I Carry The Bag - Spring 2012

Issue 8 | Spring 2012

Be the 800-Pound Gorilla!

How to Dominate Your Market Focus on the Buoy:

Simple Strategies for Navigating the Rough Waters of Wholesaling

Top 14 Criteria for Wholesalers Leading the Dance:

Tips to Prevent Your Advisor From Overpowering You

RIding the waves of change

www.icarrythebag.com

Articles ON Four Invaluable Tips for the Independent Wholesaler Want to Really Help Your Clients?

Be a Lifelong Learner

2nd Anniversary Issue

2nd Quarter | SPRING 2012 ISSUE EIGHT

Table of Contents Editor-in-Chief/Publisher Rob Shore

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Art Director

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Lynn Lee

www.lynnleedesign.com

Contributing Writers Mary Allen Theo Androus Michael Bryan JB Bush Edward S. Finocchiaro Kathy Freeman Kip Gregory

Bill Guertin Sara Keagle Ivy Naistadt Matt Oechsli Mark Sanborn Art Sobczak Laura Stack

To subscribe, visit:

www.icarrythebag.com

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Advisor Insider: Stats You Need to Know

Be the 800-Pound Gorilla!

How to Dominate Your Markets

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Keep Calm and Carry On

By Bill Guertin

Antidotes to Negative Press: Navigating the News

By Kathy Freeman

By Matt Oechsli

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Keepin’ It Real

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Leading the Dance: Tips to Prevent Your Advisor From Overpowering You

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Wine & Food:

To Match (or Not)

By Michael Bryan

I Carry The Bag is a registered trademark of shorespeak, L.L.C. All content in this publication ©2012 shorespeak, L.L.C. and is protected by international copyright law. All rights reserved.

Reproduction in whole or in part without permission is prohibited.

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Focus on the Buoy: Simple

Strategies for Navigating the Rough Waters of Wholesaling 24

By Theo Androus

By Sara Keagle

Top 14 Criteria for Wholesalers

By Art Sobczak

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By kasina

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Focusing Your Attention

By Ivy Naistadt

By JB Bush

Want to Really Help Your Clients? Be a Lifelong Learner

By Kip Gregory

Riding the Waves of Change

By Mark Sanborn

Profiles of Great Wholesalers: 26 The Secret Behind Consistent Tom Ritter

Success, Life Balance and Peace-of-Mind Four Invaluable Tips for the

By Mary Allen Independent Wholesaler

By Edward S. Finocchiaro

Some photos appear under Creative Commons Attribution License: Be the 800 Pound Gorilla http://www.flickr.com/photos/78428166@N00/4961230257/

Wine & Food: To Match (or Not) http://www.flickr.com/photos/wickenden/2771457234/

Antidotes to Negative Press: Navigating the News http://www.flickr.com/photos/zoetnet/3778018793/

Focus on the Buoy: Simple Strategies for Navigating the Rough Waters of Wholesaling http://www.flickr.com/photos/ruthann/1505361099

Don’t Try to Get Past Screeners, Help Them Instead http://www.flickr.com/photos/walkingsf/5006150069/

Four Invaluable Tips for the Independent Wholesaler http://www.flickr.com/photos/rankingfuuta/6038648157/

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Leading the Dance: Tips to Prevent Your Advisor From Overpowering You http://www.flickr.com/photos/khalidalbaih/5134654297/ Want to Really Help Your Clients?

Be a Lifelong Learner http://www.flickr.com/photos/dherholz/528993812/ Riding the Waves of Change http://www.flickr.com/photos/jopoe/5550217006/

letter from editor

It was two years ago that the idea hit me.

Up until the launch of I Carry The Bag, there had never been a publication dedicated exclusively to the art, science and lifestyle of wholesaling.

Now that we have learned how to “walk,” and continue to discover how to effectively use our voice, we’ll stay focused on delivering content that serves you, our valued subscriber.

Toward that end, here are some results of the most recent subscriber survey we conducted (if you’d like to add your thoughts please do so before May 15th at www.surveymonkey.com/s/ICTB-survey) How useful is I Carry The Bag in giving you ideas to grow your practice?

Extremely useful 22% Very useful 45% How well do you think I Carry The Bag understands the needs of wholesalers?

Extremely well 39% Very well 48% How likely are you to recommend I Carry The Bag to others?

Extremely likely 27% Very likely 52% We received over 40 written comments that gave us ideas for topics that you would like to see addressed in future issues of the publication – and we’ll do our best to address as many as we can.

So, a warm and sincere Thank You for your support and a simple request if I may: if you like what you read, tell a friend to subscribe.

I CARRY THE BAG | SPRING 2012 | 3

By Laura Stack

Focusing Your

Attention Wholesalers, you can achieve true productivity only when you hone your ability to focus to razor sharpness.

For most of us, distractions represent our biggest productivity hurdles. External distractions are bad enough, but at least you can escape from most of those. For example, you can closet yourself away from others, establish signals letting people know when they shouldn’t disturb you, and ignore emails and phone calls until you have time to deal with them.

Internal distractions are much more insidious, since your own mind creates them—and you can’t easily escape yourself.

Self-discipline is your watchword here.

Look closely at your work day, determine which activities waste your time, and make rules to control them. Enforce these rules aggressively, especially guarding against the following activities: • Multitasking • Procrastinating • Perfectionism • Negative self-talk • Socializing Taken together, these things can steal hours from your work day. The worst culprit may be multitasking; it fools you into thinking you’ve accomplished a lot, when you’ve really just kept yourself busy.

Instead of haphazardly trying to do ten things at once, focus on one activity until you’ve completed it well, and then move on to the next one.

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Too many of us jump whenever our smartphones, handhelds, email, and other techno-tools tell us to, and we pay for it with lapses in productivity. If you’ve fallen prey to this habit, slip the electronic leash.

Constant connection to the info-world can damage your productivity.

Enlist focus aids to help you maintain the thread of your daily productivity. Write down or otherwise record ideas as they occur to you, rather than interrupting yourself to pursue a shiny new thought when you should be doing something else. Harness metacognition to help you understand how you think, so you can better head off distractions while finetuning your focus; and if you think it may help, try ambient sound to insulate you from external distraction.

5. If you ever find yourself thinking you can’t possibly accomplish a task, challenge that negative self-talk instantly with the facts.

6. Turn off your electronic devices before you attend client meetings. It’s too easy to let electronics distract you when you absolutely need to focus on face time.

7. If you don’t already have a voice recorder app on your smartphone, get one so you can capture ideas as they occur to you.

8. When working, listen only to music you’re thoroughly familiar with.

Otherwise, you’ll focus too much on the music and not your work.

Focus Checklist 1. Don’t answer the phone if you’re headdown concentrating on an important project.

2. Stop multitasking. It just dilutes your attention and fools you into thinking you’re productive, when you’re really just busy.

3. If you break down a large task into subtasks in order to overcome procrastination, make sure you set deadlines and internal milestones for each of the subtasks; track them carefully.

4. Rather than let perfectionism paralyze you, get to work and figure out the details as you go along.

© 2012 Laura Stack. For 20 years, Laura Stack has implemented employee productivity improvement programs at companies such as Wal-Mart, Cisco Systems, UBS, Aramark, and Bank of America. Laura presents keynotes and workshops internationally for leaders, entrepreneurs, salespeople, and professional services firms on improving output, lowering stress, and saving time in the workplace. She is the president of The Productivity Pro, Inc., a time management consulting firm specializing in high-stress environments. Laura is the bestselling author of five books including What to Do When There’s Too Much to Do (2012) and SuperCompetent (2010). Contact her at www.bit.ly/productivity-pro

By Bill Guertin

Be the 800-Pound

Gorilla!

How to Dominate Your Market If your morning routine involves powering up your Apple computer, searching for something on Google, and spending time on Facebook while sipping your Starbucks® double grande, you’ve already made four 800-Pound Gorillas a part of your life.

An “800-Pound Gorilla” is a business term used to describe the dominant player in a market who commands an “unfair share” of the business. They’re the ones who everyone else compares themselves with. They are imitated more often, and they are next to impossible to compete against.

Does that describe you as a wholesaler?

Would your advisors call YOU the “800-Pound Gorilla” of wholesaling?

After dozens of interviews with some of the most dominant brands and individuals in the world, several themes kept recurring in my research – themes that anyone in sales can learn from and build upon to become a more dominant presence in their own business jungle:

• Reach for the Big Vines (If you’re gonna swing in the trees, why not swing BIG?) 800-Pound Gorillas think big. Not just incrementally big. I mean B-I-G. What will

be different in the wholesaling industry five years from now, and where do you want to position yourself as a result?

