In this tough market environment, advisors are not only relying more heavily on their wholesalers, they're also looking for different kind of support. Specifically, they are looking for support that is more consistent with the challenges of the current economic environment, according the branch managers highlighted in On Wall Street's Branch Manager of the Year Awards.

Roughly three out of four managers interviewed for the awards program, sponsored by MainStay Investments, said they were looking for increased support in the form of hands-on communication, real partnership, innovative practice management ideas, workshops for financial advisors and assistance with client acquisition. In other words, gone are the days of wholesalers peddling sales and marketing support. "Wholesalers need to have more than just products, we want to know what value-added ideas they can bring to table," one branch manager explains.

Wholesalers spend a considerable amount of time with seasoned advisors and are therefore a font of knowledge about best-practice methods that work-or don't work-at competing firms. In fact, several branch managers indicated that information on best practices is one of the ways that wholesalers can support advisors in this highly competitive market space. As one branch manager explains, "We always ask them, 'What best practices do you see out there from the competition that maybe we're not doing in our branch?' We're not asking them to give us proprietary information, just generic ideas about what they are seeing out there that's working."

To gain the most insight into what the competition is doing, start by identifying a few wholesalers whose opinion you trust, and ask to pick their brain about the best practices of advisors at other successful firms. Here are a few sample questions to ask your wholesaler to facilitate a conversation about best practices in the industry:

Plumbing the Markets

With many Americans at or nearing retirement age, it's not surprising that an overwhelming 71% of branch managers say that retirement training is a crucial service that wholesalers can offer.

As many advisors struggle to get their clients' retirement portfolios back on track as a result of market losses, they can leverage wholesalers with access to sophisticated retirement planning software to help identify their clients' retirement shortfall and recommend strategies and products to get their portfolios back to previous levels. These wholesalers may also be able to assist with determining retirement withdrawal rates and portfolio return estimates.

Advisors should also look to wholesalers whose firms develop and market retirement income products for detailed training on the product benefits, risks and nuances. Some of these products are complex, but they are worth a closer look as they can be effective solutions for providing retirees with income for life. When it comes to educating clients about the myriad retirement options at play, wholesalers are perfectly positioned to offer advice and training support. Most are willing to conduct seminars, participate in meetings or events with large clients and can provide valuable marketing materials on a variety of retirement issues.

Stocks may have risen sharply last year, but many advisors are still struggling to manage client expectations and get clients to take a long-term approach to investing. This is where your wholesaler can help. In fact, almost 60% of branch managers say that providing market commentary and education to help manage expectations is a key support component that wholesalers can offer.

Wholesalers have access to the people managing your clients' money, and can often explain investment strategies and long-term benefits, helping clients focus on their goals instead of short-term portfolio movements. Invite your wholesalers to participate in meetings with large clients or talk to a small group of clients about the market, what investments are working and what clients can expect. This will enhance your credibility when you reiterate the same message, and hearing this from a third-party source can be a comfort to clients.

In addition to assisting advisors with discussions on individual investment strategies, wholesalers may also have access to economists or other financial experts who can help clients see the big picture.

Leveraging Your Wholesaler

Most successful financial advisors have adjusted their business models and stepped up their client contact and education over the past two years, but they are not the only ones making changes.