The road to 12mill
Hello all, from this month until the end of 2020 I am making a push to 12mill in aum. Current aum 385k, Pushing for 1mill each month, client mins are 100k. Leads are through Smartasset and Judy diamond. While i am doing this aum push, I am studying for my aams and finishing off my degree.
Current Prospects: 20 with an avg investable assets of 480k
Leads per month: 8-10
clients 1
401k clients: 0
My lead generation is 3 pronged building a cpa/attorney network in my town, Smart Asset, Judy diamond.
Hey there! I am new to the industry and I plan to try and keep up with your success. I’m still studying for my exams and stuff, so I have a few months before I can go out and market myself.
You already have nearly $400k AUM, nice! How did you obtain that (i.e. cold calls, referral partners, friends/family)? How long did it take you? Any tips so far?
I plan to cold call and door knock primarily and support this with doing seminars, networking events/groups, and giving my time/money at a couple charities.
Hey! just got back on so it was a friend, probably 2weeks for their stuff, don't go indie first ha!, in all seriousness find a system that works for you, every1 is different. My main leads come from a sourcing co but it is costly. And as with a cold pipe you have to take it on the chin until people trust you. Track everything, aum, calls every detail will allow you to see where you need improvement. focus yourself of learning to sell at first after you build up then learn investments. Read the million dollar financial services practice book, great insights. my lead focus right now is through a service, I'm creating my path to adding 401k's and a cpa and attorney network. What firm are you at? state?
studentadvisor87 wrote:
Hey there! I am new to the industry and I plan to try and keep up with your success. I’m still studying for my exams and stuff, so I have a few months before I can go out and market myself.
You already have nearly $400k AUM, nice! How did you obtain that (i.e. cold calls, referral partners, friends/family)? How long did it take you? Any tips so far?
I plan to cold call and door knock primarily and support this with doing seminars, networking events/groups, and giving my time/money at a couple charities.
Didn’t post last week was playing in Chicago.
28th oct, 6 calls 2 new ff
Leads: 30 avg assets 500k
Prospects: 5 avg assets 1,230,000
Cold assets(recieving monthly follow-up, 2-3 touches): 5 assets 3,000,000 total
still building out my 401k list which includes the decision maker, hoping to have this finished by 2020 jan.
finished the 3/3 cpa/attorney list, now creating a list of what benefits them in a partnership.
Take AAMS december or jan
JASON916 wrote:Hey! just got back on so it was a friend, probably 2weeks for their stuff, don't go indie first ha!, in all seriousness find a system that works for you, every1 is different. My main leads come from a sourcing co but it is costly. And as with a cold pipe you have to take it on the chin until people trust you. Track everything, aum, calls every detail will allow you to see where you need improvement. focus yourself of learning to sell at first after you build up then learn investments. Read the million dollar financial services practice book, great insights. my lead focus right now is through a service, I'm creating my path to adding 401k's and a cpa and attorney network. What firm are you at? state?
studentadvisor87 wrote:
Hey there! I am new to the industry and I plan to try and keep up with your success. I’m still studying for my exams and stuff, so I have a few months before I can go out and market myself.
You already have nearly $400k AUM, nice! How did you obtain that (i.e. cold calls, referral partners, friends/family)? How long did it take you? Any tips so far?
I plan to cold call and door knock primarily and support this with doing seminars, networking events/groups, and giving my time/money at a couple charities.
Im with ML-BofA, in Kentucky. The studying is going well looks like. So I am trying to build a list of names with phone numbers, email, and addresses (if possible). I want to get between 4,000-7,500 names, but I am not near that. I’m running out of names fast.
I hear that we have to find a system that works us, but that appears to be much harder in practice or in pre-planning. I really don’t want to be testing out stuff trying to see what sticks when I get my production number. I want to be able to turn the ignition, sort to speak, and start the engine. If that makes sense. I have read David’s book for the million dollar practice/producer, and have the audiobooks. I read this other book with a similar title but it’s called “building your multi-million dollar practice” and I forget the author name…
I am trying to find a way avoid cold reaches. But I am not from here and my social circle here is maybe 3-5 people, of which all but one are family and the one is a close friend who works for a big mutual insurance company (plus I am a homebody and an introvert). My friends from other places I grew up are making an average of less than I am right now. Unless I can figure out a way to warm people up who I have never met before, and target people/businesses based on a very narrow and specific problem that they have with a solution that only I, or only a limited number of people like me can provide to them, idk how not cold calling or cold door knocking will help me.
Am I wrong? Am I missing something?
Also what “service” or sourcing co are you referring to? If you don’t mind sharing…
Hey been traveling, the lead sources are smart asset and judy diamonds 401k prospector. I will do a better reply and update a little later.
Interesting couple of weeks
Slacked a bit prospecting
5 new leads: avg assets 500k
1 new ff set: 258k inv asset
2 closes eom: 2m in invest assets.