Lee Salz is a business consultant in Minneapolis who was invited to be a guest expert on a Webinar. He was not paid. Later he learned that over 1,000 people were on the call and the sponsor had paid the host company a huge sum of money. Feeling left out of the loop, Lee decided he wanted to be a speaker that arranged similar events, but he found no companies that were set up to do what he wanted to do. Seeing a huge void in the marketplace, Lee reach for the big vine and started a company of his own to do what he couldn’t find. Today, Business Expert Webinars (www.BusinessExpertWebinars. com) is one of the largest content providers of cutting-edge business education on the planet -- all because Lee wasn’t afraid to swing big.

Several years ago I was the sales manager at a small-town radio station, but I had a desire to work for a professional sports team. I knew that teams needed to sell tickets, so I began doing public seminars to hone my presentation skills. One day a member of the Chicago White Sox front office saw me do a presentation. One thing led to another, and I

landed a contract to do a 3-day sales seminar for the ticket sales department of the Sox’s sister company, the Chicago Bulls. Not long after that, I was invited to audition in front of 75 VP’s of Sales from the NBA (a BIG vine to swing from!), and today, I can say that I’ve had the pleasure of working with over 50 different pro sports teams in all the major leagues in North America.

THOUGHT FOR YOU: What “big vine” is out there that you could be reaching for today to reap benefits from tomorrow? A big client?

A new product line? A new resource or connection for the future?

• Grab a Machete and Get Busy (Where

will you go that others won’t?)

800-Pound Gorillas find something that the competition isn’t doing or isn’t willing to do, and they create a competitive advantage from doing it.

Enterprise Rent-A-Car® is #1 in its industry, and it consistently beats out Hertz and Avis in rentals and profits each year. The founder of Enterprise saw a glaring opportunity that the other companies weren’t exploiting: delivering the rental car to the customer. All the surveys that had ever come back about

continue on page 9…

I CARRY THE BAG | SPRING 2012 | 5

By Kathy Freeman Godfrey

Antidotes to Negative Press: Navigating the News country’s interpretation of blame for the financial crisis is still on Wall Street, as opposed to the government’s own creations, Fannie Mae and Freddie Mac. The demise late last year of MF Global provided perfect fodder for the editorial rags when a former Goldman Sachs CEO and Governor of New Jersey claimed not to know what happened with over one billion dollars of investor assets.

Indeed the pessimism, and even vilification, directed towards the investment industry is still alive and well.

As you navigate 2012, it’s a worthwhile exercise to proactively focus on what you can do to overcome this ongoing negativity and reenergize yourself for success.

Here are five simple steps to stay in control of your year: • Back to basics. Remember why you got into the industry to begin with. Was it your passion for delivering the right investments to the right people?

Was it the great relationships that you’ve been able to build with both clients and colleagues? Was it the challenge to build an amazing career?

• Be authentic. Craft real empathy for those that have lost wealth, either due to the misdealing of others or a misguided appreciation towards risk. While providing your thesis on why your firm’s investment strategy or process may be better in mitigating investors’ downside risk, be clear that no firm is immune to stumbling in today’s volatile market environment, lest you appear boastful.

As 2012 is well underway, members of the investment community may start feeling like it is Groundhog Day all over again. In 2008, after Bear Stearns and Lehman’s collapse, Merrill Lynch getting absorbed into BofA, and the illustrious Bernie Madoff, we assumed the worst part of the negativity towards Wall Street would have peaked.

Not so, as we found out several years later. The ongoing legislation of Dodd Frank has kept the industry’s punitive regulations in the forefront of the headlines. Recent events such as Occupy Wall Street demonstrate that the

• Re-establish the vision that you are working towards. Whether you are five years into your career or twenty-five, it is easy to get distracted from your goals in the midst of the industry’s problems and even the challenges our country is facing in getting back on track. Individual success is the best offense.

And achieving success with the current headwinds requires focus towards a meaningful vision.

continue on page 16…

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Don’t TrY to Get Past Screeners, Help Them Instead

By Art Sobczak

Here’s a question I’ve been getting during my entire 29 years in business: “What tricks can you give me to get around or through the gatekeeper?”

I just shake my head when I hear that.

It’s a sign the person just doesn’t get it. Anyone who relies on tricks to get “through” the screener likely experiences the following: the assistant puts the caller on hold and says to the advisor, “Hey, boss, there’s another bozo on line 2 who’s being shady, trying to bully me into letting him through. He’s pushing some fund, but he won’t give me any information.

Should I 86 him?”

Advisor: “Yeah.”

Assistant: “Gladly.”

First, let me be clear that I despise the terms “gatekeeper” and “screener,” since they cast a negative light on the person who holds the golden key to the advisor’s door. I much prefer “assistant.”

At the precise moment an assistant picks up the phone in response to your call to the advisor, that person (the assistant) is the most important person in your life for the next several seconds or minutes. Treat her/him that way.

Too many wholesalers feel that they

don’t have to sell until they reach the advisor. Wrong. You need to be prepared to sell to whoever answers the phone. Let’s examine why.

Understand Their Job The role of the assistant is to protect the advisor’s time. It’s not to get rid of all salespeople (although for some callers who treat screeners like a second-class citizen, that’s what it seems like, and deservedly so).

Therefore, you can reach buyers a greater percentage of the time by being prepared to help the assistants do their job. You can do this by communicating that you are not there merely to waste the boss’s time, and by articulating very concisely and clearly that you have something worth talking about.

Therefore, whenever a screener asks, “What is this in reference to?”, you need to have a persuasive reason ready. If you don’t, you fail the first test, and you have positioned yourself in the screener’s mind as someone who is probably just “selling something.”

That prompts more questions—of you. Questions usually designed to

disqualify you, followed by statements such as “Please send any information . . .”; “He’s in a meeting right now”; or “We’re all set with our insurance products.” Therefore, your goal is to help the assistant understand that you have ideas of value that can potentially help the buyer in several ways.

Tips to Use Here are some points to keep in mind that will help screeners, and help you get through to the buyer a greater percentage of the time.

• Do your online research. The basis of my “Smart Calling” prospecting system is to first collect intelligence about the advisor and firm. Use LinkedIn, Google, InsideView, ZoomInfo, or even Facebook to glean any relevant information.

Check to see if they have a Twitter account. Look for anything you can use to set yourself apart and create value. That helps you to get in, and helps to make a connection.

• Prepare an “assistant strategy.”

As part of your pre-call planning, know what you will say if you’re continue on page 11…

I CARRY THE BAG | SPRING 2012 | 7

By Michael Bryan

WINE & FOOD: TO MATCH (OR NOT) As if understanding wine wasn’t intimidating enough, try breaking it down into a chronology of flavors streaming across your palate. THEN match those flavors to the texture, intensity, and complexity of tastes found in cuisine. To top it off, Americans have absolutely, unabashedly, the hardest job of all. Our “melting pot” culture has the possibility of seven meals from seven continents seven days a week! There are few people who can overlay 150,000 types of wines (the selection in larger markets) onto this matrix of cuisine options.

So where does that leave you during a client dinner that includes wine?

What I Like vs. What Works Best If your idea of drinking wine is (for example) a brawny, brooding Napa Cabernet Sauvignon, then just about any food you choose to accompany that wine will be acceptable. In other words, the psychology of pleasure prevails over whatever rules you’d be breaking by pairing this wine with, say, Roasted Rosemary Chicken.

Score one for team “What I Like!”

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If, on the other hand, you desire to integrate flavors both solid and liquid into a fantastic web of perfection, whereby the synergy of both create a “1+1=3” sensation in your mouth, then the former strategy will seem amateurish by comparison.

In this case, you’ll need the talents of a sommelier, and if you’re in a fine dining establishment then you’ll have access to one. Simply give the sommelier some direction (red, white, don’t care, under $75/bottle) and sit back and let him drive.

The sommelier is the new Chef of this decade—there is even a movie coming out later this year about how difficult it is to become one of these wine gods!

Old School Food & Wine Matching The first visitors to successfully take root in our lands were English. The English were the world’s first wine connoisseurs—much of what we know and practice today originally came from them—for example, serving red wine at room temperature.

They also gave us bits of wisdom like “color matching,” or pairing lightly colored wines with lightly colored foods and dark wines with dark foods, i.e. red wine with meat.

Unsurprisingly, color matching doesn’t hold up in 2012. Today, we gleefully gulp

red Pinot Noir with cedar-planked, wildcaught salmon, and we sip white Viognier with our tarragon steak tartare. We have graduated from the predictability of color matching into flavor matching, ensuring that one dance partner doesn’t overwhelm the other, and that each component adds value to the other. Is a Financial Advisor a better advisor with your product and your insights in his pocket? That partnership is no different than the value-add an Australian Shiraz lays on a peppercorn ribeye steak.

