What makes a profitable wholesaler?

Brent Paul [00:00:07] Hi there and welcome to this particular version of WP TV the place we’re celebrating and highlighting some WP’s Prime 50 Wholesalers in Canada. My title is David Kitai, Senior Editor at Wealth Skilled. At this time we’re fortunate to be joined by Brent Paul, District Vice President for Retail Gross sales for Mackenzie Investments. Brent is a two time Everest Award winner and has simply been named one among Wealth Professionals Prime 50 Wholesalers for the third time working Brent, congratulations and welcome to WP TV. 

Brent Paul [00:00:35] Thanks very a lot, David. Good to be right here. 

Brent Paul [00:00:38] Nice to have you ever. So let’s get into this third time working. Why do you assume you’ve got been named one of many Prime 50 Wholesalers in Canada for the third time? 

Brent Paul [00:00:47] Nicely, once more, it is a I’d say it is a true honor David to be nominated. And I’d say once I was fascinated with this the one phrase that got here to thoughts essentially the most was consistency. So I imply, I have been within the position now for over 8 years. I have been within the business for 28 years. Now I do know it is laborious to imagine some individuals assume, you understand, I solely look 28. However I began once I was 18 years outdated. So I have been doing this a very long time. So in each single assembly, I do a variety of preparation, I really feel so much, I carry a variety of expertise and perspective and experience to every dialog that I’ve with my purchasers. And in each assembly, I simply I wish to perceive all the things I can concerning the advisor and their mannequin, what their typical consumer is the varieties of merchandise and options that they’d like to make use of and the way we are able to finest complement their enterprise. I’d additionally say it is my basic strategy. So I do not come throughout as a pushy salesperson, I assume you possibly can say, and I actually simply tried to construct relationships with purchasers and get them to belief me and construct that relationship. I am a really relationship pushed particular person. And I’d say anyone that is aware of me, I am additionally a stickler with regards to consideration to element. So I’ve at all times mentioned not all the things is inside our management. However issues like following up as promised, and in a well timed method, is one thing that we definitely pleasure ourselves on. 

David Kitai [00:02:24] I like that and that i like i just like the strategy of once more, diligence, you understand, you may’t, what, there’s sufficient sayings about the way you mainly you may’t make up for laborious work and energy. And that simply appears to be such a key issue. And in each wholesaler I’ve spoken to success. And funnily sufficient, lots of these wholesalers that I have been chatting with are from Mackenzie, since you’ve acquired a couple of winners on the record. What’s it about your agency that you simply assume makes for these profitable wholesalers? 

Brent Paul [00:02:53] So I’d, I’d say, David, that one factor that Mackenzie does is that they make investments so much into their gross sales group and making everyone right here higher at what they do. And I’ve mentioned this earlier than, no matter capability you might be in, and no matter position you resolve to take, for those who do wish to Mackenzie, you’ll change into higher at that place. So I joined Mackenzie once more over eight years in the past. And simply given the sheer variety of merchandise and options and providers that we offer from RDSPs to donor suggested funds by our Charitable Giving Basis to alternate traded funds, various belongings, group plans, tax property planning, and many others., and many others. It actually forces you to should be taught much more about every of those choices. To be able to correctly place these two advisors when the chance clearly presents itself. So once more, simply educating your self having to know all these options in and out. And one factor that we additionally do is we interact in what we name conceptual promoting. And what that is, is actually understanding every scenario, the advisors into educate on varied alternatives with out simply specializing in, for instance, pushing the product, we’re promoting purely on the efficiency aspect of issues. So we actually domesticate inside our group and for those who do effectively, you definitely have a variety of alternative to maneuver up. 

David Kitai [00:04:24] Okay, that is nice to listen to it. I might prefer to discover conceptual promoting a bit of bit as a result of that is an fascinating idea to me as one I have never actually heard as a lot about earlier than. How does that course of work from kind of a everyday standpoint, if you’re if you’re having these first conversations with an advisor, you understand, what, what does it appear to be to to interact in conceptual promoting? 

Brent Paul [00:04:45] So conceptual promoting is all about once we look in if you strategy a gathering or an interplay with an advisor. It is virtually like opening their eyes to a chance that that possibly they don’t seem to be are conscious of, and never simply presenting it from the product aspect of issues we at all times speak about. For those who promote on efficiency, you possibly can you possibly can lose on efficiency as effectively. So not counting on that as a part of the gross sales course of. If you interact within the dialog with an advisor, it is both making an attempt to repair an issue that they are coping with making an attempt to perform an answer or a end result that they are making an attempt to get to, or avoiding one thing or avoiding potential dangers that they won’t see inside their enterprise. After which getting them to have a look at varied alternatives by a special lens. And it is actually simply placing a variety of effort and time into the planning course of. And having these conversations, once more, with out popping out and simply positioning a product or saying, you understand, this was one of the best performing funds. In order that’s why it is advisable purchase it, it is actually approaching the chance from a special angle, and the way it can finest complement their enterprise. 

