You know those kinds of practices. You’ve seen them.
The senior advisor spends the majority of his or her time meeting with clients and very qualified prospects.
Service is handled efficiently and with a smile, leaving absolutely no room for errors or client complaints.
And sales support pumps out prospects with a sort of mysticism. It’s almost like magic.
But this kind of production isn’t some kind of alchemy.
It’s much simpler.
Where these practices are succeeding (and perhaps you do not) is they follow a nearly formulaic approach to practice management.
It is actually an equation that anyone can do.
The Blue Prints for
We have documented 162 job responsibilities. Each of those responsibilities require specific skills. For example, we have long known (and taught our clients) that when you separate sales support from service, then each sales assistant can focus on sales, and service can focus on service.
It’s a pretty simple calculation.
Focus your team on the specific tasks they’re being paid to produce, and magic happens.
But the opposite is also true.
When you combine sales and service functions into one role, you basically multiply your sales by zero.
It is almost a law of physics because service absorbs all your selling time until your pipeline is a Death Valley.
And nothing will grow.
If you, the Advisor, are doing your own sales and service support, the baked sands of the desert you are creating will soon be littered with the parched bones of long dead prospects. And your business will not grow.
And if by reading this you are starting to feel a little hot under the collar, then it’s time to talk to us about building up your team.
of your time
Let’s look at a little more math.
What is your time worth when you are meeting with clients and qualified prospects?
If your team is organized exactly as we suggest, it is structured to support the weight of your growing book. This means that you spend the majority of your day NOT handling service calls or doing any prospecting.
Your day is spent selling.
The formula for this kind of Success
TOTAL MARKET DAYS
FA EARNING POTENTIAL PER HOUR
1520.21 PER HOUR
And the sum of this equation is what an Advisor is worth at $2.5 million.
The difference between you and the $2.5M producer is in how you spend your working hours.
If you are a million-dollar producer, your time spent looks a bit more like this:
You are a small team, or maybe you have just one assistant. Or you’re a large team and not organized in a way that supports growth (yikes).
You spend about 40% of your time meeting with clients and qualified prospects. Key word: QUALIFIED.
Break up that
The rest of your time is wasted on other things like:
- Arguing with the back office (or that part-time service assistant) about “incorrect” client paperwork
- Client service requests for some of your top tier clients
- Trying to get any @#$%^&*! marketing campaigns to pull better prospects
- Entering your own notes from the recent client and prospect meetings
- And really, just spending a lot more time than necessary with less-than-ideal prospects because your pipeline runs through the Mojave
At this phase of the game, you could use some sales support to break up the bottleneck in your pipeline.
if you're a solo advisor it's even tougher...
You are tapped out at $500K, you are likely using only 20% of your $1500 hours to meet with clients and qualified prospects.
Your formula looks like this:
You already know that you are spending too much time handling service problems, dialing, waiting, and trying to find people to talk to. If you are an excellent prospector, you might spend an hour per day with clients and prospects.
So, the quickest way to increase that production immediately is to buy a few more hours of your selling time.
An assistant will do that for you. So long as you don’t try and Frankenstein yourself a Sales-Service assistant.
That’s a bit like buying a dog-cat-bird. It’s a mutant beast that simply chases itself around the office. It should never exist. But we can help you avoid those pitfalls with a little coaching on who and how to hire.
There isn’t a lot of difference in ability between the $500,000 producer and the $2.5M+ producer.
The difference is that the $2.5M producer is organized to spend the majority of their day meeting with clients and prospects. A team helps them accomplish this.
And a team can help you too.
Put the team in place today to support the weight of your business tomorrow.
Like a bridge across the desert chasm, you cannot cross until its built.
And the team is your bridge.
Are you ready to build YOUR dream team?
Talk with Jill Webster today!
If you’re ready to stop scrambling and make better use of your time, give us a call at 888.495.7303.
Ask Jill to show you how we can help you take control of your practice and work the hours you want.
Or click below and a member of our sales team we will reach out!