Building Your Nirvana Practice as a Financial Advisor

I’m Deepak, and one of the best parts of my work is coaching and mentoring financial advisors. Today, I want to share some valuable insights to help you build an ideal financial practice—what I call a "Nirvana Practice."

Today I had an interesting discussion with an advisor and I wanted to share the insight with you, as I know this will help you no matter what level you are at today.

“What does an ideal practice look like for a financial advisor and what are key strategic and tactical things to focus on to build one?”?

This is a great topic.

So first - your ideal practice - what I call “Nirvana Practice” - a term I coined based on my own “Nirvana life” vision and what I built for my business and family.

We even built our home that we call "The Nirvana Home" - this is a place where I build powerful tools for financial advisors and live our dream life.

What is a Nirvana Practice?

A Nirvana Practice gives you:

• The ability to work with your ideal clients.
• The ability to provide the best service to your clients.
• Freedom to work from anywhere, anytime.
• Income that significantly changes your life—aim for a minimum of $250K, ideally $500K+.
• A practice that scales and grows with your personal goals.
• More time to spend with family and loved ones.

A practice that scales and grows, matching your personal goals and desire

Freedom to spend a lot more time with you and your family?

The question then is - how do you build one?

So let’s look at what the two main solutions are in the financial services industry.

#1 - Investment?

#2 - Insurance?

That’s it. All products can be grouped into these two types.?

Both are good tools in an advisor tool-kit to solve different problems.

Any advisor who is looking to build a long-term career in this industry should master both the products and build a marketing system for both.

Investment Practice (AUM)

• What is AUM?Assets Under Management (AUM) refers to the total market value of the investments that a financial advisor manages on behalf of clients.
• Benefits:
• Recurring Revenue: Investments generate ongoing fee-based revenue, providing a stable income stream.
• Client Relationships: AUM encourages long-term relationships as advisors continuously manage and adjust portfolios according to market changes and client needs.

Insurance Practice

• What is Insurance Practice?This involves selling insurance products like life insurance, annuities, and health insurance to clients.
• Benefits:
• High Upfront Commissions: Insurance products typically offer significant upfront commissions, providing substantial immediate income.
• Problem Solving: Insurance addresses critical needs such as risk management, protection, and retirement income security.

Combining AUM and Insurance

So an advisor can use a good mix of “Recurring Revenue” + “High Commission” to hit their income goals.

If you focus just on building the AUM, it will take a long time to make any real money to live your life and achieve the Nirvana Practice.

If you focus just on selling insurance, then you will get tired and will always be stressed about paying your bills and closing those deals and working on leads.

Hence, doing both is the right way to build a better business and cash flow management system.

So one advice I gave to this advisor was to build his offer and LinkedIn/Facebook campaigns to drive both.

He is working on Retirement Planning and Annuity Campaigns on LinkedIn and making good progress.

The 2nd thing we spoke about was a big “myth” people have about

Quality vs. Quantity.

?The Myth of Quality vs. Quantity

Quality vs. Quantity in Sales

• Common Misconception:Many advisors focus solely on obtaining high-quality leads and appointments, neglecting the importance of volume.
• Reality:
• Quantity First: In sales, quantity is senior to quality. More leads and meetings increase your chances of conversions.
• Quality Comes with Volume: As your pipeline fills, you can refine your strategies to improve lead quality.

Why Quantity Matters

• Law of Large Numbers: The more leads you generate, the higher the probability of finding qualified prospects.
• Refinement: Start with a broad reach, then narrow down your focus based on data and performance over time.
• Pipeline Health: A full pipeline ensures you’re never short of opportunities, reducing stress and increasing financial security.

More Meetings = More Clients (that's the success formula)

Practical Steps to Build Your Nirvana Practice

1. Build Offers and Campaigns: Use LinkedIn and Facebook to drive retirement planning and annuity campaigns.
2. Fill Your Pipeline: Prioritize getting more leads and meetings.
3. Marketing System: Develop a system that gradually improves lead quality.
4. Track Metrics: Monitor key performance metrics to refine your strategy.

Ready to Transform Your Practice?

If you’re ready to make LinkedIn and Facebook ads work for you, find your market niche, create compelling offers, build sales funnels, and track your data effectively, it’s time to take the next step.

Click here to book a free strategy session and learn how to grow your investment or insurance practice using compliant social media strategies.

Don’t wait,?

Learn how to

• Make LinkedIn work,
• Make Facebook ads work,?
• Find a market niche,?
• Create your offer,?
• Build a funnel,
• Track data and metrics
• Create a repeatable process,?
• Build proper services,
• Help more people,
• Improve your sales skills,
• Build your brand,
• Use technology,?
• Using data intelligence,?
• Join a community of advisors,?
• and a lot more.

Book now, what are you waiting for? It’s free.

You waited enough and have been thinking about it for too long. Let's not think but do.?Let's do this together right now?

To Your Nirvana Future

Deepak