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Financial Advisors: How to Raise $100 Million in New Client Assets

By Ray Sclafani | January 29, 2013

 

As business coaches who work with some of the most successful financial advisors, we frequently encounter advisors and financial advisory teams who consistently raise $25 million…$50 million…or $100 million in new client assets annually. Although every circumstance is different, we have also seen some common characteristics for the best-of-the-best. 

 

1. Client acquisition is top-of-mind. This might seem like a candidate for the Most Obvious Statement. Many financial advisors will SAY that client acquisition is a front-burner item for them, yet only 24 percent of advisors have clearly defined acquisition goals for the year. There are two other acquisition behaviors that we have observed. Their goals are written down (preferably within a sales and marketing plan), and posted in a conspicuous place. For example, one successful advisor who will raise $50 million+ this year has his goals posted on the wall of his office, right next to his New York Giants calendar. Every day that he’s in the office, he sees and reflects on these goals.

 

2. They build their own acquisition process that is replicable and scalable. The keywords in this statement are “ their own”, “process”, and “replicable”. There are approximately 70,000 financial advisors, within the overall population of advisors in the USA, who are top quintile when it comes to acquisition. Every one of these advisors has built a process that is unique to their core values, interests, and energies. Many of these processes are similar, but they are not identical. [See this ClientWise post for a checklist of successful client acquisition behaviors.) Moreover, the acquisition process is replicable and scalable because there is a method that can be duplicated by multiple members of the advisory team as the team grows.

 

3. They have a passion for their value proposition, and enjoy their acquisition process. There are two parts to this. The best-of-the-best know the value that they bring to their clients, and are passionate with respect to the importance of their mission. Also, they enjoy how they connect with new prospective clients. This is a key behavior. Top quintile performers don’t believe in acquisition behaviors that they find fatiguing and onerous. They don’t engage in cookie-cutter methods that might be a “best practice” for someone else, but not for them. They use their independence and creativity to build an acquisition process that fits who they are, and/or would like to become.

 

4. They build effective, loyal advocate networks. The preeminent advisors at client acquisition do not do it alone. They build networks of Loyal Client Advocates or Professional Advocates who:

  • Value and appreciate what they do,
  • Can articulate this value to others, and
  • Are actively involved in spreading the word-of-mouth.

Regarding advocate networks, the key point to remember is quality over quantity. Every one of your advocates MUST meet these three characteristics; otherwise they are not effective as advocates, by the very definition of what an "advocate" is. The other revelation is that successful advisors don’t need legions of advocates. We work with numerous advisors who raise $50 million+ annually, with two to three client advocates and two to three professional advocates.

 

5. Finally, the foremost financial advisors aren’t blocked by limiting beliefs that sidetrack their vision. Our beliefs are neither true nor false. Our beliefs drive our behavior, and behavior drives results. When we change our beliefs, we change our life. This is where coaching comes into the equation. As the leading advisors at client acquisition can attest, their success was a result of expanding upon what is possible, and limiting the roadblocks to achieve their vision. This is also where good coaching is beneficial and transformative.

 

For additional ideas and observations, please download the ClientWise Learning Tool below:

 

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Topics: Client Acquisition

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