The “Go-To” Wines In a pinch for time, and don’t have time to overanalyze or research perfect pairing mates? The first thing to do is to go with classical pairings. This is ideally for European wines, and is almost fool-proof if drinking French, Italian, Spanish or German is your idea of liquid hedonism.

The concept of classical pairings abides by the maxim “what grows together goes together.” Italian Chianti and salami or pasta with red sauces is an example.

Creamy, buttery cuisine of a French nature will find favor with high-acid white wines, like the ones found in Northern France.

Be the 800-Pound Gorilla! How to Dominate Your Market continued from page 5… renting a car mentioned the inconvenience of getting to and from the rental car location as the thing that frustrated customers the most. No one else was willing to do that, but Enterprise was.

The cable TV network FX didn’t have the budget to produce original scripted comedies, so it decided to do something that had never been done before: partner with content producers to do a first season of several episodes at a bare bones budget, and if the show was a hit, to split the profits. Their most successful venture, “It’s Always Sunny In Philadelphia,” debuted in 2004, and their recent syndication deal for the show with Comedy Central brought in a reported $55 million.

THOUGHT FOR YOU: What’s not being done in your wholesaling world that could be your competitive advantage?

• Challenge the Tribal Thinking (What “old ways” are standing in YOUR way?)

800-Pound Gorillas look at something “the way it’s always been done” and stand it on its head. “What if...?” is a fairly common question at companies that dominate the market.

However, if you decide “old world” wine selections are not of your liking that evening—or not an option based on the restaurant menu—then here are some wines that have great diversity. On one hand, they are perfect for sipping without food; on the other, they work with a vast culinary spread.

Oregon Pinot Noir – The cherry fruit will have you at the first sip, and the earth-tones will keep you in the game.

Washington or Monterey Riesling – Bright fruit and clean, crisp acid balance a wellmade wine from these areas. Riesling’s lime-scented apple flavors work especially well with poultry, salads, fish, pork, and vegetables.

These pointers are designed to increase your ease at entertaining in a business setting, save you some money, and, in the end, bring more pleasure to your clientele while solidifying your relationships.

Michael Bryan is the founder and director of the Atlanta Wine School. He helps financial services members host entertaining and educational wine events for their clients. For more information, visit his website: http://www.AtlantaWineSchool.com

Mark Victor Hansen and Jack Canfield are the authors of the Chicken Soup for the Soul series of books. The original Chicken Soup book was rejected by dozens of traditional publishers in New York as an ‘airy-fairy’ idea. Health Communications in Florida took a chance on them, and today the series has over 200 titles; in 15 years it has sold over 110 million books.

One of Major League Soccer’s newer teams in Seattle, Sounders FC, started in 2009 with a clean slate. The owners asked themselves: What would we do if there were no ‘old habits’ to break as a pro sports team? Among the many ‘firsts’ they incorporated: a “March to the Match” with their fans from the center of town to the stadium with a live band (the Sound Wave), and an annual vote from all of the team’s season ticket holders to decide whether or not to keep the team’s current general manager. Today, Sounders FC enjoys an average attendance of more than 38,000 fans, which is more than double that of any other MLS team.

THOUGHT FOR YOU: What innovations are waiting for you to ethically exploit as a wholesaler because your customers, suppliers, or YOU are ‘stuck’ in the ways of the past?

The bottom line is this: you can be a more dominant player in business if you begin to take action like these 800-Pound Gorillas!

Bill Guertin is CEO (Chief Enthusiasm Officer) of The 800-Pound Gorilla, a sales performance improvement company based in Bourbonnais, IL. Bill is a featured presenter at many conferences and events each year, and can be contacted at Bill@The800PoundGorilla.com.

I Carry The Bag readers are entitled to download Bill’s brand-new E-book, “JUNGLE WISDOM, VOLUME 1: The Best Sales insights From the 800-Pound Gorilla of Sales Performance.” It’s a virtual treasure chest of valuable articles, ideas and inspiration to help you tame today’s sales jungle. Get it now FREE at www.the800poundgorilla.com/summit

I CARRY THE BAG | SPRING 2012 | 9

Focus on the Buoy:

Simple Strategies for Navigating the Rough Waters of Who that my dominant thought would be FOCUS ON THE BUOY. There were several buoys marking the course, and all I had to do was focus on the next one. Make it to the first buoy, then find and focus on the next one and then the next one until I was across the finish line. Seems pretty obvious in retrospect. Wasn’t so obvious in the chaos of the race.

The number of swimmers drifting off course was increasing, as was my anxiety.

I knew where I wanted to go, but I didn’t know how to get there. However, I knew that the buoys would guide me.

Where are you? Where do you want to go? What are your buoys? What are the markers along your course upon which you can focus to determine if you’re on track or not?

As I waited for my wave to enter the water I began repeating in my head, “Focus on the Buoy. Focus on the Buoy.

Focus on the Buoy.”

Minutes before the start of the Harvest Moon Half Ironman in Aurora, Colorado, a buddy of mine informed me that there was a high likelihood that we would experience hypothermia at some point during the swim portion of the race. He explained that our cognitive functions (i.e. our ability to think) would be diminished, and he suggested I decide in advance what thoughts I would like to think once this happened.

Normally, your mind can process and maintain multiple thoughts and switch effortlessly between these thoughts in an instant. But not when you’re hypothermic. When your core temperature drops and your body senses danger, it goes into survival mode and reallocates blood flow to the areas it deems essential. Evidently, thinking is not an essential function at this time.

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Unless you happen to be swimming, in which case it’s pretty darn important.

Your body doesn’t know that, so it starts to slow down your brain, almost like a bear going into hibernation. Great if you’re in a cave. Not so great in the middle of the Aurora Reservoir. Which was where I was going to be in the not too distant future. My friend suggested I decide now what key thoughts I would think once my brain’s ability to do so began to decline.

The first wave of swimmers had already left the shore, and we watched as several of them missed the turn buoy and just kept swimming out into the open water. The stress of the cold was already impacting their ability to focus.

It seemed that the harder they worked, the further they got from their desired destination. I decided in that moment

By now rescue boats had started to pull distressed swimmers from the water. My friend explained that sometimes in the excitement and stress of the race people forget to breathe. So I added “breathe” to my mantra. He also explained that seeing someone else panic can cause you to panic. Just keep swimming. Race your own race. Let the rescue boats do their job. You do yours. Stroke, stroke, breathe. Focus on the buoy. Stroke, stroke, breathe. Focus on the buoy.

My wave was called to the water. Time for us to start. The water was so cold that I immediately started hyperventilating.

I hadn’t even gotten to “stroke, stroke, breathe” and I was already panicking.

By this point I was engulfed by the mass of humanity that surrounded me, and I was being pushed out into the open water. I put my head down to swim and someone kicked me in the mouth. I stopped swimming and lifted my head

By Theo Androus

Don’t Try to Get Past the Screeners, Help Them Instead continued from page 7…

olesaling to see who had kicked me, and the people behind me swam right over top of me. I felt like I was in a Jules Verne novel and the giant octopus had me in its grasp. I was terrified. Stroke, stroke, breathe. Focus on the buoy. Stroke, stroke, breathe. Focus on the buoy.

Eventually, I found my stroke and settled into the race. I could feel myself beginning to slur my words a bit, and maintaining my thought pattern was becoming difficult. But I just kept repeating my mantra: stoke, stroke, breathe. Focus on the buoy. Stroke, stroke, breathe. Focus on the buoy. And before I knew it I was out of the water and onto my bike and pedaling my way into altitude sickness, but that’s a story for another day. The race was hard, but it was totally worth it.

Is being a wholesaler any different?

Yes, it’s hard at times. Sometimes you feel like the market is kicking you in the teeth (or elsewhere) and the people around you are going nuts, and sometimes it feels like you might be drowning. Just remember to race your own race (work your plan). Don’t panic (believe in yourself ). Stroke, stroke, breathe (call, call, follow up). Focus on the buoy (serve your clients). And when the market kicks you in the teeth (or elsewhere), just put your head down and swim (work) like hell and you’ll be fine.

Theo Androus is a lousy swimmer but a decent presenter with nearly 20 years of platform experience sharing practical and actionable business ideas and concepts with audiences around the world. His book, FOCUS ON THE BUOY, will be released sometime in 2012. Reserve your copy now by visiting www.focusonthebuoy.com

questioned by an assistant.

It’s just as important as your opening statement and the questions you’ll ultimately ask the advisor.

