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Wholesale distribution

How to Solve the Three Critical Challenges Faced by Fund Wholesalers Today

Equisoft
August 30, 2019

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Blog » Wealth » Wholesale distribution » How to Solve the Three Critical Challenges Faced by Fund Wholesalers Today

Fund Wholesalers are facing radical role redefinition. Recent reports indicate that the wholesaler ranks are thinning and asset managers are looking for different ways to interact with advisors and better position their products in an advisor’s book of business. 

The days when wholesalers could count on wining-and-dining advisors and delivering product pitches to win business are over.  

In order to meet the challenges of the rapidly changing wealth management landscape, wholesalers are going to have to evolve. Wholesalers need to redefine themselves and their role. They need to adapt faster than their competitors and solve the three critical issues facing wholesalers today: 

  • Challenge #1: Differentiate yourself from the competition 
  • Challenge #2: Add value to advisors’ practices 
  • Challenge #3: Automate processes to save time

Challenge #1: Differentiate yourself from the competition 

Advisors are inundated with wholesaler demands on their time, but, advisors don’t have space in their calendar or the interest to sit through 10 or 20 product pitches every month. There’s no value in it for them, not when they can get all the product information they need online. If that’s all that the crowd of wholesalers is offering, then none of them are likely to be very effective. 

The best way for wholesalers to build an edge over their competitors is by developing expertise in solving problems that advisors care about the most—and then promoting that expertise.  

Top wholesalers act as tech-enabled business consultants to advisors, providing advice on practice management, marketing and sales.  

They turn themselves in recognized experts in these areas and then take every opportunity to build their brand and make sure advisors are aware of the value they can provide. These exceptional wholesalers speak at events and conferences that advisors attend about the topics that matter to advisors. They create content and thought leadership pieces in the form of blog posts, short videos and articles. And they maintain a constant social media presence, so they are always top-of-mind when advisors need help.

Challenge #2: Add value to advisors’ practices 

The critical piece in creating a competitive advantage over other wholesalers is to find ways to add value to advisor businesses. Since the traditional wholesaler role is no longer effective because advisors want data-driven, personalized advice, wholesalers need to reimagine their role and transform from information providers to business consultants. And, although most wholesalers are great relationship managers, not all are experts in critical skills like portfolio construction. 

The best way to build and demonstrate your expertise in this area is to leverage technology. Wholesalers can now use wholesaler-specific software to offer a new service to advisors—the opportunity to review model client portfolios, complete an analysis and identify the best mix of products.  

This requires wholesalers to implement a sales acceleration platform specifically built for advisors that features guided investment product positioning & analytics and includes powerful presentations that illustrate why this solution is the best using data-driven talking points.  

Challenge #3: Automate processes to save time

Like all stakeholders in the wealth management industry, wholesalers and their teams still find themselves bogged down in low-value work like manual data entry and administrative tasks.  

The time taken up by things like having to sign-on to different systems rather than having single-sign-on capability, having to manually attach reports to advisor records, or manually create and track follow-up tasks is time not spent in helping advisors grow their practices.  

Wholesalers need to streamline their workflows, automate as many processes as possible and focus on the high-value tasks that contribute to their transformation into exceptional, tech-enabled business consultants. Top wholesalers implement automated and integrated tools that increase their productivity. 

The same sales acceleration and analysis platform that enabled a wholesaler to offer a value-added portfolio construction service to advisors should also be able to integrate with a wholesaler’s current CRM. This integration streamlines workflows and saves time, increasing efficiency and productivity. 

The sales and analytics tool should also be the hub for all “point of sale” and product documents ensuring that compliant literature is always at the fingertips of the entire sales team. No more hunting for documents, or wasting time searching different sites—meaning more time spent helping advisors enhance their client service.  

Wrap up 

In order to overcome disruptive challenges to their role, wholesalers must redefine themselves and their offering to advisors. To attract new advisors and build even stronger relationships with those they already work with, exceptional wholesalers will: 

  • find ways to set themselves apart from their competitors 
  • leverage technology to offer value-added services to advisors 
  • utilize that same software to increase their productivity.  

By addressing these three foundational challenges to the role, wholesalers can transform themselves into the tech-enabled business consultants advisors want to work with.  


To learn more about Equisoft/analyze for wholesalers, and how it can help you drive sales and position investment products more effectively in an advisor’s book of business, download the brochure.

Or, schedule an online presentation by contacting the Equisoft Business Development team.

Shawn Gillespie (US)
Manager, Business Development
Shawn.Gillespie@equisoft.com
+1 514.989.3141 X 368

Anthony Stockley (Canada)
Vice President, Wealth Solutions
Anthony.Stockley@equisoft.com
+1 514.989.3141 X 113