Advisor and Wholesaler Pit Stops

Are you speeding around the track, heading toward a goal, but don’t have time for market research? Consider a few “pit stops” to recharge and refuel. How? By conducting periodic advisor and wholesaler check-in sessions.

These targeted sessions can be extremely valuable to the success of a product launch, brand initiative, or operational change. If you have a group of advisors you trust to provide objective advice, they can become your strongest allies in confirming your direction and strategy.

Give them the names you’re considering for a new product… explain how you’re considering handling the challenge of an account conversion… show how you plan on restructuring your fee schedule to accommodate new platform demands. Whether your project is small or large, advisor-focused or shareholder-focused, you can obtain valuable feedback that will either validate your strategy or alert you to areas that need attention.

Sound good? Here are a few brief tips on conducting your next pit stop:

• Gather only the essential internal parties.
• Invite others who will be involved in post-stop analysis to listen in or listen to an audio replay.
• Time is of the essence, so stay targeted.
• Whittle your questions down to a maximum of five key points.
• Get a compliance rep involved from the start to avoid surprises down the road.
• Let attendees respond the way they want to. Give them a choice of potential responses, as well as the chance to provide additional feedback.
• Schedule an internal “next steps” meeting immediately after the pit stop, so everything is fresh and top of mind.

While these pit stops may not dramatically shorten your time to market, they should enhance the way you present your capabilities and help you gain market acceptance more quickly.