[ad_1]
Brent Paul [00:00:07] Hey and welcome to this particular version of WP TV the place we’re celebrating and highlighting some WP’s High 50 Wholesalers in Canada. My identify is David Kitai, Senior Editor at Wealth Skilled. In the present day 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 in all Wealth Professionals High 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 suppose you have been named one of many High 50 Wholesalers in Canada for the third time?
Brent Paul [00:00:47] Effectively, once more, it is a I’d say it is a true honor David to be nominated. And I’d say after I was desirous about 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 trade for 28 years. Now I do know it is arduous to imagine some individuals suppose, you recognize, I solely look 28. However I began after I was 18 years outdated. So I have been doing this a very long time. So in each single assembly, I do numerous preparation, I really feel lots, I deliver numerous expertise and perspective and experience to every dialog that I’ve with my purchasers. And in each assembly, I simply I need to perceive every part 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 common method. So I do not come throughout as a pushy salesperson, I suppose you would 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 in the case of consideration to element. So I’ve at all times mentioned not every part 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 method of once more, diligence, you recognize, you may’t, what, there’s sufficient sayings about the way you principally you may’t make up for arduous 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 talking to are from Mackenzie, since you’ve bought a number of winners on the record. What’s it about your agency that you simply suppose 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 lots into their gross sales staff and making all people 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, in case you do need to Mackenzie, you’ll grow to be 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 companies that we offer from RDSPs to donor suggested funds by our Charitable Giving Basis to alternate traded funds, various property, group plans, tax property planning, and so on., and so on. It actually forces you to must study 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 really understanding every scenario, the advisors into educate on numerous 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 in case you do nicely, you definitely have numerous alternative to maneuver up.
David Kitai [00:04:24] Okay, that is nice to listen to it. I would prefer to discover conceptual promoting just a little bit as a result of that is an attention-grabbing idea to me as one I have never actually heard as a lot about earlier than. How does that course of work from form of a daily standpoint, while you’re while you’re having these first conversations with an advisor, you recognize, what, what does it seem like to to have interaction in conceptual promoting?
Brent Paul [00:04:45] So conceptual promoting is all about after we look in while you method a gathering or an interplay with an advisor. It is nearly like opening their eyes to a chance that that perhaps they aren’t are conscious of, and never simply presenting it from the product aspect of issues we at all times discuss. When you promote on efficiency, you would you would lose on efficiency as nicely. So not counting on that as a part of the gross sales course of. Whenever 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 consequence 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 numerous alternatives by a distinct lens. And it is actually simply placing numerous 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 recognize, this was the very best performing funds. In order that’s why it’s good to purchase it, it is actually approaching the chance from a distinct 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 speak just a little bit in your earlier reply, and most just lately, concerning the form of the breadth of data and breadth of product that’s out there now that Mackenzie is offered by you. As you form of like, develop this information and perceive all these merchandise and speak together with your advisors about them. What are you discovering that advisors want? What about their work nail is form 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 amazing query, David. And I’d say it is a little bit of a, it is nearly a difficult one, as a result of in my area, we’ve got near 600 advisors, and everybody’s going to run their enterprise just a little bit in a different way. So once more, that is the place the conceptual promoting comes into play, and actually understanding all people’s distinctive scenario, what their wants are understanding their consumer base, what they’re in search of. And attending to the underside of that. So whether or not they’re in search of, you recognize, what I would prefer to construct their very own portfolios, for instance, or in the event that they use managed options, or transitioning to a charge primarily based enterprise mannequin. Once more, we attempt to perceive everybody’s distinctive scenario. In the present day, we do see extra advisors transferring to a charge primarily based method the place acceptable, and numerous them are using ETFs, simply given the better concentrate on value financial savings on this trade. 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 method. With regards to our gross sales course of, we are able to discuss 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 deliver to the desk, I’d say numerous advisors are additionally spending much more of their time on compliance. There are numerous new 12 months product guidelines. So something that we are able to do to streamline their funding making selections. 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 an alternate. In the event that they select to create their very own or in the event that they need to use a managed answer. And that is the route they resolve to go down. So once more, it is there are numerous completely different angles, I suppose you would 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 numerous sources that we are able to deliver 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 suppose advisors now must have so many extra completely different sorts of merchandise, so many extra completely different sorts of avenues out there 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 nearly drawing on just a little little bit of my expertise right here. Once I began within the trade 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 info that the retail public had again then was far lower than it’s as we speak. And you would see numerous that whether or not it is the commercials that you simply see on TV, or the assorted instruments which might be out there to the retail investor as we speak. There are lots so impartial advisors are at all times On the lookout for extra instruments, extra companies, as a result of once more, their purchasers are going to have better entry to info than ever earlier than. So the extra that we are able to arm them with, to stay aggressive, and proceed to deliver 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 training in the case of 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 suppose you would say. And nonetheless with the ability to deliver that that worth to their consumer base is extremely vital as we speak, due to how the trade has advanced over the past variety of many years.
