Over the past couple of decades, I have had the opportunity to lead a variety of wholesaling teams at major Wirehouse's. I have witnessed best and not so best practices by TPAs as they work on building lasting relationships with Advisors in Wirehouse branch offices. For clarity, a Wirehouse Advisor is employed by a National Broker Dealer, examples include Morgan Stanley, UBS and Bank of America Merrill Lynch. Based upon my experience I have developed a list of ideas for your consideration which may help improve your opportunities as well as your success in working with Wirehouse Advisors.
1. Market Yourself
Branch Managers or Coordinators are the gatekeepers; you will need to get their permission in order to enter the branch to speak to the Advisors one-on-one or as a group. Your communications should clearly state how working with you will be of benefit to the Advisors and their clients. Keep in mind that these branch “gatekeepers” are propositioned daily by some of the best sales people in the area, primarily DCIO and Recordkeeper Wholesalers, to win time with their Advisors, so you will have to get their attention. Their time is limited so be ready to communicate to them why they should let you in. The bigger the branch – larger the metropolitan area - the more layers of “gatekeepers” you need to get through to win approval. Consider asking for a referral from one of the Advisors in that branch or complex with whom you already work.
2. Deliver a core curriculum and be memorable
Top Advisors have their select partners with whom they work; this includes TPAs, Recordkeepers and DCIO firms. Your message needs to provide them with something they can act upon with their prospects and clients. It also needs to be memorable, consider your delivery style and wording; simple is better. It is during your early conversations when they are deciding whether or not they will feel comfortable introducing you to their prospects and clients. If you impress them with actionable ideas and professional delivery you improve your opportunity. So go in with core topics for discussion that are easy to understand, that can lead to new opportunities for the Advisor and can be presented to both their prospects as well as their existing clients.
3. Be a Student of the Game
Advisors need to communicate their value to their prospects and clients just as you do to them. Many Advisors do not possess the desire to understand the technical side of retirement plans, nor do their prospects and clients. Work on how to communicate in the way that they can best understand; such as using real examples to explain the impact of past, current and anticipated changes to tax laws.
4. Have a Positive Attitude
Typically the companies that an Advisor will present are those supported by a wholesaler with whom they have a relationship, this is often someone whose company the Advisor enjoys. Advisors prefer to build relationships with upbeat professionals that have a positive attitude.
5. Resiliency
If you are going to call on Advisors you have to be able to brush off rejection – be resilient. By 7:15 am you may already have been knocked down by an Advisor yet have five more appointments that same day. Advisors have to persevere to achieve their success just as you do; they respect your continuing to show up in an effort to do business with them, just make sure that you bring new ideas each time you make contact.
6. Be a good team member
If something is working, share the information with your internal team and Advisor partners. Always be willing to share and demonstrate your ability to help your Advisor partners, driving them to think in new directions thereby helping them to develop new opportunities.
7. Leverage
Introduce yourself to any internal Wirehouse and external DCIO and Recordkeeper wholesalers that support the Advisor. They can be very influential in getting you time in the branch, and can introduce you to the Branch Manager and the top Advisors; so market yourself to them.
Keep these thoughts in mind as they can improve your opportunity in the Wirehouse Branch offices in your area. Establish business development activities with these Advisors: demonstrate your value in order to build relationships with them. Once you have secured your first joint client, provide the service to the plan sponsor and participants that you promised – and more. And don’t forget the Advisor after the sale, keep them in the loop and hold annual review and planning meetings regarding your joint client.
David Lieberman’s financial services career began more than 25 years ago. He joined UBS in 2005 and has held a series of positions with UBS Wealth Management Americas. His most recent position was Head of Distribution 401(k) and Institutional Consulting. Prior to joining UBS, Dave was Director of Sales in Merrill Lynch’s Investment Managers Group, as well as National Sales Director of Benefits and Investment Solutions, where he directed all defined contribution sales.