**Choosing Your Path**
The choice between client and advisor acquisition depends on your personal strengths, business goals, and market opportunities. Here are a few factors to consider: *
**Your Strengths:**
If you’re a natural networker with a knack for building relationships, client acquisition may be your strength. If you excel in leadership and mentorship, advisor acquisition might be the better fit. *
**Market Conditions:**
Consider the demand for financial services in your area. If there’s a high demand for client services, focus on client acquisition. If there’s a shortage of financial advisors, building a team as you build your personal book could be more lucrative. *
**Long-Term Goals:**
Are you looking to build a large, independent practice, or do you want to create a legacy by building a team? Your long-term vision will guide your path.
**Key Metrics to Track**
Regardless of the path you choose, tracking key metrics is essential to measuring your success and making informed decisions. * **Book of Business:** Keep a close eye on the growth of your client base. Regularly assess the size and diversity of your book of business. * **AUM (Assets Under Management):** Track the total assets you manage for your clients. This metric is crucial in understanding your business’s financial health. * **Income Streams:** Monitor the sources of your income—whether it’s from direct client services, passive income, or overrides from your team. * **Client Retention:** Client retention rates are critical to maintaining a stable book of business. Ensure you have strategies in place to keep clients engaged and satisfied. By understanding these key metrics and choosing the right path, you can tailor your approach to maximize your business potential. The following chapters will provide detailed strategies to help you excel in both client and advisor acquisition. — **Strategies to Ensure Weekly Bookings** To consistently book 10 NCAs, you need a proactive and disciplined approach. Here are some strategies to help you meet your weekly goals: * **Daily Prospecting:** Dedicate time each day to prospecting. Whether it’s through cold calls, social media outreach, or networking, consistent daily efforts are key to filling your calendar. * **Leverage Referrals:** Referrals are one of the most effective ways to book NCAs. Ask every client and advisor for referrals, and follow up promptly. * **Use Technology:** Utilize CRM tools to track prospects and schedule follow-ups. Automating reminders ensures no opportunity slips through the cracks. *
**Stay Persistent:** Not every prospect will convert immediately. Persistence is key. Follow up regularly and stay in touch with leads who aren’t ready to commit yet. **Overcoming Obstacles to Booking** Booking 10 NCAs per week is challenging, and you may face obstacles along the way. Here’s how to overcome some common challenges: * **Time Management:** Balancing prospecting with other business activities can be tough. Prioritize your tasks and delegate where possible to free up time for booking appointments. * **Rejection:** Rejection is a natural part of prospecting. Don’t take it personally. Instead, view each rejection as a learning opportunity and a step closer to a “yes.” *
**Burnout:** Prospecting can be exhausting. Prevent burnout by taking breaks, maintaining a healthy work-life balance, and staying motivated with regular rewards for meeting your goals. By focusing on these strategies and overcoming obstacles, you’ll find that booking 10 NCAs per week becomes second nature, driving your business towards consistent growth and success. — **Client Types** When it comes to helping people make smart choices about their money the advisor will run into several types. Some people are reasonable and it makes sense to pursue them as clients. Other people are unreasonable and it makes sense to disengage from them as quickly as possible. It is not a failure to walk away from someone who has a very low probability of being a good client. On the contrary, it is a victory. Let’s face it. Not everyone with money wants to have a relationship with a financial advisor. The intelligent financial advisor does not embark on a mission to turn everyone into a client. The intelligent financial advisor selectively builds a profitable clientele they are proud to have. **1) Type GC (Great Clients) (5 Star)** Great clients are extremely coachable, financially responsible, and want to do what’s smart with their money. These people are receptive to dealing with a financial expert because their time is their most valuable asset. They are busy with their own careers. Because they are good at what they do (or did) for a living, they respect others who are good at their craft. They make great clients.
**Spotting Great Clients:**
* Great clients like the values conversation, discussing their goals, and clarifying their current financial situation. * The whole financial planning process feels like an exciting adventure to be enjoyed. * Great clients are extremely grateful to find someone they can trust to help them. * Great clients bring their documents to the first meeting or get them to the advisor quickly. **2) Type SMH (Sometimes Worth Helping) (4 Star)** The Sometimes Worth Helping are people with good intentions, but who struggle to stay on track. However, with the right influence from an effective financial advisor, they will do the smart thing. Some of these people make good clients. **Spotting the Sometimes Worth Helping:** * Sometimes Worth Helping sound a lot like the great clients, but action is weak. * Sometimes Worth Helping procrastinate a bit, and if you stay after them they will get their documents to you and follow through.