For financial advisors struggling to grow, they are on the path to frustration and as one advisor told me, chaotic. How can you go from $500k in revenue to over 1 million? What are the keys to your path to success? Let’s examine your current path?

 

 

Do you have a clear definition of what an ideal client is? How much revenue do you want to generate for every ideal client, family or household? Is it $5000 or $10,000 or $20,000 or more? Defining what your ideal revenue is first. Then plan on delivering more value to those clients that pay you the most, and you will gain confidence by delivering more to your best clients.

 

 

What are the value-added items did you deliver to your best clients last year? Did you deliver a comprehensive estate plan in writing? Did you build a legacy binder for them, or do a beneficiary audit? Did you give more comprehensive planning and advice, or was it all about performance? What are you going to deliver of great value this year? “Doing the same thing over and over and expecting different results is Albert Einstein’s definition of insanity. Deliver more value, means you are worth more. This is how you are going to go from generating $5000 per client to eventually $10,000 to $20,000 or more revenue to you. ( Note I am not saying charging fees, depending on your compensation, it is the revenue generated by assets, fee-based commissions or other methods. This is up to you and your firm.)

 

 

The number on thing advisors measure is their overall revenue. Divide your total revenue by the number of clients, and you have your average revenue per client. Now measure your top 10 revenue per client. This will help you determine your ideal revenue per ideal client.

 How many ideal clients do you have now generating your ideal revenue per client? If your ideal revenue per client is $10,000 and you have 20 clients paying that, how many could you manage in a calendar year, if that is all you did? If eventually all of your time was spent on ideal clients and prospects, how many could you manage in a calendar year delivering more value to each year? Usually, the number is 100 or less. Is this the path you are currently on? Or are you just getting more and more clients and less and less time?

 

 

So let’s focus on the path to success. First focusing on delivering more value to your best clients. Let’s say you have 50 clients generating $10,000. Then acquiring more ideal clients where the revenue is more. Let’s say you acquire 10 new ideal clients per year at $20,000 each. Now in 5 years, you have 50 clients generating $1 million in revenue. You end up with fewer clients and more revenue. Is this the path you are on?

 

How about your goals for your practice in 2023?

Comprehensive Practice Management checklist

https://practicemanagement.getresponsepages.com/ 

Sample: Comprehensive Financial Advisor Practice Management Benchmarking Report

Key data and KPI's Key Performance indicators. Do want a sample benchmarking report to help you understand how to get the edge on your practice and your competition? 

https://benchmark.getresponsepages.com/

Updated 2023 Technology Checklist for Financial Advisors  

This checklist is five years worth of research on the best processes elite financial advisors and their teams implement to acquire and service ideal clients, while running an efficient practice. 

https://technologychecklist.getresponsepages.com/ 

We are here to serve your practice, let’s talk

Contact us to help get clarity around your goals on paper, and have the goals conversation by contacting
Grant at grant@ghicks.com or click on the link to set up a no-obligation 20-minute
discussion https://my.timetrade.com/book/JMTNJ regardless if we work together, let’s have a chat and listen to your biggest practice management concerns to help you get clarity around your future business.

Grant Hicks, CIM, is President of Advisor Practice Management and co-author of “Guerrilla Marketing For Financial Advisors” 1st and 2nd editions. www.advisorpracticemanagement.com for speaking,
workshops, or coaching, contact Grant at grant@ghicks.com Grants combined financial advisor clients manage over 5 billion AUM, and earn over $50 million dollars combined! 

Enthusiastically yours,
Grant Hicks, CIM, President
Advisor Practice Management
www.advisorpracticemanagement.com 

PO Box 382 Lantzville BC V0R 2H0
Cell 403 970 8895
Email grant@ghicks.com 

To book a meeting click here https://my.timetrade.com/book/JMTNJ  

PS Where do you want your financial practice to be at the end of 2025? AUM, Revenue, and time off? 

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