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 title is David Kitai, Senior Editor at Wealth Skilled. At the moment 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 certainly one of Wealth Professionals High 50 Wholesalers for the third time operating 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 operating. 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] Nicely, once more, it is a I’d say it is a true honor David to be nominated. And I’d say after I was excited about this the one phrase that got here to thoughts essentially the most was consistency. So I imply, I have been within the function now for over 8 years. I have been within the business for 28 years. Now I do know it is exhausting to imagine some folks suppose, you understand, I solely look 28. However I began after I was 18 years previous. So I have been doing this a very long time. So in each single assembly, I do lots of preparation, I really feel so much, I carry lots of expertise and perspective and experience to every dialog that I’ve with my purchasers. And in each assembly, I simply I need to perceive the whole lot I can in regards to the advisor and their mannequin, what their typical consumer is the kinds of merchandise and options that they’d like to make use of and the way we will greatest complement their enterprise. I’d additionally say it is my basic method. 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 all the time stated not the whole lot is inside our management. However issues like following up as promised, and in a well timed method, is one thing that we actually delight ourselves on.
David Kitai [00:02:24] I like that and that i like i just like the method of once more, diligence, you understand, you’ll be able to’t, what, there’s sufficient sayings about the way you mainly you’ll be able to’t make up for exhausting 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, a lot of these wholesalers that I have been chatting with are from Mackenzie, since you’ve bought just a few winners on the checklist. 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 so much into their gross sales crew and making all people right here higher at what they do. And I’ve stated this earlier than, no matter capability you’re in, and no matter function you resolve to take, for those who do need to Mackenzie, you’ll develop 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 companies that we offer from RDSPs to donor suggested funds via our Charitable Giving Basis to alternate traded funds, different property, group plans, tax property planning, and many others., and many others. It actually forces you to need to 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 inside and outside. And one factor that we additionally do is we interact in what we name conceptual promoting. And what that is, is really understanding every state of affairs, the advisors into educate on varied alternatives with out simply specializing in, as an instance, pushing the product, we’re promoting purely on the efficiency facet of issues. So we actually domesticate inside our group and for those who do nicely, you actually have lots of alternative to maneuver up.
David Kitai [00:04:24] Okay, that is nice to listen to it. I would prefer to discover conceptual promoting a little bit 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 form of a day after day standpoint, whenever you’re whenever you’re having these first conversations with an advisor, you understand, what, what does it seem like to to have interaction in conceptual promoting?
Brent Paul [00:04:45] So conceptual promoting is all about once we look in whenever you method a gathering or an interplay with an advisor. It is nearly like opening their eyes to a chance that that perhaps they don’t seem to be are conscious of, and never simply presenting it from the product facet of issues we all the time discuss. In the event you promote on efficiency, you possibly can you possibly can 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 may not see inside their enterprise. After which getting them to have a look at varied alternatives via a unique lens. And it is actually simply placing lots 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 the perfect performing funds. In order that’s why it’s essential purchase it, it is actually approaching the chance from a unique angle, and the way it can greatest 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 little bit bit in your earlier reply, and most lately, in regards to the form of the breadth of information and breadth of product that’s out there now that Mackenzie is offered via you. As you form of like, develop this data and perceive all these merchandise and discuss 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 a fantastic query, David. And I’d say this can be a little bit of a, it is nearly a tough one, as a result of in my area, we have now near 600 advisors, and everybody’s going to run their enterprise a little bit bit in a different way. So once more, that is the place the conceptual promoting comes into play, and really understanding all people’s distinctive state of affairs, 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 understand, 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 based mostly enterprise mannequin. Once more, we attempt to perceive everybody’s distinctive state of affairs. At the moment, we do see extra advisors transferring to a charge based mostly method the place acceptable, and lots of them are using ETFs, simply given the better concentrate on value 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 method. In the case of our gross sales course of, we will discuss completely different merchandise, whether or not they need mutual funds, or whether or not they need ETFs. Once more, we have now each of those. So we’re agnostic when it comes to the options that we will carry to the desk, I’d say lots of advisors are additionally spending much more of their time on compliance. There are lots of new 12 months product guidelines. So something that we will 