-Intro

-Motivation

-The numbers: The average $1mm FA: $100 $150mm AUM, ~100 relationships w/ 250k+ of those 100 1/3 have over 1mm GOALS: IN TEN YEARS -- $1MM practice TO GROW BUSINESS BY $100,000 PER YEAR: BRING IN $1MM / month OR $12MM annually in new assets (ASSETS) BRING IN 10 NEW AFFLUENT CLIENTS PER YEAR (AFFLUENT CLIENTS) -3 of these should be $1mm or more. START OUT RIGHT DEVELOP A PIPELINE OF 100 QUALIFIED PROSPECTS (THE BASE YOU NEED TO OPEN ACCOUNTS) WITHIN 6 MONTHS YOU SHOULD BE ACCUMULATING $1mm per month: -8 APPOINTMENTS WITH NEW PROSPECTS PER WEEK -4 LEGIT PROSPECTS (about half) PER WEEK (10:30) -IN 6 MONTHS YOULL HAVE 100 IN YOUR PIPELINE -THEN IN 6-12 MONTHS ABOUT 25% WILL TURN ITO CLIENTS

Characteristics 1. Goal oriented (1:00) 2. Motivation to do what it takes to reach goals (will)

3. 4. 5. 6.

Commitment to marketing (proactive) Spend time correctly, doing the right things (7 hrs a day of marketing) Develop relationships of trust, not just focus on numbers FOCUS on raising minimum asset level, not increasing # of relationships necessarily.

FOCUS ON A NICHE Prospects want to hear: why should I work with you? Because I specialize in working with ppl like you. I know what your needs are, I know what your challenges are because I work with people like you; Im very specialized in my practice. -Business owners -Senior execs at publically traded firms -Professionals: doctors, lawyers, sales professionals As you specialize, you find out who the movers and shakers are, referrals are powerful Gain reputation as an insider, know the language, understands the needs, specific in advice you can give. Barrier of entry; hard to compete with you after you make that commitment, others are outsiders.

MARKET ACTION PLAN (MAP) -Develop a MAP for each niche, 3 elements: 1. Approach used (knowledge needed) 1. Read books about area of focus 2. Talk to other advisors w/ experience with that area 3. Contact people in that niche in advance, ask their opinion. How best to approach them. 2. Scripts used (for 1st contact) 3. Develop the names in each MAP that youve screened in advance.

Diversify marketing efforts into 5 niches at first Over time, narrow down the ones (1-3) you ultimately work with for rest of career Why diversify? Some have long lead times, some short lead times.

Short lead-time niche example for MAP: Business owners (decision makers; many ways to talk to them about their needs & doing business with them: retirement, individual investments, banking needs, selling their practice as a goal; often will agree to appointment.) Longer lead-time niche example: Involvement in non-profit organization. Very powerful. But takes a long time to develop relationships. -suggestion: 1 or 2 MAP comes from past experience and personal contacts. Call someone you already know is about 50% appointment landed. Past experience is important youre already an insider. Average: 1:10 appointments-to-contacts ratio. Need about 80 contacts to bring in 8 appointments per week. Thats 15-20 per day; if you reach 5 people an hour, thats 4-5 hours out of the 7 hours per day spent on marketing efforts. Marketing contact: 1. 2. 3. 4. Announcement that youre a specialist. Provide a sincere compliment. Provide value as to why they should invest time to see you. Value Statement. Get a commitment to specific date and time.

Objections: 1. 2. 3. 4. Already have advisor| Id be surprised if you didnt, but what Id like to do is.. (14:20) No money to invest right now Not interested No time to talk to you

Re-contacting names, calling 3-4 months later. Dont call to re-confirm appointments. -Must have face to face appointment to make meaningful relationship. Must have, so get to that asap. -More you do it the better you get.