Articles for Financial Advisors

Building Your Multi-Million Dollar Practice

Building Your Multi-Million Dollar Practice

The writings of Peter and Katherine are new to IBF, but we highly recommend this book.

 

Birthday Club

The financial advisor calls his “A list” clients about a month before their birthdays. The advisor asks if he may throw a birthday party luncheon in honor of the client. The client then sends the advisor 10–15 names, along with e-mails, addresses, and phone numbers. The advisor sends out invitations to the luncheon.
 
The luncheon is held in a nice, but not expensive, restaurant (e.g., Chili’s, TGI Fridays, etc.). To save costs, there is never any liquor served. Luncheons are much less expensive than dinners, and the guests do not stay too long.
 
There is no selling during the luncheon. There are no financial speakers; it is all about the birthday person. The financial advisor does not even reveal what he does, unless someone asks. A variation of this idea (which IBF got from Jack Keeter, CFS, CAS—a highly-recommended speaker and all-around great guy) is to contact the client’s spouse or friend (so it may be more of a surprise) to get the names, addresses, etc. Also consider having the luncheon at a local country club, bringing in catered food, or using the club’s menu, if it is reasonably priced (again, try to avoid the cost of liquor).
 

Seminars

During a bad market downturn, one top advisor holds a seminar that talks about why the market tanked. Prospects may find solace in learning about the events that caused the downturn, as well as possible solutions. By helping them deal with their fears and concerns, attendees become more interested in becoming a client.
 

Centers of Influence

First, identify CPA firms where you have some kind of relationship with, either directly or a firm a client uses. Next, schedule a meeting with this firm and its key members so that you can explain the advantage of working with your advisory firm. You may also want to encourage the CPAs to get a Series 6 license so they can share commissions with you.
 
To start the program, offer each CPA a free financial plan that you normally value at $500–$2,000. This plan will show them how you work. Also invite them to any meetings you have with any clients they refer to you.
 

For Advisors by Advisors. Browse all Programs.