Recommendations to My Financial Advisor Coaching Clients You Can Use

I want to share with you a few of the recommendations I have made to my coaching clients. They likely apply equally well to your situation.

Use a 3rd Party Companies When You Can

Many of you use too many methods to chase pennies and ignore dollars. For example in the martial arts industry monthly payments are common from clients so it’s imperative to use a 3rd party company to collect these payments) A) It saves you effort, B) It separates you from the “money” in your clients’ perspective and C) you’ll make more money because that’s their job. 

This kind of company is available for medical professionals (or anyone who deals with insurance), in the legal field and in many other businesses. 

This is just one example - find 3rd parties who can do tasks cheaper, better and improve your margins!

The fallacy is often in trying to “save money” by doing Facebook ads, back-office paperwork, pay-per-click ads yourself.   Even spending time addressing envelops an adding stamps is unnecessary for 99% of what you’ nee to mail.    Be sure you’ve figure out what your TARGET PERSONAL INCOME is in the near future.   Divide that out by 50 weeks then by 40 hours.   Let’s say that comes to $500 an hour.   If you are DOING ANYTHING that pays less than that number – or, which could be farmed out for less than that number then you’re holding yourself back from hitting your target income.

Pricing, Programs, and Value

Rule of Thumb: You should targeting a specific income per client in your business. It’s probably too low right now. Some key points to think about… 

Pricing: Your price point in almost any business can be increased. Price, absent other criteria, determines perception of value. This means that higher prices (except in commodities like oil, gold, etc.) will be perceived as higher status in clients mind. Which is more valuable – a Porsche or a Subaru? There are models of each with the same performance yet the Porsche commands a higher price. 

Levels of Service: You should look to offer more levels of service in your business. In your business where are there opportunities to increase service levels / status / value and charge more to increase income per client?

Third: Expectations

Many of my coaching clients aspired to make $75,000 to $100,000 a month (or, more) If you are struggling for small increases — or fighting the basic system — then it’s time to adapt my strategy.  I like Grant Cordone’s focus on 10X – I refer to it as “Add a Zero” to my income.

Fourth: The Mythology of business

Forget about how great you think your skills is and how awesome your name is, your business won’t pay your bills if you think:

·      The market cares about your previous jobs or professional résumé.

·      Your 10 or 20 years as a failing business has positioned you well for the future.

·      Going it alone or doing things your way is a great idea.

During the last couple of months, there’s been a lot of time wasted on one-on-one calls with business owners with barely profitable businesses who brag about how long they’ve been in business, their ads, their knowledge or their great curricula. Several of them, who haven’t done much two or three months later, complain they need more of my time one-on-one.

Here are some of my favorite quotes for you to write down and remember:

"Winners remember results—losers remember reasons." (Source unknown)

"Most people would rather have a good excuse than good results." (I heard this one from Dan Kennedy, quoting someone else.)

“But when I said that nothing had been done, I erred in one important matter. We had committed ourselves and were halfway out of our ruts. We had put down our passage money — booked a sailing to Bombay. This may sound too simple but is great in consequence. 

Until one is committed, there is hesitancy, the chance to draw back, always ineffectiveness. Concerning all acts of initiative (and creation), there is one elementary truth, the ignorance of which kills countless ideas and splendid plans: that the moment one commits oneself, their providence moves too. A whole stream of events issues from the decision, raising in one’s favor all manner of unforeseen incidents, meetings, and material assistance, which no man could have dreamt would have come his way. I learned a deep respect for one of Goethe’s couplets:

'Whatever you can do or dream you can begin it.

Boldness has genius, power, and magic in it.'”

W. H. Murray in The Scottish Himalaya Expedition, 1951.

The accurate Goethe quote is:

Then indecision brings its delays,

And days are lost lamenting over lost days.

Are you in earnest? Seize this very minute.

What you can do, or dream you can do, 

begin it.

Boldness has genius, power and, magic in it.

Fifth: Know Your Business Statistics!

You must gather and maintain your operational and business statistics and know your current situation every week. Are you on target to achieve your daily, weekly, monthly, quarterly and yearly goals? How many clients do you need per day, week and month to match your projections? How many renewals/upgrades do you need? What is your target client retention rate? What are your daily break-even costs and daily profit goal?

