• Goodreads

My Notes

Those who reach or exceed $1 million in ARR have one of the best jobs imaginable.

Advisors should spend 70% of their time on prospecting and marketing.

Your goals should be to get to 100 top client relationships.

The winners make a 100% commitment to this business. To them it’s more than a job, it’s their career.

5 characteristics of million-dollar producers

1. they set business and activity goals and track their progess.
2. they are motivated.
3. they market/prospect relentlessly.
4. they manage their time effectively.
5. they make establishing relationships with affluent individuals their first priority.

Your business should be make up of affluent households - those with $250,000 in investable assets. Your goals is to get to $1M ARR. This will take 120 to 240 months.

The lowest payoff prospecting is mailing.

To have a million-dollar practice need to have:

1. between $100 and $150 million in AUM
2. at least one hundred relationships that have more than $250,000 in AUM
3. approximately thirty $1-million-plus clients.
4. maintain a prospecting pipeline of 50 - 100 qualified prospects.

You grow your business by raising the level of minimum assets, not by increasing the number of relationships (after you have 100).

It should take six to twelve months ti build this pipeline. Once you build it, you will continue to upgrade it throughout your career.

Have a goal of acquiring one new $250,000 client a month.

Make marketing a daily practice.

The first steps is to identify the markets you want to focus on. New advisors should target four to five markets.

Stats of Marketing Methods’ Contact-to-Appointment

1. Mailing: 100:1
2. Cold call: 20:1
3. Seminar follow-up: 5:1
4. Referrals: 2:1
5. Personal contacts: 2:1
6. Networking: 2:1

You must meet your prospects face-to-face. The ability to build a million-dollar practice (MDP) has more to do with psychology than financials. This is a people business.

It is a complete waste of time to set appointments with unqualified prospects.

Qualifying on the First Contact

• “I am looking for forward to meeting you, and I have found that I provide the most value to investors who have xxx or more. Would that apply to you?”

• “Before our meeting, it would be helpful for me to have some preliminary information; would you estimate that you have over or under XXX in investible assets?”

• “My practice because of my high commitment to service is tailored to individuals who have investable assets of at least XXX. Would that apply to you?”

A rule of thumb is that a prospect should have at least as many investable assets as your least affluent client and your target market prospect should have more assets than your average client.

Your Natural Market Bird of a feather work together.

Retention of clients is much more than just keeping clients. It should be about creating loyal clients.

Good client service is built on a single essential point: a manageable number of client relationships.

Your first priority needs to be monthly contact with clients.

Your second priority should be follow up with exting prospects and getting in front of new ones.

Your third priority should be doing the highest priority tasks that cannot be delegated.

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