• Do social engineering. This is also part of your Smart intelligence gathering. Would it help you at all to learn inside relevant information about the advisor, the firm, their clients, what their initiatives are, and more? Of course it would. You might be surprised to learn that you can get a lot of this information by simply asking questions of the assistant and others. Then, in the process of questioning, you position yourself as a person who really cares about being prepared before speaking with the advisor, as opposed to a salesperson who is just smilin’ and dialin’. Say to the assistant, “You probably work closely with Ms. Bigg. I want to be sure that I’m prepared when I speak with her… there’s some information you could probably help me with.”

• Use a confident, expectant tone of voice. Some sales reps whimper their requests: “Uh, I was wondering if Ms. Fremont is maybe available?” This instantly brands the caller as insignificant.

It doesn’t matter if they are or not, since the assistant thinks so and that’s all that matters.

• Have a powerful justification reason ready to roll. Who are assistants told to get rid of?

Time-wasting salespeople. The only way you can avoid that label is if the screener feels you have something worthwhile.

A piece of garbage I’ve heard spread by some so-called experts is that you shouldn’t give any information to the screener.

What nonsense! If they want

to know why you’re calling, be ready to eloquently explain: “At your site I see that you specialize in retirement planning for small business owners. I have worked with other advisors who have the same specialty, and we’ve been able to help them increase their production in that market through some innovative methods. I’d like to ask Mr. Advisor a few questions to see if I could provide some information.”

• Make it interesting, but nonobjectionable. This means you don’t want to present an idea the assistants are qualified to say “no” to. For example, you wouldn’t want to say, “I’d like to talk about our new funds.” They’d likely respond, “We’re happy with what we have, thank you.” To get through, the assistant needs to hear about a result, not a product or service. They need to know why you are special. Ideas, concepts, and methods are less objectionable than products.

Help assistants do their job, and you’ll be able to do yours a greater percentage of the time.

For 29 years Art Sobczak has helped sales professionals use the phone to be more successful in their prospecting, selling, and servicing. Get his free report, The Top 10 DUMB Cold Calling Mistakes That Ensure Rejection at http://www.SmartCalling.com

I CARRY THE BAG | SPRING 2012 | 1 1

What’s in Your Bag?

Profiles of Great Wholesalers Tom Ritter is a Regional Vice President with Jackson National Life in Northern California where he covers Financial Institutions ICTB: What’s the last book that you read?

TR: “Unbroken” by Laura Hillenbrand.

ICTB: What smartphone are you packing?

TR: I’ve been wholesaling for 13 years; been out in the field for over six years.

ICTB: And exactly what kind of bag is it?

TR: Butler University.

TR: I got a guy named Vince who comes to my house and lays out a couple of nice options and tailors them to my needs.

ICTB: Death row final meal request?

TR: Outside of work, which is enjoyable, it would be mountain biking, cooking and a little reading.

ICTB: What do you like to cook?

TR: You know as wholesalers we obviously eat pretty good food. I have been experimenting with Grilling/ Barbecuing.

ICTB: What’s your ride?

TR: Work out. If the weather is looking all right, I will head outside and ride my bike. If it’s not good weather, I’ll just stay in and grab some sort of exercise video and knock it out for 30 minutes.

TR: About 110,000.

12 | SPRING 2012 | I CARRY THE BAG

TR: Wife and two cats.

ICTB: Who keeps you looking dapper?

ICTB: Best year of production?

ICTB: How many miles are on it?

ICTB: Family 411?

ICTB: Alma mater?

TR: Swiss Army. It’s bullet proof – I’m on my second one. They got a pretty good warranty, so when the first one broke, they sent me a second one for free.

TR: A 2006 Lexus GS 430.

TR: Managing my Type A personality.

TR: Company-issued Blackberry.

ICTB: What are your hobbies?

ICTB: How long have you been carrying the bag?

ICTB: What’s your pet peeve?

TR: 2009.

ICTB: What do you do to work off stress?

TR: Sushi, without a doubt.

ICTB: Life after wholesaling; what does that look like?

TR: Probably more biking, cooking, and reading.

ICTB: Okay. What’s the best advice you’ve received about wholesaling?

TR: It’s not a sprint but a marathon.

ICTB: Favorite vacation destination?

TR: I’d have to say the Caribbean. We’re growing kind of fond of St. Thomas.

ICTB: What would be a surprising artist that we’d find on your iPod? TR: The one artist that makes up most of my iPod collection would be The Doors.

By Edward S. Finocchiaro

Four Invaluable Tips For Independent Wholesalers The four words we most dread hearing as investment professionals are, “This time it’s different.” Why? Because it never really IS different.

Sure, the game has changed. As consolidation continues in the asset management business, more and more wholesalers are gravitating towards independent wholesaling opportunities.

These positions, rewarding as they can be, are scary at the outset.

The situation is different from a W-2 wholesaling gig, but the fundamental truism, “work or don’t eat,” does not change. It’s even more important to an independent wholesaler, since he or she is basically doing a high-wire act without a safety net – no salary, no marketing budget, no internal, no key accounts help, no sales manager to help with centers of influence (this is a blessing and a curse at the same time), no scheduler, no golf balls, stress balls or coffee mugs.

How do you pull it off without going crazy? Here are four simple guidelines to jumpstart your success as an independent wholesaler: BUILD PROCESS INTO YOUR PRACTICE AND TIGHTEN IT UP EVERY DAY One of the best sales managers I ever

worked for in this business broke it down perfectly. It’s not an easy business, but a simple one – see the right people, see enough of them, deliver a compelling message. Everything we do needs to drive us to these three objectives. With no business infrastructure, the independent wholesaler needs to build process into the practice at the risk of going insane.

There are a couple of common sense ideas that all wholesalers should employ, but they are vital for the independent: • Educate from the top down, sell from the bottom up • Have your rotation figured out for the next 12 months • Never leave an appointment without setting up your next one • Ask for the business, then ask again • Ask for referrals, and a personal introduction, to the best producers in the office • Systematize follow-up and fulfillment If you don’t build process and scale into an independent wholesaling territory, and make it a little tighter every day, you’ll never run your business – it will run you.

Remember, you are your own boss – be a good boss to yourself.

LEVERAGE YOUR RELATIONSHIPS – ALL OF THEM Remember, you are OUT of the catering business.

As experienced veterans in our territories, we all know wholesalers who could benefit from our extensive Rolodexes®.

Why not find an effective way to work with those wholesalers? There is no shame in working with an honest, hardworking wholesaler whose company you enjoy and whom you trust. Find one of your funds that complements one of his funds, then trade him an introduction to your contacts for lunch on his dime. He will appreciate the help and you will both benefit.

BE A BEST PRACTICES CLEARINGHOUSE Most experienced wholesalers have seen the best and worst of retail FA practices, in all aspects. One way we can add value is by asking good questions and providing good solutions. If I only have a short time with a new advisor, I ask four simple questions: • Tell me about your business (how big, AUM, team, origins, etc.) continue on page 16…

I CARRY THE BAG | SPRING 2012 | 1 3

ADVISOR INSIDER: STATS YOU NEED TO KNOW

63.3%

Believe the economy will be stagnant over the next 12 months

41.5%

are bullish on U.S. Equities, only 11.9% are bullish on Fixed Income

14 | SPRING 2012 | I CARRY THE BAG

33.4%

USES ALTERNATIVE PRODUCTS. OF THOSE LISTED REITS ARE THE MOST UTILIZED

25.1%

prefer to communicate with asset managers by email

Source: kasina and Horsemouth

41.1%

Prefer to meet for 30 minutes; 20.6% for 15 minutes

49.9%

prefer one-on-one meetings with their external wholesalers over meals

2.9%

Average number of Variable Annuities providers used over time

kasina’s FA Vision (in partnership with Horsesmouth) is the industry’s most comprehensive and frequently conducted survey of financial intermediaries.

Our data-driven analysis of the behaviors, preferences and opinions of financial intermediaries helps firms make tactical improvements to their brand, product and distribution.

To learn more about FA Vision, visit www.kasina.com or call 212.349.7412

I CARRY THE BAG | SPRING 2012 | 1 5

Four Invaluable Tips For Independent Wholesalers continued from page 13…

• What is your asset management process?

• What is your practice management process?

• What do you do to grow your practice?

Then, shut up. Next one who talks, loses.

If I listen well and take good notes, I can usually find one fund/SMA sales opportunity, and one opportunity to make a best-practices suggestion to help the FA’s business get a little better. Whether it’s a referral-gathering technique or a client segmentation process, we cement our position as a consultative salesperson that adds value.

RUN YOUR BUSINESS LIKE A BUSINESS Independent wholesalers have a special opportunity – we can have our own franchise business without the enormous start-up costs of a bricksand-mortar business. Smartphone + laptop + internet connection + product + geography = BUSINESS!!! With no marketing budget, the challenge of every independent wholesaler is to spend money prudently and to make sure that a small “give” equals a large “get.” Here are some low-cost “mustdos” for the independent wholesaler: • Use an American Express® business card – the points are redeemable on any airline so you can take your spouse on a nice vacation for putting up with your insane hours.

