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In "The Million-Dollar Financial Services Practice", author David J. Mullen, Jr. reveals how to become a top-producing financial advisor using the method he has taught at Merrill Lynch and is famous for in the industry. This comprehensive book combines marketing, prospecting, sales, and time management techniques into a system that will help readers build a successful and lucrative practice. Containing templates, scripts, letters, and 15 tried-and-true Market Action Plans, this indispensable guide shows readers how to take their financial services practice to the million-dollar level and beyond.
- Sales Rank: #541321 in Books
- Published on: 2007-09-26
- Original language: English
- Number of items: 1
- Dimensions: 1.26" h x 6.42" w x 9.08" l, 1.50 pounds
- Binding: Hardcover
- 352 pages
Features
- ISBN13: 9780814480526
- Notes: 100% Satisfaction Guarantee. Tracking provided on most orders. Buy with Confidence! Millions of books sold!
Review
“…information on marketing, prospecting, sales and time management techniques are presented clearly and in great detail. The book is one advisors will refer to often. "
-- Research Magazine
“…filled with valuable information from a smart manager who has been there and done that successfully.”
-- On Wall Street
"...a helpful resource for financial professionals who have the motivation and desire to build and maintain a solid business model.”
-- Agent’s Sales Journal
“…providing clear…processes for defining and implementing proven marketing tactics for financial practices to use as a guideline… give[s] new and existing owners some food for thought.”
Broker Dealer Journal
“… an easy read…providing clear and methodical processes for defining and implementing proven marketing tactics for financial practices…” -- Broker Dealer Journal
About the Author
David J. Mullen, Jr. (Englewood, CO) recently retired as a Managing Director at Merrill Lynch, where he trained over 500 advisors. His advisor training program has had a consistent success rate of twice the industry average. His methods have been adopted by many managers and advisors firm-wide.
Excerpt. � Reprinted by permission. All rights reserved.
C H A P T E R 1
Overview
You are about to read a book that can change your career.
Building a million-dollar financial services practice is not complicated,
but I’m not going to pretend that it is easy. If it were, there would
be a lot more financial advisors making millions. In the twenty-six years
that I have been in the business, I have seen hundreds of people fail to
make it past the first two years and few who reached the million-dollar
level. Yet those who reach or exceed $1 million in business have one of the
best jobs imaginable. The autonomy and income of, and the excitement
experienced by, million-dollar and multimillion-dollar producers are unparalleled.
• This book will give you every tool you need to build your financial
services practice to a million dollars and beyond, no matter where
you are in your career—and show you when to use each tool, how to
use it, and how often to use it.
• There are many books and training programs that claim to help you
build your financial services practice. However, this book is different
because it gives you step-by-step instructions for carrying out a comprehensive,
tactical process that has been proven to make your practice
more successful.
• The process I present here has for twenty-one years been able to
double, in many cases, the income of financial advisors at any stage
of their career. It has been refined hundreds of times to be sure it is
as effective as it can possibly be.
• This book is tactical; it contains specific templates, scripts, contact
plans, lists, tasks, marketing plans, letters, and resources, and all
these tools are integrated into the overall process.
• This book covers every aspect of a financial advisor’s job, from prospecting
to client service.
• This book addresses every stage of an advisor’s career, from the first
day on the job to becoming a multimillion-dollar producer.
There are three distinct stages of an advisor’s career:
Stage one is building the foundation. This is done during the first two
years of the advisor’s career. During this stage, the advisor should
spend the majority of his time on marketing, with the objective of
building a ‘‘book’’ of fifty client relationships and a prospect pipeline
of one hundred. About 70 percent of the new advisor’s time should
be spent on marketing, with the objective of getting eight new appointments
a week.
Stage two runs from the third year through the fifth year of service. Now
the advisor must balance client service with marketing. The number
of client relationships should be increased to one hundred, and the
client relationships and the one hundred prospects should be upgraded.
The advisor needs to spend at least 50 percent of her time
on marketing—on client-leveraging activities, on natural marketing
techniques, and on attempting to identify and get all her existing
clients’ assets. The advisor should have four appointments per week
with new prospects.