David Kitai [00:06:15] Yeah, no, that is fascinating. And I like what you introduced up about efficiency, it truly is a double edged sword. However you additionally discuss a bit of bit in your earlier reply, and most lately, concerning the kind of the breadth of information and breadth of product that’s accessible now that Mackenzie is supplied by you. As you kind of like, develop this data and perceive all these merchandise and discuss along with your advisors about them. What are you discovering that advisors want? What about their work nail is kind of forcing them to tackle different kinds of alternatives and different kinds of merchandise? 

Brent Paul [00:06:50] No, I used to be a that is an incredible query, David. And I’d say it is a little bit of a, it is virtually a difficult one, as a result of in my area, we’ve got near 600 advisors, and everybody’s going to run their enterprise a bit of bit otherwise. So once more, that is the place the conceptual promoting comes into play, and actually understanding everyone’s distinctive scenario, what their wants are understanding their consumer base, what they’re searching for. And attending to the underside of that. So whether or not they’re searching for, you understand, what I might prefer to construct their very own portfolios, for instance, or in the event that they use managed options, or transitioning to a payment based mostly enterprise mannequin. Once more, we attempt to perceive everybody’s distinctive scenario. At this time, we do see extra advisors transferring to a payment based mostly strategy the place applicable, and a variety of them are using ETFs, simply given the larger deal with price financial savings on this business. And I might say that Mackenzie is now one of many largest ETF suppliers in Canada. So this offers us what we name an agnostic strategy. In terms of our gross sales course of, we are able to speak about completely different merchandise, whether or not they need mutual funds, or whether or not they need ETFs. Once more, we’ve got each of those. So we’re agnostic by way of the options that we are able to carry to the desk, I’d say a variety of advisors are additionally spending much more of their time on compliance. There are a variety of new yr product guidelines. So something that we are able to do to streamline their funding making choices. I do know they recognize and we can assist advisors construct mannequin portfolios, if that is what they needed to do. We will run comparisons in opposition to different funds that they that they presently use and see what can work as a complement or another. In the event that they select to create their very own or in the event that they wish to use a managed answer. And that is the route they resolve to go down. So once more, it is there are a variety of completely different angles, I assume you possibly can say that that completely different options and instruments that advisors are utilizing, and we’ve got no scarcity of them at Mackenzie that we are able to draw upon a variety of assets that we are able to carry into that dialog. 

David Kitai [00:09:02] So I am curious, on condition that breadth and as you say, the distinction of advisor experiences. Why do you assume advisors now have to have so many extra completely different sorts of merchandise, so many extra completely different sorts of avenues accessible to them? And what’s it about consumer’s expectations that is motivating this this a lot broader product shelf? 

Brent Paul [00:09:23] Nice query. And I am virtually drawing on a bit of little bit of my expertise right here. After I began within the business 28 years in the past, promoting a mutual fund it. I would not say it was a brand new idea again then. However the entry to data that the retail public had again then was far lower than it’s as we speak. And you possibly can see a variety of that whether or not it is the commercials that you simply see on TV, or the varied instruments which can be accessible to the retail investor as we speak. There are so much so unbiased advisors are at all times In search of extra instruments, extra providers, as a result of once more, their purchasers are going to have larger entry to data than ever earlier than. So the extra that we are able to arm them with, to stay aggressive, and proceed to carry worth added instruments to their consumer base is extraordinarily vital. Whether or not it is the power to generate personalized proposals providing excessive internet value options, portfolio development, and even steady schooling with regards to altering tax guidelines, financial market updates, Portfolio Supervisor commentary, which means that we are able to preserve the advisor on the forefront and forward of the sport, I assume you possibly can say. And nonetheless having the ability to carry that that worth to their consumer base is extremely vital as we speak, due to how the business has developed over the past variety of many years. 

David Kitai [00:10:58] That makes a variety of sense. And you have highlighted now a variety of it is possibly a recurring theme in our dialog, that it is past simply product, it is that working as a wholesaler takes a lot extra in the best way of schooling and data. However so that you can lay it out for us kind of explicitly, what providers past simply product are you aiming to ship for advisors now, as their wholesale? 

