[HDF]

I am more than welcome to opening my door to outside reps who will treat me to a nice steak lunch to discuss topics I already know about with reps who went to NYC to model or act but couldn't make it.

Wouldn't we all Tommy. Wouldn't we all...

[MCAVeteran]

Hopefully your iso manager has actually sold business advances and business loans for starters. If they have never closed their own deal, how can they manage isos or agents and train them. Steak dinners only go so far. They should also have a pulse on competitors, programs, and strengths their programs can add to the mix and be involved in your new business development and creating value by servicing you and creating benchmarl incentives. Theres a large landscape of referral channels out there along with vertical channels outside this forum who want relationship managers to be their liason to the funder. If its just a warm body with no industry experience or sales experience i dont see the value. And i agree 100 percent isos do business with people they trust.

[TStein]

Wouldn't we all Tommy. Wouldn't we all...

So far I've only gotten bagels. Back when I used to work with IPOS and Goldman it was usually a Surf and Turf with an aged wine. Maybe one day...

[HDF]

Hopefully your iso manager has actually sold business advances and business loans for starters. If they have never closed their own deal, how can they manage isos or agents and train them. Steak dinners only go so far. They should also have a pulse on competitors, programs, and strengths their programs can add to the mix and be involved in your new business development and creating value by servicing you and creating benchmarl incentives. Theres a large landscape of referral channels out there along with vertical channels outside this forum who want relationship managers to be their liason to the funder. If its just a warm body with no industry experience or sales experience i dont see the value. And i agree 100 percent isos do business with people they trust.

Pretty much where my view is going as well. The newer outside reps seem to be either inexperienced as to the grit that goes into each pipeline built by the broker or they are inside people without the necessary inter-personal skills or differentiation (value prop) to build firm binding long term relationships.

The former looks good in a suit jacket and is pressured to keep a calendar and get in your face and the latter can speak back office slang and push deals along.

I'm really curious if any ISOs are getting the amount of support they deserve from the funders they have on their speed dial.

[WhoisKingsley]

I believe we could all agree that there is lack of talent in the industry. Outsourcing relationship managers isn't a bad thing IF the ISO relations managers actually did something other than sending out packets and relaying information. If you are my relations manager in any capacity you are making money off of me usually commissions so you better put some work into it too. Push offers and review files and actually play on the right team.

ALL-IN-ALL, It comes down to relationships and trust 110%. The right people in the industry could careless if Mr. Funder offers 2 points extra but their servicing sucks. You need to know how to relate to the Broker and the Deal but represent the funders criteria and preach it like passages out of the Bible!

Funders need to step up there game. Period. Just as everyone "generalize" brokers, the same is happening in the opposite direction.

[TheShitzuofMCA]

The words of my old boss come to mind he would say "the one with the money gets to make the rules".

[WhoisKingsley]

Pretty much where my view is going as well. The newer outside reps seem to be either inexperienced as to the grit that goes into each pipeline built by the broker or they are inside people without the necessary inter-personal skills or differentiation (value prop) to build firm binding long term relationships.

The former looks good in a suit jacket and is pressured to keep a calendar and get in your face and the latter can speak back office slang and push deals along.

I'm really curious if any ISOs are getting the amount of support they deserve from the funders they have on their speed dial.

The crazy part is- as many of the "originators" in this industry come on this forum and ask questions and bash but don't hit home on subjects because you can't bite the hands that feed you but in all actuality- your feedings them something much more appetizing. Commissions are great, yes- but a good 10 step backwards look at the past, present, and future is needed by all sides. One hand washes the other.

[HDF]

Well as seen from the first few "funders" who hijacked the thread, they couldn't even grasp the subject nor the premise. Just knee-jerk promote themselves like it is 10 years ago.

[Zach]

I find it too inefficient to have outside ISO reps. When you're handling a large volume of submissions and keeping deals on track you can't afford to spend an hour in just one broker's office.

I would only go this route for larger accounts (over 2MM monthly volume), or if we were meeting after-hours.

[HDF]

Hi Zach. Theoretically, what tangible support might you offer those top ISO shops if you had a decent budget. Is there a way to add value other than just pushing a funding platform and trying to build a personal relationship?

Some funders seem to have outside ISO relations people without a real plan to add value. Personally I believe that a fully evolved outside business development team concept (or sales force) is going to continue to grow into a key distribution play in very short order. Following more of a shake-out of weak hands and more consolidation among funds/banks etc.

[Zach]

I focus on sales training, divulge solid lead sources and marketing strategies, and offer business strategies for my ISO's. I also tell them the best lenders to take their deals to in case my product is not a good fit.

I've found that when I help foster their success they are more likely to find WBL deals for me.