Stage three is beyond five years. The advisor should continue to upgrade
the one hundred client relationships throughout his career. A minimum
of fifty prospects should be in the active pipeline, and they
should continue to be upgraded. The advisor should spend a minimum
of 25 percent of his time marketing, and he needs to see at
least one new prospect per week.
The road to a million-dollar practice is a series of steps that build on
one another, and you must take the first ones first. The new advisor needs
to understand that building the right foundation greatly increases the
chances of building a million-dollar practice and greatly reduces the time
required to get there. An advisor can commit to the million-dollar road
at any stage of her career, but the fastest and easiest way is to take the
proper steps at the beginning. As your practice grows, the fundamentals
remain the same, but how you allocate your time to each one changes.
In this chapter, I will give you a brief overview of the journey to building
a million-dollar practice; in subsequent chapters, I will go into greater
detail about every aspect of building a million-dollar practice and beyond.
Book Outline
This book is divided into three parts.
Part 1: The Foundation
Chapters 1 through 9 make up this part. It will be of particular interest
to new advisors. It outlines the first things you need to do on the pathway
to building a million-dollar practice; it shows you how to build the foundation
you need for a million-dollar business. However, I encourage any
advisor no matter how much experience she has, to review the information
in this section. The importance of motivation (Chapter 2) and the
marketing process (Chapters 3–7) outlined in this part of the book applies
to experienced advisors as well as new ones.
Part 2: Taking It to the Next Level: Building a Million-Dollar
Practice
This part includes Chapters 10 through 19. More experienced advisors
will find it particularly useful—you will find everything you need to do
once you have built the proper foundation. It will also be useful for new
advisors to read these chapters because they provide a vision for how to
reach a million-dollar practice once the new advisor has built the foundation.
Part 3: Market Action Plans
This part, Chapters 20 through 34, includes over fifty approaches to fifteen
different markets. Each market action plan gives you all the tools
you need to succeed in that market, including when the action plan is
appropriate, case studies, how to implement the plan, and sample phone
scripts and letters.
Appendix
At the end of the book, the appendix gives you resources for finding
names and directories for each market.
The Concept Behind the Process
As you can see from these descriptions, each chapter will guide you
through a comprehensive, tactical process for improving your practice.
Before you begin, however, it is important that you understand the five
characteristics of million-dollar producers and the five fundamentals of
growth, which together are the foundation on which the million-dollar
practice is built.
The Five Characteristics of Million-Dollar Producers
1. They set business and activity goals and track their progress.
2. They are motivated.
3. They market relentlessly.
4. They manage their time effectively.
5. They make establishing relationships with affluent individuals their first
priority.
My observations of successes and failures in this business have led
me to the conclusion that million-dollar producers do not possess any
extraordinary skills; however, they have different characteristics from advisors
who do not reach the million-dollar level. These are the five characteristics,
and they show you what multimillion-dollar producers are like,
their basic approach, and how they work day to day. These characteristics
apply to any advisor who wants to build a million-dollar practice, no
matter where he is in his career.
Characteristic 1: They Set Business and Activity Goals and Track
Their Progress
Studies done on the differences between more successful and less successful
people indicate that the most successful people set goals. To reach
a million dollars in business, you must set goals and measure your progress.
The first step is to understand that your business corresponds to the
number of affluent households (households with more than $250,000 in
investable assets) you have and the total amount of assets you manage.
The average million-dollar producer I have worked with manages at least
$120 million in assets for about one hundred affluent households.
Take the number of affluent households (100) and the amount of
assets ($120 million). Subtract from that the amount of assets and the
number of households you have now, if any. The result is the amount of
assets and number of households that you need to add in order to reach
$1 million. If you divide that number by the number of years within which
you want to reach $1 million, you will see the number of households and
the amount of assets that you need to add to your practice each year in
order to reach your goal by that time.
I tell new advisors that building a million-dollar practice in ten years
is a challenging but realistic time frame. Certainly, advisors can do this
in less time, but I have seen very few do so—most advisors who reach $1
million take at least twenty years. However, if a new advisor is trained to
develop the five characteristics described here from the beginning and to
understand and execute the five fundamentals introduced later in this
chapter, she can realistically expect to reach $1 million in ten years.
