Here's EXACTLY what I'd do if I had to start over as a Financial Advisor -- and wanted to hit $200k my first year (knowing what I know now).
Jul 07, 2023Here's what I'd do if I had to start over as a Financial Advisor -- and wanted to hit $200k my first year (knowing what I know now).
1️⃣ Set a clear intention and work backwards to determine the outcomes needed.
To hit $200k in one year, I would work through the following calculations to determine exactly what I needed to do. This clarity would create focus in my daily activities (outlined in #3, below).
What is the average revenue I would make per "ideal" client? Let's say it's $3,000 everytime I make a new client.
How many clients do I need to bring on in the next 12 months to make $200k? That would be about 67 (rounded up).
67 new clients a year would be 1.28 clients per week -- or, said differently, about 5/6 per month.
✨ Now that I know that, I would then craft the exact activities I needed to do in order to bring on 5/6 new clients per month (more on this in #3, below).
2️⃣ Clearly define my target market, research the problems they have, and learn how to solve those problems.
This would make my business so much damn easier.
It took me a while to understand, but I finally realized that when you speak to everyone, you appeal to no one.
Rather than trying to cast a wide net (like I did when i first started), I would become extremely focused on one group of people who would make awesome clients.
To determine this group, I would answer the following questions:
- Who do I enjoy working with?
- How would I define a great client? Is it the amount of premium they can do, assets I could manage, or amount they could/would pay in a fee-based plan?
- Does the group have a common pain point
- Is the group searchable on LinkedIn / Facebook? (e.g. "Married with young kids" is not searchable and therefore wouldn't be a good market)
Once I determine # 1-3, then clearly define my ideal avatar and start branding myself as an expert to everyone I speak with
3️⃣ Get ultra clear on the OUTCOMES I need to do in order to hit the revenue I desire
Based on the math that I did in # 1, above, I know that I need to bring on about 5 to 6 new clients per month.
Then, the questions are:
- How many closes do I need to have booked to close 5 per month? (Let's say I close 50%, so I need 10 closes)
- How many FactFinders do I need to book 10 closes? (Let's say I convert 50% to closes, so I need 20 FactFinders)
- How many Approach (15 minute introductory) meetings do I need to have to book 20 FactFinders? (Let's say I also convert 50% to FFers, so I need 40 approaches)
- How many New Leads (qualified suspects) do I need to book 40 Approaches? (Let's say I need 60 to convert 40).
I now have RADICAL clarity around the exact OUTCOMES I need to hit in order to hit $200k.
4️⃣ Create the ACTIVITIES (in an Activity Spreadsheet) to hit these OUTCOMES
With the above outcomes that I outlined, the question is -- what ACTIVITIES do I need to do every single day in order to -- with 95% confidence -- hit these goals?
This is the golddddddd that 99% of advisors miss. 😰
Most advisors focus on the OUTCOMES (set two new a day, be 25 meetings ahead, get 40 QS's a month....) - the problem is, you can not control these outcomes. You can ONLY control your actions.
Therefore, the activities you focus on every single day are what determine your success.
5️⃣ Create a clear, simple, and repeatable Prospecting Strategy to streamline all of the above
Instead of trying to drink the ocean (what I did when I first started) by meeting with EVERYONE, I would focus on THREE key prospecting strategies to generate new leads.
The strategies I would focus on would be:
👉 1. Utilizing my "No Ask" Method to train my clients to refer me business. This method consists of doing an approach, communicating the problem that I solve, and getting buy-in that my clients will refer me business. I then follow up with a crystal clear template for them to refer me anywhere from 3-5 people
👉 2. Maximizing LinkedIn and having a clearly defined market, crafting the perfect set of messages, and utilizing automation services (as possible) to book 3-5 approaches per WEEK
👉 3. Nesting at a few select Companies by branding myself as an expert in a specific area (I do this by solving a problem) -- and then getting referrals quickly and easily through existing clients. The nesting process works best when you choose the right company, and know how to communicate your value in a really powerful way.
Helpful?
I'd love to hear your thoughts - or questions!
Want to get support on the above?
🔥 I help advisors 2-10 years in the business implement next-level prospecting strategies, tactics and systems to hit consistent $25k+ months. (Ex: maximizing LinkedIn to book 3-5 approaches/week, Nesting at companies, creating a “No Ask” method to get inbound referrals, etc.)
If you want to learn next-level prospecting strategies, I have 3 ways of working together. Click here to submit an application to learn about the 3 ways to work together.
Scottie
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