Brent Paul [00:11:26] Once we once more, once we talked about partaking the advisor in a dialog round their wants, how we can assist them of their enterprise, and it is actually a variety of it for me comes all the way down to schooling on varied alternatives. My purchasers know me personally that I like speaking concerning the macro surroundings. So I do a ridiculous quantity of analysis and, and studying on evenings and weekends round rates of interest, financial coverage, inflation housing market, on and on and on, I like the entire macro image. And now how every of those can influence each the inventory and bond markets. After which making an attempt to establish the place these alternatives are or the place they could be missing publicity to. So this has been my ardour for years. And I carry this degree of dialog and schooling to, to every assembly, a variety of preparation, a variety of illustrations that my purchasers have gotten to know me for that I carry a variety of illustrations to assist the conversations that I’ve with advisors. So it is, for me, it is only a, it is a variety of schooling, simply in you in our position, we’ve got to virtually be forward of that from the advisors perspective to carry that perspective that they’ll then share with their purchasers. After which it similar to I mentioned, in my place, it simply takes a variety of time and analysis that goes on and evenings and weekends to correctly put together for these conversations. 

David Kitai [00:13:11] That is nice reply and also you carry up a variety of the sort of key takeaways that I believe different wholesalers who’re watching would wish to acquire from this dialog. So to put it out explicitly, what do you assume different wholesalers can do as they start to increase their providing past simply, you understand, product data and people kinds of extra transactional conversations with their purchasers? 

Brent Paul [00:13:33] Nice query. In once I thought of this, it actually comes all the way down to schooling, I’d say and persevering with to work on the varieties of questions that we ask in these conferences with advisors, and genuinely being inquisitive. And once more, all of us have concepts as to what kind of product or answer we wish to current once we’re going into a gathering. However being open to wherever the dialog would possibly take you and having the ability to focus on completely different options and being open to that and having the ability to pivot I’ve had many conversations myself the place I went into a gathering pondering that it may go in a single course and we ended up taking the dialog in a very completely different course. So solely that method will you make sure that you are actually assembly the advisors wants. So once more, having the ability to pivot is extremely vital. And in addition understanding in depth the providers that our group gives. So for instance, I do know what Mackenzie to 2 areas that I talked about in conferences that that make us distinctive could be our Charitable Giving Basis and our registered incapacity financial savings plan. These are distinctive choices and one thing for each single advisor that they’ll make the most of, however not everyone understands. So educating on these applications the place they’ll slot in is extremely vital. It provides a variety of worth. And, once more, it is simply increasing the breadth of providers that the advisor can have with their purchasers increasing the conversations that they’ll have with their purchasers, the varieties of property planning, and having of their again pocket these varied instruments. So understanding when the chance presents itself, that they’ll establish it, and are available to us to additional assist that. 

David Kitai [00:15:29] Okay, now, that makes a variety of sense. So now as you look forward, you’ve constructed this nice base of success, you’re taking this strategy that’s past simply speaking about product, and you’ve got been named a WP Prime Wholesaler for the third time working. What’s subsequent for Brett Paul? What are your targets and plans for the long run? 

Brent Paul [00:15:52] Good query. So, I’d say I imply, at this degree, one factor I like to do is to go on all the things that I do know and all of the expertise that that I’ve lived by. So having carried out this for a very long time, I at all times say I imply, you may’t, you may’t, by expertise, you simply should undergo it. So having been by the expertise bubble within the late 90s, to the monetary disaster in 2008. You already know, I’ve lived by all these and might carry these conversations to the desk. In order that’s, it is one thing that I simply extremely take pleasure in. I like what I do. This has been one thing that I’ve needed to do my whole life ever since I used to be 18 years outdated. So it is a pleasure for me. And proper now I am truly working with a more moderen group at Mackenzie. So I am very enthusiastic about what we are able to accomplish collectively and what doorways we are able to open up. Like I mentioned, although I have been within the area over eight years, we nonetheless have a variety of alternative with new advisors and persevering with to increase on our current relationships. So one among my targets is to develop my group to get them to the place they wish to be. I’ve had the privilege to work with three wholesalers throughout my time as an perception wholesaler. And I’ve realized so much from them. And so they pushed me to get me to the place I’m as we speak. And that is what I wish to do with my group as effectively to get them to the place they wish to finally get to. 

David Kitai [00:17:30] Ending a dialog about schooling and empowerment with a message about schooling and empowerment. So nice to listen to and nice to listen to that you’ll be main this group and future very excited to see all the things that that is going to be popping out from you guys. Sadly although, that’s on a regular basis that we’ve got as we speak. So I’ll merely say thanks a lot, Brent for taking the time and becoming a member of us right here. 

Brent Paul [00:17:52] Thanks David. I actually recognize the time as we speak. 

David Kitai [00:17:55] And thanks to all of our viewers I’ve been David Kitai, have an incredible remainder of your day.