In a recent article, I read the author clearly explained what million-dollar producers do that most producers aren’t doing.
Top producers focus on a niche. Seventy percent of the financial advisors who earn at least $1 million on average focus on one particular type of target market or client niche. By contrast, only approximately 35 to 37 percent of the lower-income groups specialize in a client niche. This makes perfect sense. Financial advisors who devote themselves to serving one community become well known and highly regarded among the members of that community – who, in turn, tell their friends and associates about their financial advisors and how adept they are at addressing their particular issues.
Top producers emphasize client communication. The top-earning group of financial advisors (earning over $1 million) go to great lengths to reach out to their clients. Consider that during the previous 12 months before our study, these financial advisors contacted each of their top 20 clients an average of 28 times. In stark contrast, the next most successful group – those earning $500,000 to $999,999 – contacted each client an average of just 13.2 times. The least successful financial advisors were even less likely to communicate with clients. The fact is, today’s clients greatly value regular outreach from their financial advisors – and will reward those who excel in this area.
Top producers ask for introductions – and get them! I don’t need to tell you how important introductions from existing clients are to a practice’s growth. But while a full 90 percent of the top earners regularly ask their clients for introductions to ideal prospects, fewer than 60 percent of the less successful financial advisors surveyed follow suit. It should come as no surprise that these top earners received nearly six referrals from each of their top clients during the past year, while lower-earning financial advisors received just two referrals on average. Here again, we see the value of frequent client communication: The more times you reach out to clients, the more opportunities you have to ask for introductions.
Based on the above and our 30+ years of experience coaching financial advisors, we highly recommend you take these three key action steps:
1. Focus on one or two types of clients whom you can serve extremely well. Specializing in a niche will make you better at solving your clients’ problems and makes it easier for you to attract your ideal new business.
2. Reach out to clients more often. Frequent contact about what matters most to your clients will build lasting loyalty and, along with it, referrals and additional assets to manage. One of the best ways to do this is to send them a monthly newsletter.
3. Be systematic about asking for introductions to qualified prospects. If you want more clients, you’ve got to ask for them. Make such requests a part of each interaction with your top clients.
Do you want more information on how you can get qualified life insurance prospects to call you? Then start by looking at the Insurance Marketing and Sales Resource Center™? For about a dollar per day, it’s the easiest way to learn how to get ‘Qualified Prospects to Call You!’
Not ready to invest in your future, take a moment and get to know us, download one of 4 free books, or download all 4!
How To Attract and Sell your Perfect Prospect. Learn the consistent, cost effective ways the top producers use to have more qualified insurance prospects in a month than most advisors see in a year! And you will quickly be closing more insurance sales!
Advisor Guide To Found Money Management. Help your prospects to ‘Find the Money’ to save more for their retirement, fund their children’s college education, and get all the life insurance they need and want to protect their family!
Selling Mortgage Insurance The Easy Way! How many more sales would you close, and how much more money would you make… if you could help your clients to ‘find the money’ to protect their family… plus pay off their mortgage 10-15 years early using Index Universal Life, Universal Life, and/or Whole Life?
10 Deadly Annuity Marketing Mistakes. What if you knew the top 10 deadly mistakes advisors make and you could fix them right now …to find more annuity prospects, set more appointments, and close more annuity sales? (Plus, collect assets under management and advisory fees)
“Your problem is to bridge the gap which exists between where
you are now and the goal you intend to reach.” Earl Nightingale