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. Mullen gives financial advisors all the tools and guidance they need to:
• get the appointment • build relationships • convert prospects to client • retain clients • use niche marketing successfully • balance current clients and prospects • increase the products and services each client uses • attract millionaire clients
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.
Table of Contents
Acknowledgments vii
The Foundation 1
Overview 3
Motivation 11
The Numbers You Need to Succeed 19
Niche Marketing 27
Getting the Appointment 34
The Appointment 48
Turning Prospects Into Clients 59
The Wealth-Management Process for New Advisors 75
Time Management for New Financial Advisors 85
Taking It to the Next Level: Building a Million-Dollar Practice 95
Balancing Clients and Prospects 97
Getting More Assets from Existing Clients 104
Leveraging Clients to Get New Ones 110
Expanding the Client Relationship 124
Your Natural Market 135
Client Retention 143
Time Management and the Client Associate 155
Teams 164
What Millionaires Need 176
Beyond a Million-Dollar Practice 186
Market Action Plans 199
Seminars 201
Event Marketing 212
Networking 223
Past Experience and Personal Contacts 233
Adopt a Town 241
BusinessOwners 245
Professionals: Medical, Legal, and Sales 251
Executives 258
Influencers 263
Diverse Markets: Women, Hispanics, and Asians 270
Retirement Plans 282
Retirees 290
Money in Motion 293
Mortgages 299
Nonprofits 305
Resources 315
Index 337