Traits of a Top Producing Wealth Professional

Of all the things I enjoy about my job, perhaps the thing that gives me the most satisfaction is getting to work with top-tier wealth managers.?These advisors, whether it’s assets under management or gross revenue, rank in the top 3-5% in the country.?As my business has grown over the years, so has the number of advisors I work with that fit the definition of “big producer”.?Because these are usually my top advisors, I meet with them frequently, get to know their business, how they built it, how they run it on a day-to-day basis, and how they plan to grow it.

At this point you may be asking, “Andy, why should I care that you work with successful advisors”? That’s a legitimate question. I’d answer by telling you that over the years I’ve noticed some commonalities across their businesses.?Whether these advisors are family office’s, RIA’s, traditional AUM wealth managers, or some combination thereof, I’ve come to the conclusion that all of their businesses share some key characteristics.

Below are just one guy’s observations and by no means the secret to becoming a multi-seven figure producer with a billion-dollar book of business.?I would say however, that if you find your business isn’t quite where you’d like it to be, read these over and see if you find an area or two where your practice may be lacking.

Commonality #1- My top producers all have a very firm grasp on what their practice is and who it serves.?Better said, they know what they do well and who their target market is. When I ask them to define their business in a few short sentences, they’re able to do so in a polished and concise manner.?I’m not talking about that “elevator pitch “that we’ve all been told we need to develop.?What I do mean is, they’re able to clearly tell you who they are and what their clients look like.?Conversely, they know who they are not and what their clients DON’T look like. They will choose to not bring on a client if they feel it’s not a good fit.??

Commonality #2-?Even though their books are very large by most measurements, they are focused on new business development.?They have an organized and consistent system to reach out to prospects.?Yes, they get referrals, but they don’t rely on them for growth.?They actively use social media and other forms of marketing to grow. They partner with CPA’s, attorneys, and other centers of influence.?They also use life insurance as a means to stay close to their largest clients next generation.

Commonality #3-?They practice the Pareto Principle (aka the 80/20 rule). They realize that at least 80% of their revenue comes from the top 20% of their clients.?They cater to these clients and give them top-tier service.?Furthermore, they are in tune with what this 20% looks like and design their marketing and new business efforts to attract more top clients.?Additionally, they know their strengths and spend roughly 80% of their time leveraging them, while devoting 20% of their time improving those strengths or developing new ones.?

Commonality #4-?They’ve developed a successful process for all aspects of their business .?Everything from client service, onboarding new clients, marketing, and investment management is anchored to a process.??Some are more concerned with the consistent adherence to them than the outcomes they produce. ?They stick to this process daily and often focus more on “winning the day” than their overall mid and long-term goals.?The thought being, if they trust their process and perform it on a consistent basis, the long-range stuff will take care of itself.

Commonality #5- ?They play offense.?They are in constant communication with their top clients and prospects.?They deliver good and bad news.?Most of my top advisors do face-to-face meetings with their clients at least quarterly.?Keep in mind that a lot of these folks are not “local”, so that means they’re traveling to conduct meetings.?When markets are bad, they don’t hide. They keep their clients informed and reassured. ??Perhaps more importantly, they use bad markets as an opportunity to keep their prospects informed and reassured. ?In the later part of last summer, I was trying to get a meeting scheduled with one of my top advisors.?For three days I called him without getting through.?On the fourth day he reached out to me and said “Sorry Andy. I’ve been on the phone non-stop for the last week.”, to which I said “Oh, have you been keeping your clients on course”? He said, “No, my clients are fine, I’m calling all of my prospects.?You’d be surprised how many hadn’t heard from their current advisors. I’ve picked up $5MM in AUM in the last 10 days! “.??

I am in a unique position in that I get to interact with elite producers on a daily basis.?I see the good, the bad, and sometimes the ugly! As I mentioned before, I love working with top producers.?I can’t tell you how many times I’ve taken a successful idea from a top agent of mine and implemented it into my business.???Hopefully, you’ve found some of the above observations to be useful, and a way to look at your business and perhaps, improve it.???