Face-to-face meetings are by far the most effective way to interact with wholesalers, according to the majority of advisors. Phone calls were the next favored means of communication, followed closely by webinars and customized emails. Face-to-face meetings happen an average of two to four times a year, according to three-quarters of advisors. Some advisors (7%) do not meet with wholesalers at all, and 1 in 10 advisors meet five times a year or more.
Interestingly enough, meeting frequency was not a priority when it came to areas in which advisors sought improvement from wholesalers (see Wants and needs). Advisors seem split as to whether wholesalers should be trying to meet with them more or less frequently. Two comments provided by advisors highlight this dichotomy. “Remember to call and drop by regularly,” says one advisor at a regional firm who has 21 years of experience. Another advisor, a broker-dealer with more than 25 years of experience, says the opposite: “Stop calling so much. If I don’t answer or return your call, it is because I don’t have time to talk with you. Calling more often will only make it worse.”
Click to EnlargeBrowse Investment Trend Monitor: Advisor Views on Wholesalers