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 wished to do. We will run comparisons in opposition to different funds that they that they at the moment 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 lots of completely different angles, I assume you possibly can say that that completely different options and instruments that advisors are utilizing, and we have now no scarcity of them at Mackenzie that we will draw upon lots of sources that we will 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 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 a little bit 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 at this time. And you possibly can see lots of that whether or not it is the commercials that you simply see on TV, or the varied instruments which can be out there to the retail investor at this time. There are so much so unbiased advisors are all the time Searching for extra instruments, extra companies, as a result of once more, their purchasers are going to have better entry to data than ever earlier than. So the extra that we will arm them with, to stay aggressive, and proceed to carry worth added instruments to their consumer base is extraordinarily essential. Whether or not it is the power to generate personalized proposals providing excessive internet value options, portfolio building, and even steady schooling with regards to altering tax guidelines, financial market updates, Portfolio Supervisor commentary, which means that we will preserve the advisor on the forefront and forward of the sport, I assume you possibly can say. And nonetheless with the ability to carry that that worth to their consumer base is extremely essential at this time, due to how the business has advanced during the last variety of many years.
David Kitai [00:10:58] That makes lots of sense. And you have highlighted now lots of 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 schooling and data. 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, 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 lots of it for me comes right down to schooling on varied alternatives. My purchasers know me personally that I like speaking in regards to the macro atmosphere. 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 is likely to 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, lots of preparation, lots of illustrations that my purchasers have gotten to know me for that I carry lots of illustrations to assist the conversations that I’ve with advisors. So it is, for me, it is only a, it is lots of schooling, simply in you in our function, we have now to nearly be forward of that from the advisors perspective to carry that perspective that they’ll then share with their purchasers. After which it identical to I stated, in my place, it simply takes lots 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 lots of the sort of key takeaways that I believe different wholesalers who’re watching would need to acquire from this dialog. So to put it out explicitly, what do you suppose different wholesalers can do as they start to develop their providing past simply, you understand, product data and people types of extra transactional conversations with their purchasers?
Brent Paul [00:13:33] Nice query. In after I thought of this, it actually comes right down to schooling, I’d say and persevering with to work on the kinds 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 once 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 may go in a single route and we ended up taking the dialog in a very completely different route. So solely that means will you make sure that you are really assembly the advisors wants. So once more, with the ability to pivot is extremely essential. And likewise understanding in depth the companies that our group offers. 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 all people understands. So educating on these applications the place they’ll slot in is extremely essential. It provides lots of 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’ll have with their purchasers, the kinds of property planning, and having of their again pocket these varied instruments. So realizing 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 lots of sense. So now as you look forward, you might have constructed this nice base of success, you are taking this method that’s past simply speaking about product, and you’ve got been named a WP High Wholesaler for the third time operating. 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 cross on the whole lot that I do know and all of the expertise that that I’ve lived via. So having executed this for a very long time, I all the time say I imply, you’ll be able to’t, you’ll be able to’t, by expertise, you simply need to undergo it. So having been via the expertise bubble within the late 90s, to the monetary disaster in 2008. , I’ve lived via 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 wished to do my whole life ever since I used to be 18 years previous. So it is a pleasure for me. And proper now I am really working with a more recent crew at Mackenzie. So I am very enthusiastic about what we will accomplish collectively and what doorways we will open up. Like I stated, though I have been within the area over eight years, we nonetheless have lots of alternative with new advisors and persevering with to develop on our current relationships. So certainly one of my objectives is to develop my crew 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 realized so much from them. And so they pushed me to get me to the place I’m at this time. And that is what I need to do with my crew as nicely to get them to the place they need 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 will be main this crew and future very excited to see the whole lot that that is going to be popping out from you guys. Sadly although, that’s on a regular basis that we have now at this time. 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 at this time.
David Kitai [00:17:55] And thanks to all of our viewers I’ve been David Kitai, have a fantastic remainder of your day.
