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You are the reason that I don’t do many client events anymore FA3. Any worthwhile wholesaler would tell you absolutely not if you asked in the first meeting and had done no business.
Go for it. You don't owe him anything, and he may actually show you some new product options for your clients. What do you got to lose?
Congratulations on your success FA3. I guess I’m not a foaming mouth type of guy. I would never pay for an event for a prospect’s prospects where I was not speaking. All the best to you nonetheless.
Why don’t you put this into perspective. If a business owner told you in your initial meeting to pay for a very expensive lunch for his employees would you do it to get in the door?
Ask him to pay for you to hold a client/prospect event. That’s what wholesalers are really here for.
Sorry RD 1 but if the advisor wants his business that bad he must be a halfway decent producer and if that’s the case and he does a good job explaining the use of his product in their first meeting and the FA agrees to use it some in his mix why not sponsor an event? I’ve told every wholesaler I meet with that if they don’t want to bet on me that’s fine and I’ll support my events myself because that’s the level of confidence I have. But if they do bet on me I will reward them with business. That’s their job is to show me how their products can fit into my business and then help grow my business, I always throw it back their way.
It doesn’t matter how good of a producer someone is FA3. Everyone is just a prospect in the first meeting. That wholesaler likely has many people actually doing business with him who he would like to support before using resources on a prospect. They are the ones who deserve it. I also question asking someone you have just met to speak in front of your clients. I would personally want to get to know that person a little bit better if I were the FA. What if they embarrass you? I suspect most good producers would think the same way.
Lol I could understand that for someone who is unproven or who doesn’t produce a lot. But for someone that does and is most wholesalers want to get their foot in the door by any means necessary. At least the way I’ve found them to be which to me makes logical sense if they want business going forward.
You should be flattered. Give him the courtesy of meeting
Sounds like this wholesaler should go into advisory
Ummmm where did I ever say I would let the wholesaler speak?? I never ever let wholesalers speak in front of clients or at my prospecting events. They simply reimburse me for the cost of the new prospect event. I’m paying money to get in front of new people and talk to them about different types of investments including the wholesalers, therefore they never mind helping pay for events for me, but they never speak at them.
Also if they say no or I would need you to do business with me before I commit money to you that’s fine I don’t care at all, but I’ve never had a single one say that. When they meet me in a first meeting I tell them how many new prospecting seminars I hold each month and year and how many people I get in front of and they are always foaming at the mouth to contribute money to my next event. They aren’t dumb they know that if I am getting in front of a certain number of people each year that I will do business with them. Producers track records with their competitors speaks volumes.