25 prospects still trying to get in the door
2 phone tags with invest assets of 2.85 mill
Getting back on the phone tomorrow to get more meetings set, might miss my aum goal this month, next month is setting up nicely though with the closes coming in. 2 million aum by Eoy is still the goal. with 12 million by end of 2020
Total Leads/prospects cold/warm 59: avg aum roughly between 700k-1m, looking to bump uip my prospecting next month to generate 18+ leads @ an avg of 500k+ in invest assets. want to go into 2020 on a strong footing. Just need a 6-10% close rate to make my goal by eoy.
Its honestly just getting out there. the 2 sources i mentioned are great for adding names with great possible aum, I will be adding a new referall generator thing through linkedin here soon, to create a feed list for referalls. Just remeber that if you think x calls try and do double that number. every call today trickles into what happens a month or so down the road. Dig in and stay motivated if you run low on names using all of this buy sales genie, and dnc scrub the list. Theres a great post that might still be on the forum from the judge I will try and find it(saved a copy) great read and extremely helpful.Eat every book about sales and be easy on yourself the role is hard enough.
studentadvisor87 wrote:JASON916 wrote:Im with ML-BofA, in Kentucky. The studying is going well looks like. So I am trying to build a list of names with phone numbers, email, and addresses (if possible). I want to get between 4,000-7,500 names, but I am not near that. I’m running out of names fast.Hey! just got back on so it was a friend, probably 2weeks for their stuff, don't go indie first ha!, in all seriousness find a system that works for you, every1 is different. My main leads come from a sourcing co but it is costly. And as with a cold pipe you have to take it on the chin until people trust you. Track everything, aum, calls every detail will allow you to see where you need improvement. focus yourself of learning to sell at first after you build up then learn investments. Read the million dollar financial services practice book, great insights. my lead focus right now is through a service, I'm creating my path to adding 401k's and a cpa and attorney network. What firm are you at? state?
studentadvisor87 wrote:
Hey there! I am new to the industry and I plan to try and keep up with your success. I’m still studying for my exams and stuff, so I have a few months before I can go out and market myself.
You already have nearly $400k AUM, nice! How did you obtain that (i.e. cold calls, referral partners, friends/family)? How long did it take you? Any tips so far?
I plan to cold call and door knock primarily and support this with doing seminars, networking events/groups, and giving my time/money at a couple charities.
I hear that we have to find a system that works us, but that appears to be much harder in practice or in pre-planning. I really don’t want to be testing out stuff trying to see what sticks when I get my production number. I want to be able to turn the ignition, sort to speak, and start the engine. If that makes sense. I have read David’s book for the million dollar practice/producer, and have the audiobooks. I read this other book with a similar title but it’s called “building your multi-million dollar practice” and I forget the author name…
I am trying to find a way avoid cold reaches. But I am not from here and my social circle here is maybe 3-5 people, of which all but one are family and the one is a close friend who works for a big mutual insurance company (plus I am a homebody and an introvert). My friends from other places I grew up are making an average of less than I am right now. Unless I can figure out a way to warm people up who I have never met before, and target people/businesses based on a very narrow and specific problem that they have with a solution that only I, or only a limited number of people like me can provide to them, idk how not cold calling or cold door knocking will help me.
Am I wrong? Am I missing something?
Also what “service” or sourcing co are you referring to? If you don’t mind sharing…
how is everything coming?
JASON916 wrote:Not too bad. I take the S7TO next week...
how is everything coming?
Nice work, Jason!
I tried to start my own thread for my race to $10M, no luck.
So enjoying following along here with you!
Jcurt if you attempted mobile posting it wont work, just share your fun on here!, we can make both our goal 10mill Starting tomorrow with 46 calls in the am, then 50 cold bus calls in the afternoon.
Ff today 550k investable assets
1 closing this month 158k
4 followups for tomorrow 4.3 mill in possible aum
10 cold leads put in email drip
goal tomorrow is 42 sa calls and 4 set appointments. As well as 10 401k plan specific cold calls(gonna start at 10)
then 50 cold call residential to end the day looking for 2 appointments from that.
JASON916 wrote:What's a "cold bus call" and who are you all calling? People from a list or cold calling?
Jcurt if you attempted mobile posting it wont work, just share your fun on here!, we can make both our goal 10mill Starting tomorrow with 46 calls in the am, then 50 cold bus calls in the afternoon.
studentadvisor87 wrote:I'm trying to get my acronyms down...JASON916 wrote:What's a "cold bus call" and who are you all calling? People from a list or cold calling?
Jcurt if you attempted mobile posting it wont work, just share your fun on here!, we can make both our goal 10mill Starting tomorrow with 46 calls in the am, then 50 cold bus calls in the afternoon.
What's "Ff" and "sa calls"
I’m just now seeing this. Sounds good!
heres my last week:
1000 calls
10 prospects
0 appointments
i have a lot of other appts and things but I want to focus on AUM this year. Through those other appts I have about $500k committed. Need another $500 for the month and I’ll stay on track!!
StudentAdvisor
ff= Fact finder also called client questionnaire
sa= smart asset. I am just abriviating. How were your test?, what path on the merril fadp did you choose?, i saw they fully switched from pmd. What are your hurdles looking like? How is the book building?
