Sustained Growth: Turn Conventional Wisdom on Its Head

by Bob Hanson

Must you learn heavily on referrals to grow your practice?

Do you need to offer wealth management services to millionaires to become a top producer?

Are the only successful advisors proficient networking and sales machines?

Is it essential to be on ___ (insert social media flavor of the month here) to grow your practice in 2015 and beyond?

If you listen to conventional thinking, the answers would be “yes” to the above questions.

But if you have interviewed advisors at top-growing practices over the last decade, you would know there is NO correlation between what is trendy or popular, or even the most common growth tactics in any one industry, and what is actually working for top growers.

Top growers — those showing sustained growth — are practices that are in the top 20% in year-over-year asset growth.

For example, a 2015 Business Marketing survey report landed on my desk this week, and it contained the results of which marketing strategies and tactics 600 firms were using and what was working for them.

Of course, if you dug deeper, 16% could be classified as higher performing firms who are doing things differently from the other 84%,

Think of the 80/20 rule — the top 20% of firms (approximately) will get 80% of the results. It is those top performers that we should look to emulate.

That’s why a report watered down with “insights” from the 80% of laggards can be dangerous to the growth of your practice.

Now returning to advisory practices, you would find that those top growers are getting referrals, but largely because they are meeting new prospects and signing-up new clients, not because they have some fancy referral system.

You’ll find the biggest practices often have millionaire clients, largely because the majority of advisors, especially wirehouse advisors, don’t have effective one-to-many client communications or a productive management system. The result: they can handle only a finite number of clients in their hours a week at work.

Practical ways to turn “conventional wisdom” on its head . . .

You can get rid of the baggage of imitating the masses, the 80% who are fighting over the scraps at the bottom 20% of results?

1. Start with your goals, strengths and ideal clients.

Understand yourself and your practice better than anyone else. This will help block out the noise and create a barrier between you and “me-too” thinking.

2. Recognize that systems for sustained growth and practice-building processes are like caring for a seedling that needs consistent light, water, and nutrients to grow into a flourishing plant.

While we’d all like to take short-cuts, steady attention, action, or improvement every week is much more likely to lead to sustainable growth than a flurry of activity once in awhile.

3. Be wary of outside firms and so-called gurus with cookie-cutter solutions for every practice. There are over 111 advisor marketing tactics, with most growing firms adopting a maximum of 3 to 5.

Start with the one that seems most promising. Recognize that no one can recommend what will work for you without knowing a fair bit about both your practice and target niche.

For stories of dozens of advisors who defied conventional wisdom and created the practice of their dreams, go HERE:

Yours for more production and income in 2015 and beyond!

Bob Hanson

Partner, Client Attraction System for Financial Advisors
Co-Author, Marketing Power for Financial Advisors

Bob’s Phone: 617-901-6886

About Bob Hanson

Principal, Client Attraction System for Financial Advisors
Bob Hanson has worked with hundreds of financial advisors, professionals, and companies to drive documented results of 300% in new prospect flow within a week, a 70% increase in annual income within 12 months, and a boost in sales of 5 times for a firm in a little over 36 months. In addition, Bob is a Webinar specialist, a White Paper expert, and an experienced Centers of Influence strategist who helps marketers tap the full potential of these powerful marketing tools.

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