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  • Home>Practice Management>Practice Builder>Insights from an Anonymous External Investment Wholesaler

    Insights from an Anonymous External Investment Wholesaler

    How to balance managing businesses, managing portfolios, managing team members – and managing the rest of life.

    Allyson Lewis, 01/25/2017

    It started as a quick phone call and turned into a discussion about the future of the financial services industry. I was talking to one of my friends who is an external wholesaler for a major money management firm. She has spent decades in branch offices sharing ideas and listening to advisors. She has worked with advisors through all types of market conditions. She has seen bull markets and bear markets. She has worked with advisors as the markets rotated from growth, to value, to international, to small caps, and back again. She has helped advisors when interest rates were high and when yield curves were flat.

    However, on this call we were not talking about the rotation of market sectors, we were talking about the “rotation” and shifts in the business model of the financial services industry. I’d like to share the insights and advice from a woman I will refer to as “the anonymous external investment wholesaler.”

    This is how the conversation started: “Allyson, things are changing. The financial advisors I work with are facing fee compression, regulation, and generational wealth transfer. They have to be adaptable and agile. The business is not just about asset allocation and which fee based platform to choose; rather, entire business models are shifting.”

    I asked, “What are you hearing from advisors?”

    She said, “Advisors that were running a $100 million practice with one client service associate are now running $ 500 million practices with five financial advisors and multiple client service associates.” She paused, “Advisors are not just managing money, they are managing businesses.”

    I asked her, “Is there a single concern you hear the most?”

    Without taking a breath, she laughed. “Allyson, there is no single concern.”

    And, with that she started talking really fast and only in phrases.

    Allyson Lewis is a nationally acclaimed motivator, speaker, time management and productivity strategist, executive coach, best-selling author of The 7 Minute Solution and The 7 Minute Life Daily Planner, and founder of www.The7MinuteLife.com. Download her latest time management report: http://the7minutelife.com/free-report/

    To take advantage of the free time management worksheets, webinars, and more, subscribe to The7MinuteLife.com and follow her on Facebook http://www.facebook.com/the7minutelife and Twitter: @allyson7minutes