Many business owners don’t know their basic statistics, such as discovery conversations or first meetings, conversion rates or, things like unique visitors (website,) clicks, conversion rates— and they should.

If I asked you: "What are your totals for the month to date?" Would you have to refer to a ledger or computer, or ask someone? If you do then you have a problem.

Sixth: You Can’t Do Anything Without New Clients.

Your target must always be enough new clients to hit your growth , forever. If you have plenty of cash flow, then educate yourself about copywriting, TV, radio and direct mail. Improve your marketing skills and spend more time on grassroots promotional efforts and internal marketing. 

I remember an otherwise intelligent business owner who joined my coaching program — with the intent of earning $60,000 to $90,000 a year in income, which is a reasonable goal, considering many business owners in my coaching program can earn similar amounts. During the first month in my coaching program, the new member sent me a barrage of emails, stating among other things “I just don’t like “sales” and chasing down people – looks to needy”

Geez. Why not just email me the following message?

“I have decided to take a permanent ‘vow of poverty'. I will only be in this position of my business for the fun and fulfillment of working with my clients. I have absolutely no expectation of making more than a meager income, even though I’ve devoted much of my life to learn and master the skill set I have.”

It amazes me otherwise intelligent human beings will decide to ignore intelligent business practices due to ignorance or the “unscrupulous” application of otherwise valid business systems by some operators.

If you remember nothing else, then please remember the two things every intelligent and rich business owner knows:

·         Excellent customer service and retention are essential for long-term success.

·         Aggressive renewal and upgrade systems account for 60-75% of all revenue of a successful business.

·         You will greatly improve your understanding of some of the fundamentals of "how millionaires create 75% of their incomes", but I encourage you to keep an open mind and approach your business practices with both enlightened self-interest and the highest levels of integrity.

·         Most financial advisors who join my coaching program generated an average of $20,000 to $30,000 in additional in gross income per month in just a few months.

·          Be aware this three-fold increase is not magical; it requires your willingness to 'empty the cup' and immediately apply intelligent, proven business systems to an otherwise quality program.

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Stephen Oliver’s Wealth Mastery was founded in 1999 (previously also known as Extraordinary Marketing.)   Our program is designed for Financial Advisors and similar professionals to teach them effective sales, marketing, and practice management practices.

We provide a combination of mentoring, coaching, peer support and accountability to grow financial practices utilizing a range of focused and effective marketing and sales processes.

For Financial Advisors we provide a free package of support materials that includes two special reports: “10 things that you must do to grow your financial practice,” “Social Media Marketing for Financial Advisors,”  Along with two of Stephen Oliver’s business growth books: “Everything I Wish In Knew When I Was 22,” and, “The Way of the Mile High Maverick” along with several valuable training videos that include “The Bozo Explosion,” and “Key Growth Secrets for Financial Advisors.”    Receive these free gifts at: https://www.AdvisorWealthMastery.com

You may contact us at:  [email protected] or, by phone or text at 1-303-808-8719.   

About Stephen Oliver.   Stephen Oliver graduated from Georgetown University with a degree in International Economics, expecting to go onto a Harvard or Wharton MBA then onward to Wall Street.  Instead he ended up in Denver, an started 6 martial arts schools in 36 months.   He ended up with over 2,500 active students and promoted one of the largest martial arts tournaments in the country along with 100’s of other events.   Very early on professionals ranging from Financial Professionals, commercial realtors, lawyers to, of course other martial arts schools sought him out as a consultant on Marketing, Sales, client relations, and staff development.   He completed his MBA in 1992.  His first book in 1999 was on using the internet to market a small business.   Since then, he’s written a number of books on business management, marketing, personal development, and sales and has worked with 100’s of clients on growing their businesses aggressively and effectively.   He’s taught business seminars all over North America and has shared the stage with speakers ranging from former NYPD commissioner Bernard Kerik to Tony Robbins and Brian Tracy to marketing guru’s such as Dan Kennedy and Jay Abraham.  More at LinkedIn:    https://www.dhirubhai.net/in/stephencoliver/