• Always have somewhere to bring bagels in the morning – four mornings a week. It’s cheaper than a catered breakfast or a coffee cart, and they make your car smell great.

16 | SPRING 2012 | I CARRY THE BAG

• Priceline.com is a cost-effective place to find hotel rooms when you’re not on “the big ticket.” I can usually find a good-name hotel (Hyatt, Sheraton, Hilton) for about $50 vs. the $200-250 rack rate.

• Pick your COI in an office and ask that “bell-cow” to find three or four people to take out to lunch.

No more feeding entire offices.

After lunch, go back to the office and set up your next meeting, then collect each person’s business card and ask for three referrals from each of them.

• Know when to cut and run – some producers can never stop looking at wholesalers as a mealticket or a free bar tab. Let them know you are a businessman like them.

• Make every spending decision wisely – you cannot “bet on the come” – and if you have questions about, say, supporting a seminar, seek a third-party opinion (colleague, manager, etc.) of the producer asking for the dough.

After all, it’s your dough.

Remember – we don’t live to work, we work to live. With diligence these precepts will help you have much success as an independent wholesaler.

Edward S. Finocchiaro is a Managing Director at Multi-Funds, LLC, a third-party distributor of funds and SMAs to the financial advisory community. Ed covers northern New England and upstate NY. Prior to MFLLC, Ed spent 13 years as a wholesaler for Wells Fargo Advantage Funds and Seligman Advisors, all in the Northeast.

Antidotes to Negative Press: Navigating the News continued from page 13…

• Craft defensible and thoughtfully witty comebacks. These are for the haters that criticize your firm or your chosen profession. Make turning the table on critics fun.

• Think innovatively about how you can make a difference in our industry this year. Stand up for what’s great about those you work with and work for, or those you serve. Start purposefully pointing out examples that you see or hear that resonate with integrity. Let’s start a ground swell of good news and turn the tide of opinion on the investment industry in a positive direction for 2012!

Kathy Freeman Godfrey founded her retained executive search firm in 1992, focusing her work on assignments for senior level sales, marketing and client-facing executives exclusively within the investment industry. The Kathy Freeman Company is celebrating its 20th year of successful partnerships with its clients in 2012. Visit us at www.kathyfreemanco.com to gain further insights.

By Sara Keagle

PACK YOUR BAG

Keep Calm and Carry On Does preparing for air travel stress you out?

Do you know what to pack in your carry-on?

I’m not talking about your 20” rollerboard; I’m talking about the small bag you need to carry your essentials. You should never pack your essentials in your rolling suitcase, even if you plan to bring it on board. With the airlines charging for checked luggage, more and more people are carrying on; that means more bags are being checked at the last minute.

The trick to stress-free air travel is to be able to roll with the punches. The trick to being able to roll with the punches when flying is a well-packed carry-on! Pack your bag with these items and you will be prepared for any delays or inconveniences you may encounter: • A change of clothes: something easy to roll that won’t take up too much space. A pair of yoga pants or lightweight skirt for women, or lightweight workout clothes for men. Remember, this is in case of emergency not a fashion show.

• Chewing gum: for take-off and landing. Helps with the change in pressure.

• Entertainment: including things that don’t require batteries or have an off/ on switch. You never know when you’ll be stuck on the ground without

anywhere to plug your computer or smart phone in. Bring an old fashioned book and/or crossword puzzles. (Don’t forget a pen and the charger cords.)

• Ear plugs: I always recommend bringing enough for your unprepared neighbors too. Flying is public transportation, and you never know when the baby will start screaming.

• Snacks: Lots of options don’t require refrigeration, including nuts, granola bars, and trail mix. Skip the junk food, it will only deplete your energy and make you more tired and stressed.

• An empty re-usable water bottle: such as Klean Kanteen or Sigg. Fill it with water at a water fountain after you get through security. If you’re in a delay situation the flight attendants will probably pass out water, but not on your timetable. I like to have my own.

• Small blanket or sweater: Most airlines do not have blankets anymore. The temperature is never to everyone’s liking, and I know when I’m working I prefer it on the cooler side. Germs fester in the warm air.

• Paper lists: of any phone numbers or information you may need. Cell phone batteries run out sometimes and borrowing your neighbor’s phone won’t do any good if you don’t know

the number!

• Anti-bacterial hand wipes: They are great for cleaning your hands, but also for tray tables that are not washed between flights.

• Travel size first aid kit: with bandages, aspirin, nasal spray, tissues and an antidiarrhea medicine.

• Neck pillow: along with eye shades will give you a better chance of sleeping if you wish to.

• Lip balm: and hand lotion. The air is extremely dry at 35,000 ft.

• Toothbrush: and toothpaste. Nothing makes you feel better than brushing your teeth after a long flight!

Also, if you are on any medication or wear contact lenses, don’t forget to add these in!

You should never check valuables, so always keep your money, credit cards and debit cards on you at all times.

Tip: When the flight attendants make their initial descent announcement, take that as an opportunity to gather any items you took out during the flight and re-pack your carry on. Not only will you be prepared for landing, which will make your crew happy, but you’ll be less likely to forget something on the plane!

Sara Keagle is a Flight Attendant for a major U.S. Airline with over 20 years in the travel industry. Through her blog, The Flying Pinto, she offers you a glimpse behind the galley curtain.

Her podcast, The Crew Lounge, offers listeners a unique look into the life of a flight attendant.

Sara freelances for publications such as The Wall Street Journal’s Speak Easy Blog, and she is a resource for various national media outlets, including USA Today, The Wall Street Journal, MSNBC, The New York Times, and The Washington Post.

You can find Sara’s blog at TheFlyingPinto.com and find her at facebook.com/theflyingpintoblog I CARRY THE BAG | SPRING 2012 | 1 7

Top 14 Criteria fo

Chicago: “It’s becoming increasingly difficult explained Jerry, during the cocktail hour follo companies sponsoring this event. He continu wholesalers and yet it’s becoming more and m We’ve been hearing Jerry’s sentiments with an ongoing frequency throughout this financial crisis. We’ve also listened to financial advisors refer to wholesalers in a similar vein as affluent investors refer to advisors. There is no doubt that these past couple of years have “moved everyone’s cheese” – change is upon us.

Despite all of the skepticism, today’s affluent investors now recognize that their families need professional financial advice and guidance. As a result, they are demanding much more of a financial advisor. The same can be said about the needs of financial advisors and their demands from wholesalers.

We recently asked a group of financial advisors some questions about wholesalers, and we were able to uncover specific criteria that should prove invaluable Top Criteria for Preferred Wholesalers 1. Understand the products they represent.

You would think that wholesalers would possess a healthy working knowledge of the products they represent, but according to financial advisors this is not always the case. Firms should devote more time and attention to make certain every wholesaler has a thorough understanding of their products and is able to communicate in simple advisorfriendly sound bites.

2. Respect your time.

Professionalism is a broad statement.

18 | SPRING 2012 | I CARRY THE BAG

However, always working from scheduled appointments, confirming appointments, and then being extremely sensitive to an advisor’s time when meeting will have a significant impact on a wholesaler’s reputation.

3. Share current best practices of elite advisors.

Financial advisors are starving for information about how elite advisors operate. This presents a golden opportunity for any wholesaler who is able to develop a reputation for gathering and sharing current best practices.

4. Consistent follow-through.

Saying what you are going to do and then doing what you said should be common practice in every walk of life.

Alas, it’s not. Every wholesaler should find this to be a relatively simple fix, but it involves scheduling, communicating clearly and consistently with an internal, and effective email contact.

5. Listen before delivering a product presentation.

From our research on advisors, the overall perception is that wholesalers don’t listen and are on a one-track mission to sell. What’s ironic about all of this is that today’s affluent prospects view financial advisors exactly the same way. Wholesalers would do very well by mastering one of life’s common courtesies, being a good listener.

6. Understand your unique business development goals and objectives.

Financial advisors consider it important that a wholesaler understands the innerworkings of their business. Wholesalers should constantly work to make this a topic of conversation.

7. Provide quality value-added services (dinners, training, etc.)

Today’s value-add must be topical, current, and be of the quality that truly adds value to the business of today’s financial advisor. This goes beyond simply writing a check to pay for an event.

8. Alert you when a fund manager leaves the company.

Financial advisors want direct and open communication about anything that might have an impact on their business, particularly the relationship they have with their clients.

