The Million-Dollar Financial Advisor

We know nothing about this author—except that we like his book. Mr. Mullen takes a somewhat different approach from other practice management writers by using data from a number of surveys and emphasizing interviews from successful advisors.

 

What We Learned from the Data

[a] average top advisor age is 52

[b] only 2 of the 15 top advisors had a graduate degree (both were MBAs)

[c] client number ranged from 20 to 200; average was 80

[d] minimum size account accepted: $500k to $100 million

 

Top Advisor Lessons Summarized

Mind-set: all had high level of confidence and were very competitive and goal oriented. They all had a strong work ethic and were leaders, trustworthy, and excellent one-to-one communicators. Leadership transfers confidence into action. Since investments have an uncertain outcome, clients need to be “led” to take action.

 

Leverage of Size: it takes no more time dealing with a $1 million client than someone with $100k.

 

Professional Development: never quit learning.

 

Specialization: most started as generalists but developed a specialization over time (e.g., working only with senior executives, focusing on retirement planning, etc.).

 

Relationship Focus: master relationship builders; most of these advisors’ time was spent communicating or socializing with affluent clients and prospects.

 

Marketing: continue to spend their entire career marketing themselves; primary methods: client referrals, professional referral networks, client events, nonprofit leadership, niche marketing, and being in the right place with the right people.