Those advisors who want to reach $1 million and who have been in
the business for a while can expect that the training in this book, if they
follow it, can add at least $100,000 in business each year. As an example,
if you are currently producing $500,000 per year, following and executing
the five fundamentals should result in your reaching $1 million within
five years.
Once you have set your overall production goal, you should set goals
in the following two areas:
1. You have set your goals for the number of affluent households and the
amount of managed assets required to reach a million-dollar practice;
now you should break down these goals into daily, weekly, monthly, and
annual goals, and you should monitor your progress at least every
week—track the difference between your goals and where you currently
are.
2. You should set activity goals every week for the number of client contacts
to make, the number of prospect contacts to make, and the number of
new appointments to have.
Characteristic 2: They Are Motivated
Once you have established your goals and your time frame for reaching
them, you must make sure that you have a truly high level of motivation
to fuel the process. Merely understanding the five fundamentals of building
a million-dollar practice is not enough. In order to execute the five
fundamentals every day, you must have a very high level of sustainable
motivation.
Executing the fundamentals is no easier for the million-dollar pro-
ducer than for those who never reach that level; instead, the successful
advisor can make himself execute the fundamentals, and the less successful
advisor cannot. Million-dollar producers make themselves do the
more difficult tasks that this business sometimes requires, in spite of the
rejection they receive. Less successful advisors do not. Remember what I
said at the beginning: Building a million-dollar practice is not complicated,
but it is difficult. Having a high and sustained level of motivation
is essential if the advisor is to do the difficult things required to succeed
in this business.
Characteristic 3: They Market Relentlessly
After you have made your commitments (motivation) and set your goals
(and the time frame for reaching them), you must understand that the
most important characteristic is sustained and relentless marketing. The
most successful million-, multimillion- and decamillion-dollar advisors I
have worked with never quit marketing. Their individual marketing processes
may be different, but they always do them. The only way to reach a
million-dollar practice is to understand that you must always be carrying
out effective marketing.
This book provides a proven marketing process, as well as fifteen
different marketing plans, that any advisor at any point in her career can
implement. This is certainly not the only marketing process that works,
but it has been used by hundreds of advisors, and it has been proven to
work very well.
Characteristic 4: They Manage Their Time Effectively
It is essential that you have sound time-management techniques, especially
in order to perform—every day—the ‘‘five fundamentals,’’ which
are discussed in the next section.
• You should divide your day between client service and marketing.
• You should use your client associate to protect your time throughout
the day and to help increase your service to your existing clients.
• You should have an automated, well-thought-out wealth management
process.
• You should keep track of how you spend your time and be accountable
for spending time doing the right things.
• You should become a master at executing the three basics of time
management: prioritization, delegation, and time blocking.
Characteristic 5: They Make Establishing Relationships with
Affluent Individuals Their First Priority
This is primarily a relationship business, and million-dollar producers
focus more on their relationships with affluent individuals than do lesssuccessful
advisors. Without strong relationships and all the elements
that strong relationships are based on, it is very difficult to reach the
million-dollar level.
The Five Fundamentals of Growth: LEARN
Leverage: Leverage current clients to get new ones.
Expand: Expand the products and services each client uses.
Assets: Get all of your clients’ assets.
Retain: Retain your clients by providing extraordinary service.
Niche: Develop your niche and natural markets and build a marketing
process around them.
Niche: Develop Your Niche Markets and Build a Marketing
Process Around Them
The most important fundamental is to develop your niche market and to
build a marketing process that you can automate—that you incorporate
every day. This process:
• Should include one to five marketing plans for different niches.
• Should make getting a face-to-face appointment right away a first
priority.
• Should have a follow-up process that is tailored to each prospect’s
needs.
In order to open the number of new accounts that will lead to a
million-dollar practice, you should be servicing between fifty and one
hundred prospects. Most prospects are underserviced by their existing
advisor, and if you service these prospects better, you will convert them
to clients. This means providing them with consistent follow-up tailored
to their personal and financial needs.