9. Possess a broad knowledge base of financial markets, trends, etc.

Similar to how today’s affluent investors want their financial advisors to have a broader depth and breadth of knowledge, financial advisors want their wholesalers to have an expanded knowledge base. This knowledge base should go far beyond the products they represent. Essentially, advisors want today’s wholesaler to be a knowledge worker and not simply a salesperson pitching financial products.

By Matt Oechsli

or Wholesalers

for any wholesaler to distinguish themselves from the maddening crowd,” owing my presentation. Jerry was a wholesaler with one of the four fund ued his stream of consciousness with, “Our company has a solid corps of more of a challenge to get quality face-time with the bigger advisors.”

10. Offer funds that are consistent in performance.

The key word here is “consistent.”

Financial advisors have always been focused on performance, but now the financial crisis has directed their focus on stability rather than chasing yield.

11. Have access to a full range of quality products.

We recognize that wholesalers cannot control the suite of products offered by their firm, but they can determine a good fit for their products, and where to direct a financial advisor who is looking for a quality product that isn’t available at their firm.

12. Communicate well through their internal.

The best wholesalers have very effective relationships with their internals.

The quality of this communication is obvious to advisors. In many ways it is reminiscent of the communication loop amongst advisor-assistant-client. The better the communication between wholesaler and internal, the greater the professionalism exhibited to financial advisors.

13. Alert you about funds that are underperforming.

No one enjoys being the bearer of bad news. However, financial advisors consider it very important for wholesalers to alert them whenever a fund is underperforming. Advisors understand that wholesalers cannot

control the performance of the funds they sell, but they do expect them to communicate the bad news quickly so they can then communicate with their clients.

14. Keep you up-to-date on competitive firms (and products).

Today’s financial advisor wants wholesalers to be their eyes and ears on the street. They are very aware that wholesalers work all sides of street; they conduct business with financial advisors at other firms -- the competition. They are always eager to learn as much as possible about what’s occurring in other firms. Wholesalers need to tread cautiously here as they do not want to develop the reputation of spreading gossip or proprietary information.

Whether it’s justified or not, financial advisors are hard on wholesalers.

There were statistically significant performance gaps for each of the fourteen criteria advisors ranked as important. However, there is a sliver lining. Because of the perceived lack of preferred wholesalers, any wholesaler who expends the time and energy to raise his or her game will be remembered in a positive light.

need help and guidance more than ever, and with a little fine-tuning, his company’s corps of wholesalers could elevate from solid to elite. Joining the ranks of the elite should be every wholesaler’s goal.

Matt Oechsli is one of the leading authorities regarding marketing, selling, servicing and developing loyalty with affluent clients. His firm has conducted numerous research projects on the affluent and has been able to determine (with statistical significance) how the affluent make major purchase decisions, the criteria they use in selecting a “goto” financial advisor, what they look for in a personal banking relationship, and more. Matt knows what is required to become a “rainmaker” within the world of the affluent. http://www.oechsli.com/ or 800.883.6582

The best financial advisors have a handful of wholesalers who they trust, respect, and will always schedule time to meet with. This group is referred to as preferred wholesalers, and they are the elite in their profession.

As I reminded Jerry, financial advisors

I CARRY THE BAG | SPRING 2012 | 1 9

By Ivy Naistadt

Keepin’ It Real I hope you are all off to a great start in 2012.

Over the holidays my husband and I watched a few old movies on Turner Classic Movies. One of them stood out because it was a political campaign film, and in an election year with endless debates it still has relevance.

The movie is the 1947 classic The Farmer’s Daughter, starring Loretta Young and Joseph Cotton. It’s about an independent-minded Swedish farmer’s daughter who leaves the farm to go to the ‘big’ city and lands a domestic job at the home of a U.S. Senator in Washington, D.C. Through a series of events, she speaks up at a rally for him. Captivating her audience with her charm, and genuine, down-to-earth, direct speaking style, she ends up with a nomination herself!

At one point, in preparation for her campaign, she is surrounded by policy consultants who have her read her speech over and over in a false, overthe-top oratory style. They actually play it back on a record player, and if you’ve never seen one, here’s your chance! The Senator, who’s been eavesdropping on the session, pulls her aside and coaches her to improve her performance.

“Remember why you wanted to run in the first place. Don’t wave your arms and raise your voice. Don’t give an imitation of a bad speechmaker. Just be yourself. That’s why you were asked to run in the first

place.”

Sound advice. In 1947, and 65 years later in 2012.

I’ve watched so many speakers adopt a false speaking style based on someone they saw - maybe a Tony Robbins type speaker or another speaker who inspired them.

The problem is, if you are adopting a persona it won’t ring true for your audience. And it’s uncomfortable to watch.

What you want to do instead is to develop your own Authentic Speaking Style™ based on who you really are. Not an imitation of someone you think you should be.

I’m not saying you shouldn’t observe excellent speakers and adopt some of their techniques or ways of engaging audiences. In fact, I encourage you to study the best of the best. Where you need to draw the line is imitating a style which doesn’t suit you. And like any good suit, it has to fit properly to allow you to be comfortable and project confidence and honesty.

When you are speaking from your truth, your confidence and integrity shine through and the audience gets the feeling that you, as the presenter, are

comfortable in your own skin and are honestly conveying the essence of who you are. Your buyers and customers sense this and like you for it.

Whether you are selling in tough wholesaling times or great times, it’s all about how you come through your message.

A client of mine is in the financial services industry and, from my perspective, is a total professional. He came to me in the midst of a career transition, struggling with his speaking style. Up until this point, he was used to speaking one-onone and to small groups. However, as he was emerging as a powerful leader in his circle of influence, he would soon be expected to speak on bigger stages: hosting events, customer dinners, and speaking in Washington at prestigious venues. He expressed his fears to me about not possessing the performance skills he needed to shine in these new environments and brought me on board to help.

He may have lacked professional speaking skills, but one thing I knew about him was that he was a person of integrity.

Having seen him in action as he calmly delivered difficult news, I observed his firm and caring communication style. I continue on page 22…

20 | SPRING 2012 | I CARRY THE BAG

By JB Bush

Leading the Dance:

Tips to Prevent Your Advisor From Overpowering You Many wholesalers spend the majority of their sales calls talking. Unfortunately, some begin “talking at” their prospects before truly understanding what their underlying needs are. Many times this is not the fault of the wholesaler. Buyers are smarter than ever and can appear interested in your solution by steering the conversation in the direction they want – getting the information they need without providing you, the seller, with the chance to obtain insights that you need.

How do we prevent this from happening?

Attend any sales training and you will hear about the importance of asking questions.

Most, including ValueSelling, describe how a seller should lead the conversation, using questions to better understand the buyer’s needs and then present a solution in the context of addressing the buyer’s key challenges and envisioned solution. But what happens when the buyer doesn’t want to play it this way? What happens when a buyer is only interested in obtaining the information they want and not interested in sharing information about their situation?

Whether it’s due to the ever-increasing pressures (time constraints, juggling multiple priorities, etc.) or training that buyers are receiving (techniques to put sales professionals on the defensive), buyers today are busier and smarter than ever before.

Recently, I was at my local coffee shop and witnessed a sales call taking place. A gentleman had been seated at a table near me when the buyer entered and sat down at the seller’s table. After the initial smalltalk, the conversation shifted to business and the “sales dance” began with the seller.

“Jim” thanked the executive “Sally” for her time and began to transition into some questions; Sally jumped in and took over the call. “Jim, I had the chance to look at your company’s web site and do some research; it looks like you might have the right solution to meet our needs yet I have a few

questions for you.” She then asked a series of pointed questions about the products that were of interest to her, inquiring about specific features, capabilities and support. She appeared to be interested in learning how the products would handle certain scenarios. Jim seemed to do a good job of answering her questions. After approximately 45 minutes, Sally thanked Jim for the information and said that she or someone else from the company would get back to him; they shook hands and the meeting ended.

So what just happened? At first Jim probably felt like he had a hot prospect; someone who knew exactly what she wanted and just needed specific information. However, it was what he didn’t know that could cost him the deal. He didn’t find out the underlying business issue his prospect was looking to address, nor did he have the chance to create a need for his specific solution or ask questions to help differentiate him or his company. Most

importantly, he didn’t find out what other alternatives were being considered or how his product or solution would compare.

What could Jim have done differently to lead the dance? How could he have provided Sally the information she was looking for and obtain the information that he needed to improve his chance of winning Sally’s business.

Set the Agenda in Advance: Jim might have been able to make time for his questions if he set expectations with Sally that their meeting would be a give-and-take conversation. Often done with an email in advance of the meeting, a well thought out agenda lists what topics will be covered and sets the tone for an upcoming meeting.

It lets your buyer know what information you’ll be looking to uncover to make the meeting mutually beneficial.

