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Confessions of a Wholesaler
Season 1 Episode 15
The content of this episode is anchored in 3 necessary traits for effective financial advising. In addition, Michael provides action items for better financial practices.
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Key Links
- Ken Gau and Tom Unger's Program: The Academy of Preferred Financial Advisors
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According to both Matthew Jarvis and our guest, very accomplished wholesaler Michael Appleby, the most successful advisors have these 3 traits:
[Focus]
- Successful advisors have the concentration to take their practice to the next level.
- They have garnered enough concentration to understand who their ideal client is (i.e. pursuing a narrow market versus using a shotgun approach).
- They also focus on the strengths that bring their team together, turning the practice into a smoothly-functioning mechanism for success.
[Discipline]
- Successful advisors are disciplined with time management: their schedule, marketing outreach, every facet of the business.
- And they understand the importance of investing the necessary capital in facets that will make their business flourish: prospecting, personal development for the advisors themselves, coaching, or hiring a skilled team.
[An Affinity for Productive Business Partnerships]
- Successful advisors are not hucksters; they won't peddle or waste time on small-scale operations with prospects or business partners.
- They are focused on establishing productive partnerships with their wholesalers or other connections.
- They make value propositions to accentuate the most important aspects of their symbiotic partnership--and they stress honesty during their conversations about what works and doesn't work.
[Additional Topic: Michael's Most Common Advisor Mistakes]
- They ceased to do the basic activities that brought them to success: the cold calls, due diligence on prospecting--in short, the important actions that first put them on the map.
- Another common mistake is a habitual procrastination towards business planning and forward-thinking types of organization.
- Advisors drop the ball when speaking events aren't rehearsed enough: the speaking is flat, the fluidity of the event isn't seamless, seating isn't mapped out, directions aren't given, the organization is clumsy, and so forth.
- They don't follow the same advice they give to clients and thus sacrifice their integrity, reputation, and the overall weight of the advice they give.
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Michael's Action Items
- Advising isn't a commodity. Offer something that resonate
Published on 7 years ago