Once you have at least fifty affluent client relationships of at least
$100,000 each, you can now tackle the other four fundamentals of
growth:
Leverage: Leverage current clients to get new ones.
Expand: Expand the products and services each client uses.
Assets: Get all of your clients’ assets.
Retain: Retain your clients by providing extraordinary service.
Knowing what the five fundamentals are and developing a plan to
incorporate these fundamentals every day is how a million-dollar practice
is built in the shortest time possible.
What It All Adds Up To
The formula for building a million- and multimillion-dollar practice is
not a complicated one. It involves building the right foundation first, then
taking it to the next level by ongoing marketing, developing strong relationships
with clients, and providing outstanding service. This formula is
much easier to understand than to execute. It takes a high level of commitment
and motivation to do the activities necessary to build a milliondollar
practice every day. It takes strong organization and timemanagement
skills to fit these activities in every day, to build an effective
team, and to build processes that support the practice. It takes making
the highest priority that of building relationships. This can all be condensed
into the following equation:
The Formula for a Million-Dollar Practice
The right foundation marketing strong client relationships
outstanding service $1 million practice
There are so few million-dollar advisors and even fewer multimilliondollar
advisors not because the formula for success is complicated, but
because it is so hard to carry out the right activities every day. If you are
committed, develop the characteristics of million-dollar producers, and
follow the fundamentals I have outlined in this book, then a million-dollar
and multimillion-dollar practice can be yours.
Most helpful customer reviews
64 of 77 people found the following review helpful.
I must have read a different book!
By roger
I must not have read the same book as the other reviewers or I did not work with Mr. Mullen. I ordered this book looking for great things after reading the other reviews. I was sadly disaapointed. This book could be summmed up on one page.
The what: have 20 years to chase people with at least $250,000 to invest in modern portfolio theory. The How: You accomplish this by contacting 100 prospects (people you have met and would be open to meeting with you again) at least twice a month. Once via a phone call, letter or email. Once via a drop by in person. Raise at least $120 million with an ROA of .8% and you have a $1 million dollar practice. His scripts are very different than the ones on his website and the 15 marketing plans are a joke. For example, Mr. Mullen states that 52% of the millionaires in the US are business owners and he spends 5 pages on a marketing plan with three of the pages scripts. Where is the detailed step by step plan.
Great promise, not much substance.
Save your money and DO NOT BUY THIS BOOK!!!! I would be curious why Mr. Mullen is retired and why Merrill Lynch would let him if he has worked and produced so many great advisors.
7 of 8 people found the following review helpful.
This is a great getting started manual for new financial advisors
By kjcrolfe
Just recently licensed, I was searching for a book to help me get started, since I will be working as an independent financial adviser. Ordered this book because of the high reviews and I have to say this book did not let me down. It was better than I expected. This book breaks down exactly what you need to do, step by step, to grow a million dollar practice. My favorite chapters were the first (Overview) and the third (The numbers you need to succeed).
The Overview basically tells you what to expect, explaining that as a new adviser 70% of a 10 hour day should be spent on marketing. Also provides a break down for your weekly marketing goals, time commitment, and target markets.
The Numbers chapter breaks down how many appointments you must set weekly, how much assets you must get under management on a monthly basis, the minimum qualified prospects to keep, and a specific road map to growing your business to a million dollars.
The book also contains marking plans, scrips to help you get started and much more. This is a great book for any new adviser that is serious about growing their business to a million dollar practice!
5 of 6 people found the following review helpful.
The Million Dollar Financial Services Practice
By Curlin
I am 28 years in the Financial Services busines and wish I had this book from the beginning of my career. My gross was $400K last year and I have been stuck at that level for some time. In my opinion this book gives the reader a precise roadmap to follow to build a successful financial services practice. I just hired a 26 year old rep and told him to read this book 4 times a year for the next 5 years, where he can recite it back and he will get very wealthy.
I have read "Tested in the Trenches" by Ron Carson and Steve Sanduski, which was good. I have read "Effortless Marketing for Financial Advisors" by Steve Moeller which I thought was even better. But if you only read AND FOLLOW one book in order to take your practice to the next level, THIS IS THE ONE!!!
See all 44 customer reviews...
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