading a book is like having an extended one-onone conversation with the author. When you consider that you can invite a Jobs, Welch, Buffett or Gates to join you in the car or on a run—and listen to their best thinking on management, the market, or sales—all for less than the cost of lunch for two at Panera Bread, you can’t help but feel fortunate. Don’t let that opportunity go to waste. Give Audible a try.
Kip Gregory is the founder of The Gregory Group, a Washington, D.C.-based consulting firm that helps wholesaling organizations and their distribution partners improve sales productivity and profitability by unleashing the power of resources they already own. You can reach him at kip@gregory-group.com or connect with him via LinkedIn at http://www. tinyurl.com/link-to-kip. © 2011 Kip Gregory, The Gregory Group. All Rights Reserved. Used with permission.
Just another great tip I picked up at Wholesaler Masterminds‌
Sweet new laptop, Johnson!
Wholesaler Masterminds specializes in peer group and individual coaching for wholesalers and managers. Our laser focus is on practice management ideas that allow our clients to realize their career, income and personal goals. Contact us today for a complimentary discussion: 949-891-1117
www.wholesalermasterminds.com
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By DeeAnne White
The Myth of Fast and your career. Multitasking has even been shown to cause ADHD in adults, when it’s taken too far.
The business world is fast, and it’s only becoming faster. Since the economic downturn, companies have been hesitant to return to previous hiring practices, asking employees to do even more than they have in the past. The world of wholesaling is no different. Few firms have added back to their staff, fearing the need to cut these jobs again if the recovery isn’t sustainable. This leads to larger and larger territories, and to wholesalers that believe that if they blink, they’ll miss a ticket, a new client, an earnings announcement, an account, or a goal. Many of us have been raised in the world of faster is better and slowing down is giving up. It’s no wonder then that the obvious answer to many would be to try to do more, and to do it faster. So why then would fast be becoming one of the latest myths to be debunked by business and medical experts alike? It’s simple really; fast is misleading. Fast gives the illusion of more. It tells you that if you go more quickly you can squeeze two more meetings in, and that they’ll be of the
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same quality as two less. Fast swears that the people who are most successful are the ones that work the fastest. Fast has you eating too quickly, and unhealthily. Fast has you pulling into your driveway, unsure of how you got there. Fast has you checking your PDA at dinner. Fast promises that your quality of work, and your quality of life, won’t suffer no matter how fast you go. Fast makes you distant, detached, and often ill-mannered. Fast can have you making more mistakes, which can both waste time and harm your reputation. If you cross the line, fast can even make you seem harried, out of control, and at its worst, incapable. The latest research shows that there is a breaking point with fast, and the closely related art of multitasking. Rather than helping you to be more efficient, fast can have you spinning your wheels, forgetting what you were working on, jumping from one task to the next, without ever completing any one task and becoming an expert at nothing. Fast can harm your health, your relationships,
So what can be done? The answer isn’t pushing the reset button and going to study with the Dalai Lama. The answer isn’t to become a different person either. The answer is to reengage with zeal. The answer is to make incremental changes that will reap enormous rewards. The answer is to figure out your priorities, and to take care of those priorities with purpose. The answer is to finish tasks completely, and with uninimitable flair. The answer is to stop rushing and to start experiencing. Hear the person speaking to you, rather than thinking of the next thing on your to-do list. Do more of what matters, rather than fooling yourself into thinking that fast equals productive. Do less of what wastes time, be ruthless in protecting your quality of life, and be more creative in how you approach your business. One way to do this is to study the Slow Movement and Peak Experience. These practices are dedicated to finding the right balance between performance, health, and quality of life. Whether you choose to be on the corporate track or the entrepreneurial track, peak experience helps you to enjoy the ride. You can take it fast, slow, or anything in between. You can be a yogini, a business owner, or a wholesaler and still apply the same principles. It’s all about running your life, instead of your life running you. It’s about finding the sweet spot amongst the hazards. It’s about living, working, and playing with style.
DeeAnne White is a girl adventurer, entrepreneur, writer, traveller, American expatriate and lover of cricket, golf, wine, Jimmy Choos and life. Her website is http:// livethecharmedlife.com/
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