David Kitai [00:10:58] That makes numerous sense. And you’ve got highlighted now numerous it is perhaps 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 way in which of training and information. However so that you can lay it out for us form of explicitly, what companies past simply product are you aiming to ship for advisors now, as their wholesale?
Brent Paul [00:11:26] Once we once more, after we talked about partaking the advisor in a dialog round their wants, how we can assist them of their enterprise, and it is actually numerous it for me comes all the way down to training on numerous alternatives. My purchasers know me personally that I like speaking concerning the macro setting. 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 impression 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 deliver this degree of dialog and training to, to every assembly, numerous preparation, numerous illustrations that my purchasers have gotten to know me for that I deliver numerous illustrations to assist the conversations that I’ve with advisors. So it is, for me, it is only a, it is numerous training, simply in you in our position, we’ve got to nearly be forward of that from the advisors perspective to deliver that perspective that they will then share with their purchasers. After which it identical to I mentioned, in my place, it simply takes numerous 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 deliver up numerous the sort of key takeaways that I feel different wholesalers who’re watching would need to achieve from this dialog. So to put it out explicitly, what do you suppose different wholesalers can do as they start to broaden their providing past simply, you recognize, product information and people types of extra transactional conversations with their purchasers?
Brent Paul [00:13:33] Nice query. In after I considered this, it actually comes all the way down to training, 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 need to current after we’re going into a gathering. However being open to wherever the dialog would possibly take you and with the ability to focus on completely different options and being open to that and with the ability to pivot I’ve had many conversations myself the place I went into a gathering considering that it’ll go in a single route and we ended up taking the dialog in a totally completely different route. So solely that method will you make sure that you are actually assembly the advisors wants. So once more, with the ability to pivot is extremely vital. And in addition understanding in depth the companies that our group supplies. 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 will make the most of, however not all people understands. So educating on these packages the place they will slot in is extremely vital. It provides numerous worth. And, once more, it is simply increasing the breadth of companies that the advisor can have with their purchasers increasing the conversations that they will have with their purchasers, the varieties of property planning, and having of their again pocket these numerous instruments. So realizing when the chance presents itself, that they will establish it, and are available to us to additional assist that.
David Kitai [00:15:29] Okay, now, that makes numerous sense. So now as you look forward, you may have constructed this nice base of success, you’re taking this method that’s past simply speaking about product, and you’ve got been named a WP High Wholesaler for the third time working. What’s subsequent for Brett Paul? What are your objectives 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 every part that I do know and all of the expertise that that I’ve lived by. So having achieved this for a very long time, I at all times say I imply, you may’t, you may’t, by expertise, you simply must undergo it. So having been by the know-how bubble within the late 90s, to the monetary disaster in 2008. You realize, I’ve lived by all these and may deliver these conversations to the desk. In order that’s, it is one thing that I simply extremely get pleasure from. I like what I do. This has been one thing that I’ve needed to do my total 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 recent staff 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, though I have been within the area over eight years, we nonetheless have numerous alternative with new advisors and persevering with to broaden on our current relationships. So one in all my objectives is to develop my staff to get them to the place they need to be. I’ve had the privilege to work with three wholesalers throughout my time as an perception wholesaler. And I’ve discovered lots from them. They usually pushed me to get me to the place I’m as we speak. And that is what I need to do with my staff as nicely to get them to the place they need to finally get to.
David Kitai [00:17:30] Ending a dialog about training and empowerment with a message about training and empowerment. So nice to listen to and nice to listen to that you’ll be main this staff and future very excited to see every part 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 amazing remainder of your day.
[ad_2]