Pause and Reflect: Sometimes buyers “get on a roll” and start asking questions in rapid-fire succession. If this happens, continue on page 22…

I CARRY THE BAG | SPRING 2012 | 2 1

Leading the Dance: Tips to Prevent Your Advisor From Overpowering You continued from page 21… you can slow the process down by simply taking a moment to pause and reflect on the answer you’re about to provide, then deliver your response. This subtle shift demonstrates to the buyer that you’re interested in providing her with a thorough response, not just a fast one.

Also, it will most likely create openings in the conversation, allowing you to ask the questions on your mind.

Partial Answers: Jim did a fine job of answering Sally’s questions. Maybe he did too good of a job. If I had coached Jim, I might have suggested that for some of Sally’s questions he respond with, “There are a couple of ways that we can address that need, but first I’ll need to learn a bit more so I can tell you which option would be best for your organization…” Answering in this manner might have allowed Jim the opportunity to ask questions and guide the meeting into more of a two-way conversation.

Answer Questions with Questions: Another approach would have been for Jim to answer Sally’s question and then tack on a follow up question. For example, “Here’s how our product would handle that issue.

Can we take a moment so I can understand why that’s important to you? What are you really trying to solve with this?”

I will commend Jim on one important aspect; he didn’t fight Sally for control.

The sales call has been and will always be a dynamic, free-flowing engagement.

No matter how much we pre-plan our conversation, a new twist is sure to reveal itself. We can, however, recognize that certain buyers need to have control due to time pressures, personality traits or some other reason. Should the situation arise, don’t wrestle the buyer for control of the conversation. Rather, recognize what’s taking place and do your best to obtain the information you need while simultaneously meeting the buyer’s needs. When done effectively, both the buyer and seller will

get the most out of every conversation.

Good luck and good selling!

JB Bush has more than 20 years of success in senior management and executive sales positions with established companies as well as start-ups. He has successfully navigated the complexities of nearly every type of sales challenge. By leveraging his expertise as a build-out and turn-around strategist, paired with his belief that training should be fun, JB arms his clients with solid education, salesready messaging and the confidence that they can win. He is a sought-after keynote speaker and trainer who can deliver highimpact results by maximizing and leveraging his clients’ investments in the ValueSelling Framework and Essentials, a series of leading edge web-based training modules on essential sales skills. jb@jbbush.com

Keepin’ It Real continued from page 20…

Ivy Naistadt is known worldwide as an expert in helping clients reach their 3. Practice by speaking as you normally do. professional communication potential.

The author of the highly acclaimed book, 4. Work on your physical delivery style, Speak Without Fear (Harper Collins), as making adjustments to suit different well as a nationally recognized speech venues while maintaining the essence coach and speaker, Ivy has helped business of you. professionals and others deliver successful public presentations for over 20 years. Her A year later, as I observed him conduct And then add one more ingredient: diverse client list includes such leading a call with 1500 company employees Remember why you got into your organizations as IBM, Pitney Bowes, The and then walk onto a stage and deliver business in the first place.

New York Times, Merrill Lynch and Princeton it again as a speech, I witnessed an University. She is frequently interviewed organized, calm and caring person with a In other words, develop your Authentic on radio and television, and she has seemingly effortless delivery. He received Speaking Style™ and tap into your been featured in numerous publications lots of kudos for that presentation. passion for your business and how you including The New York Times, USA Today can help those you serve. That’s where and The Daily News. To learn more, visit Here are a few ideas to help you access your real strength lies. www.JoinTheIvyLeague.com or email: your Authentic Speaking Style™: ivy@jointheivyleague.com .

Copyright © 2012 by Ivy Naistadt - All 1. Speak about what you know. rights reserved was also struck by how well he listened and knew his particulars inside out. In one of our early sessions, I told him that if he could bring that same real person, who in casual settings commanded respect, onto public stages, he would enjoy great success as a speaker and ultimately enjoy himself.

22 | SPRING 2012 | I CARRY THE BAG

2. Know your material inside out.

By Kip Gregory

s? t n e i l C r ou Y p l e H y all e R o t t n Wa . r e n r a e L g n o l e f i L Be a Not long ago I sat down with one of the industry’s top advisors at his office here in D.C. During our meeting he told me that his team gets, on average, 80 to 100 calls a week from wholesalers seeking some form of an audience with him or his staff.

“Wow!” I said. “That’s got to be exhausting—and time consuming.”

He agreed, and observed that over the years very few of those wholesalers had actually a) taken the time to understand his team’s business and the challenges they face, much less b) offer concrete suggestions on how they might improve their business.

And while he acknowledged that more product providers than ever now seem to be developing practice management content to help advisors like him run their businesses more profitably, he still sees a disconnect with the wholesaler on the ground.

“They don’t internalize this stuff. Sure, they can bring in an outside speaker who’ll give an engaging presentation, but then what? Can they roll up their sleeves and help us do what’s required to move the needle? In most cases, no, they

can’t. They just want to buy us lunch, talk about their firms’ latest numbers or performance award, and move on to the next guy.”

His comments got me thinking. What exactly is it that the top wholesalers I know do differently? Beyond being knowledgeable about their products and the market, as well as being solid presenters, strong relationship builders, and responsive problem solvers, what sets them apart?

And then it hit me. The best wholesalers are students of business. Not just “THE” business… business generally. How to grow one, systemize one, build a team to manage one. They are sponges who soak up everything they can about what works and what doesn’t, and then they share those ideas with the advisors they serve. In short, they are lifelong learners.

If you want to be one of them, you can literally get started as soon as you finish this article. All you need is desire, a few dollars, and the iPad, iPhone, Android, BlackBerry, or laptop you already carry.

Your first stop should be Amazon, where you can download whichever free version of their Kindle app works on the

device(s) you carry. (Use http://amzn.to/xUG6xX to go directly to that page). Amazon’s Kindle Store now offers more than one million titles, the vast majority for $9.99 or less, that you can buy, download and begin reading in seconds. (I’ve actually purchased and scanned through titles recommended by clients as they were describing the book to me on the phone.)

Once the app is installed, be sure to visit and bookmark Amazon’s Top 100 Best Sellers in Kindle eBooks (http://amzn.to/xgj4uT), which lists the site’s top paid and free downloads.

Be sure to check out some of the subcategories, including three very popular ones among advisors: Business & Investing, Advice & How-to, and Biographies & Memoirs. Reviewing those paid lists, together with Amazon’s New York Times Bestseller List, will give you an excellent idea of what the people you’re calling on are reading—or might be interested to learn about from you.

Not sure if you’re ready to bite the bullet and buy the full book? No worries.

Amazon offers a sample of every Kindle title it sells. Click on the “Send sample now” button on the right-hand side of continue on page 25…

I CARRY THE BAG | SPRING 2012 | 2 3

By Mark Sanborn

Riding the

Excerpted from Up, Down or Sideways: How to Bad or In Between (Tyndale 2012) In business, we’re told to be proactive. But let’s be clear: proactivity has its limits. Proactivity is about what we choose to do but not always about what we control. And much of what we deal with in life falls outside of our control.

To prove this, pick up a copy of the Wall Street Journal or your local newspaper and count the number of articles you controlled or influenced. Every day the count is the same for me: zero. Even if you are mentioned in the newspaper, chances are you had little control over the article. The best you might hope for is that they spelled your name correctly. So while you can be proactive on a personal level about doing things, there are forces bigger than you that you cannot control or influence.

On the other hand, we also know that being reactive in business is the kiss of death. If you spend your life reacting to what happens, you’ll end up, as my mother warned me, a day late and a dollar short.

So we find ourselves in a psychological dilemma: If being reactive is the kiss of death and being proactive beyond a personal level is a myth, what’s left?

The answer: being interactive.

Think of a surfer. Only the Creator can make and control a wave.

But a good surfer finds and interacts with the waves to create the outcome he or she desires. Don’t miss that first part: good surfers look for good waves. They are proactive on a personal level. They don’t just say, “There’s the ocean—let’s surf!” They watch the weather, scout the shoreline, check with friends, and do whatever they can to find the best waves.

Being good at dealing with change is like being a good surfer: we need to be able to ride the waves of change, especially the ones we neither create nor control.

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We don’t control everything in business or life that affect us, so if you want to succeed regardless of circumstances--when times are Up, Down, or Sideways--you have to learn how to identify and interact with forces bigger than yourself—the economy, your upbringing, government regulations, natural disasters, and on and on the waves roll.

Again, there are no guarantees. No matter how good you are, sometimes a big wave slams you under the soup. Even the best surfers wipe out. Other times, no matter how much you want to surf, the waves aren’t big enough. You can either paddle around or go find something else to do.

Growing up north of Youngstown, Ohio, I remember listening to some guys in their twenties who had been laid off from the mill. Television reporters asked them, “What are you going to do?” The typical answer went something like this: “My daddy was a steel worker, and my granddaddy was a steel worker. There’s nothing else I can do.” I remember, even at my young age, thinking, Are you kidding me?

My father was a farmer and my grandfather was a farmer. Did that mean all I could be was a farmer? Of course not. In fact, the family farm wasn’t something that interested my brother or me, so it was easy enough for us to chase our own dreams. But too many people spend their lives floating around in ankle-buster waves. When things are Sideways—when you aren’t riding the big wave or getting slammed—maybe you need to go to the shore and seek another activity. You can still create desired outcomes, even if it’s not from riding big waves.

If the waves are moderate and commensurate with your skills, you’ll do fine. If they are too big, they will wipe you out. If they are too small, you won’t be able to ride them. Like a surfer, you have to figure out how to interact with forces bigger than

Want to Really Help Your Client?

Be a Lifelong Learner. continued from page 23… any Kindle book page to have an excerpt of that book delivered to your Kindle-enabled device instantly.

of Change Succeed when Times are Good,

yourself to create the outcomes you desire—the outcomes you define as success.

Many believe that the key to success is in their ability to predict what will happen in the future. To the degree we can accurately anticipate what the future holds, we should act on that information. But how good are you at predicting the future?

In Future Babble: Why Expert Predictions Fail—and Why We Believe Them Anyway, Dan Gardner takes a look at an exhaustive research study done in the 1980s by Phillip Tetlock. The research, he writes, shows that “experts’ predictions were no more accurate than random guesses.”

The point is, predicting the future is easy, but predicting it correctly is very hard. I can predict where the economy is going, but I can’t know if I’m correct until we get there. That’s why I recommend against chasing success as a futurist. Instead, approach it as a “presentologist.”

Rather than focusing on what might happen, focus on what you can do now to ensure you’ll be successful regardless of what happens.

Rather than trying to predict the future, prepare for it. Rather than anticipating what the world will throw your way, adopt and live out the timeless principles that will serve you, come what may.

There are things you can do some of the time to aid your efforts for success. And there are things you should do most of the time. And then there are a few things you should do all the time, regardless of circumstances. These are the things that set you on a course toward sustainable success—whether times are Up, Down, or Sideways.

To download the key summary points or receive more information about Up, Down or Sideways, please visit www.marksanborn.com/uds

And don’t overlook the Top Free titles list. I’ve essentially paid for my iPad with the money saved on books I would have willingly bought but fortunately discovered were being offered as free downloads for a limited time. Titles like Selling to Big Companies by Jill Konrath, Presenting to Win by Jerry Weissman, and So What? by Mark Magnacca all made it to my iPad that way.

Finally, if you’re not a speed reader and the thought of slogging through a whole book causes you to break out in hives, fear not; someone has already solved your problem.

GetAbstract (http://www.getabstract.com) and Soundview Book Summaries (http://www.summary.com) both offer digests of popular business titles in large, constantly expanding libraries that you can also access via your PC, tablet, or smartphone. GetAbstract even gives you the option of listening to an audio version of their summaries via Audible. com, which I highlighted in “Professional Development on the Go” in last summer’s issue of I Carry the Bag. Regardless of which approach you take, becoming a better student of the game will help distinguish you as a thoughtful, creative resource to the advisors you do business with—or want to.

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. © 2012 Kip Gregory, The Gregory Group. All Rights Reserved. Used with permission.

I CARRY THE BAG | SPRING 2012 | 2 5

The Secret Behind Consistent Success We all know at least one of them…

Those colleagues who seem to have it all.

They are at the top of their game professionally, making a great living.

They always seem to be in a good mood. They have energy, and they look healthy and fit. They talk about their families with a smile on their face, and they always seem to have time for “date nights” and quality time with their children. And, no matter the challenge before them, their attitude is always optimistic.

Are they super-human?

Or, is there something these unique people have in common? Ever wonder if there is a magic ingredient that fuels success, life balance and peace-of-mind?

After coaching hundreds of successful professionals, business owners, salespeople and executives over the past 13 years, I’ve noticed something about the ones who are “thriving with balance” compared with those who struggle with stress, sanity and success.

The ones who seem to have it all make “Daily Success Habits” a priority, while the others are inconsistent or have no defined practices at all.

preferences and needs, there are many similarities among those who share that extra zest. Some of the most popular daily habits include some combination of exercise, stretching, solid nutrition, meditation, reading, gratitude, being fully present with loved ones, conscious breathing and taking time to focus on top goals.

Each list of daily rituals varies. Some have just a few core daily rituals, while others may aim for as many as 10, 15 or 20. That translates to 20 to 90 minutes of time these people dedicate to themselves each day.

How do busy professionals have time for so many seemingly non-revenue generating “to-do’s” each day?

At first, it may seem impossible to squeeze anything more into your already “busting-at-the-seams” schedule.

Yet, clients report that the time invested in their daily rituals pays dividends in the form of energy, greater peace-of-mind and their ability to focus. A busy sales professional says, “It makes the day feel like there are more productive hours in it when I do those 45 minutes in the morning. And days I skip, I simply don’t have the same sense of energy.”

When I say “Daily Success Habits” or “Daily Rituals,” I’m talking about specific, concrete actions taken each day to support one’s well-being, energy level and mental focus.

That’s what keeps the busiest and most successful clients committed to their “Daily Success Habits.” They feel a positive difference each day, and momentum builds week to week. One missed day offers such a sharp contrast that it immediately inspires them to get back on track.

While every professional customizes his or her practices to meet individual

Other professionals like to track their success habits visually with

It’s that simple.

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a spreadsheet or calendar, giving themselves a checkmark or gold star on each day the “practice” is completed.

While it may sound juvenile, it’s surprisingly effective! A couple of blank spaces can do wonders in motivating oneself back into action. And who doesn’t love acknowledgment?!

Starting Your Own “Daily Success Habits” If you’re not already committed to a set of daily practices, the good news is you can begin now. Or, maybe it’s time to up-level what you’re already doing.

Set yourself up for success by selecting a few key practices you can absolutely commit to, and build from there. What “success habits” are you missing?

Here are some popular practices to strive for daily: 1. Exercise. A 35 minute brisk walk, one P90X® DVD, running, hopping on the bike or StairMaster® at the gym.

The benefits of cardio and fitness are huge. Include something you can commit to.

2. Quiet Time. Meditating is one of the most powerful practices over time.

If that’s not your thing, try stopping at the park on the way home for 10 to15 minutes. Take 1 or 2 five-minute breaks and practice being present.

3. Hydration is Key. Set a goal to drink a certain amount of water per day (eight 8 oz. glasses is one common recommendation). It’s amazing how this supports one’s energy levels! And it’s calorie free.

By Mary Allen, CPCC, MCC

s, Life Balance and Peace-of-Mind or something related to personal or spiritual growth.

Remember, it’s quality, not quantity that counts. Consistency is your biggest ally in getting the most bang-for-your-buck out of your new “Daily Success Habits.”

Once you allow the compounding effect of your practices to kick in, you’ll soon understand that this IS the secret to “having it all.”

Mary Allen, CPCC, MCC is one of the most well-known 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 the author of the acclaimed book The Power of Inner Choice: 12 Weeks to Living a Life YOU Love and leads The Inner Peace Immersion Retreat annually. Receive 26 Inner Peace Tips & 2 Free Chapters from her book at www.lifecoachmary.com .

4. Gratitude. Another popular practice that pays huge dividends is connecting to what you’re most grateful for each day. Write down 25 appreciations each day. Keep a journal. Or spend 5 to 10 minutes before you get up in the morning or go to bed at night.

5. Dish Out Some Love. It doesn’t have to take a lot of time. Snuggle with your spouse. Look into the eyes of your spouse and tell him or her what you genuinely appreciate. Pet your cat or dog. Play with your children.

Offer a random act of kindness.

6. Nab a Dose of Vitamin D. Time

outside in nature is very rejuvenating.

Ten minutes of direct sunshine can generate 10,000 IU’s of Vitamin D, which adds to your ability to focus, builds your immune system, and more.

7. Handle One Toleration. In January’s issue we talked about the importance of clearing “tolerations” to boost energy.

8. Reviewing Goals. A few minutes each day goes a long way in fueling your focus.

9. Reading. Find something that inspires you such as a novel, the Bible

I CARRY THE BAG | SPRING 2012 | 2 7

We’ve been known to launch a few wholesaler careers.

by HikingArtist.com

Whether it’s live presentations, coaching, the blog, business builder tools or Wholesaler Masterminds Radio we only have one focus — your wholesaling success!

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visit us at www.WholesalerMasterminds.com or call 888.508.5010 I CARRY THE BAG