Also the bus calls are cold so i make 1st contact its kinda cool pulling the 5500, i have about 1k businesses that i can call/email or walk into for bidding their 401k then you have access to the executives as well looked at the list and the 5500 provided about 3 execs per 5500. I plan to develop a seminar for the companies that do work with me for the employees as well. Avg employee size is about 25-30.
All calls are cold minus the smart asset 1’s. Which are semiwarm.
Jcurt, Nice!, how are you getting leads? Keep it up!, all fee based?, what firm are you at?
i just added 5 new leads over the weekend avg investible assets is 350k. Ready to knock my calls out tomorrow. I will try to post again by Wednesday or Friday.
Thanks! I use SalesGenie. It’s about as good data as you can get out there.
they're completely cold. But, someone calling 1000 a week mediocre script is better than the best script ever at 100/week.
I just went independent and came from a large insurance company after 4 years. Didn't focus on AUM there but picked up $6m just by existing haha. Did well by their standards. So have a strong insurance background, but picked up most of the AUM in my last year.
saw the power of that side of the business. Started doing more and more. And realized the infrastructure wasn't really built for it.
Oh and yes all fee based.
need to bump to 2000/week.
50 Noes per day is the goal. I averaged 5 leads for every 50 Noes.
25 leads a day would work nicely ;)
Weeks ok. Not enough contacts.
printed the 500 day war and posted next to me.
start with Corp directories next week.
been calling residential 55+, it's been ok got a few prospects. The challenge is doing 250 calls with about 10-15 contacts.
I need that to be 50 contacts per day.
with corporate directories, I'll be able to do that before lunch!!
Crappy week on contacts. But trying to keep the dials up and it’ll work out.
1000 dials
70 contacts
8 prospects
Im changing to corporate directories starting Tuesday. And going to ramp up dials to 250/day average. With that plus Corp directories, no doubt I'll have more contacts.
~~JASON916
Hey man, passed my 66 exam this month. Been working on sales training and stuff like compliance learnings. No book was given to me and I’m a sole prop. Production starts next month. Hurdle countdown starts in 3 months.
Trying to build a list and it’s kinda tough. Need to have names, contact info, address (minimum) in order to scrub and be compliant. I also want to have income and/or business revenue and if possible for businesses if they have a retirement plan in place. Whats the best way to build a list of pre-qual potential prospects from scratch?
Also, I plan to do some door knocking as a main prospecting effort. I used to door knock for years. But never for financial services. Any tips, tricks, or best practices to follow with a door knocking approach?
Hey guys!, loving the post! I will do a full reply tomorrow!!,
calls 1,000, plan on 100-200 more tomorrow
new prospects: 10 with 250k and above in incestible assets. New business prospects: 1 with 2mill. Just starting the 401k side of things.
booked 2 new initial appointment and a close next week.
the close has 550k in ia,
total aum currently is 558k
Should cross the 1 mill mark at end of month or very early next month.
Ill msg more tomorrow! Keep at it guys
Less dials this week but getting a lot more contacts! That’s good!
800 Dial
80 contacts
10 appointments
Less dials because I had to spend Friday opening accounts for $500k I’m fee business
Need to find more time and do a bit more schedule shuffling to block more calling time. Want to get to 50 contacts per day.
Also tracking appointments now because I started going for the meeting in the form of a quick phone call. Surprisingly, folks are open to it. Of course I ask for 9, targeted minutes to share some ideas.
The 70 folks to said “no thanks” go on a GMass email list with a “good to connect” email the next day where I’ll email them once a month (and probably snail mail) something interesting.
Talked to Elusive leads and working on a new directory of a huge company here.
Bad news is I have to pay more because all of the lists are 4-5 years old and older.
Good news means no one has hit these phones in this city for 4-5 years!
The week so far
300 calls
total new leads: 4 with investibles of 250k or higher.
apt set: 1 apt mid feb for signing 554k in assets.
no new facts set.
Tomorrows call goal 100 calls, looking to set 1-2 new apts.
Studentadvisor, sales genie has all that info, you can then pull the list and scrub.
Okay. How does SalesGenie compare to WealthEngine in terms of list quality, accuracy, and amount of information captured per name?
Has anyone tried Salesflower or Blackbaud?
Is there a way to PM people on this forum? Would love to pick your brain on your cold calling experiences @Jason912
the energy here is infectious…
i started with UBS San Francisco…lay off
Opened my own RIA practice …should have done the prospecting “machine” you all speak of…
Wondered if anyone had thoughts about a primarily financial advisor joining an insurance operation (MassMutual) or going it alone and working my way up utilzing all of your exceptional sales strategies…
Jason, You are driven and professional. You are sharing and collaborative. Thank you for your ability and entrepreneurial spirit. What is the content of sales call. Do you push product or service. How do you get to the right person. Do you solely go after business or individuals. Do you do insurance and financial products. What is your close rate. Thank you so much. Jan
please reference what you are referring to…“that side of the business”
Jan
Jason, What service do you presently utilizing to get warm leads to become clients? What CRM software. What is your sales call presentation. Do you use SalesAsset and or Linda Diamond and or…?
Im back and ready to restart!
been in surgery the last yr and change and passed my practice off in its infancy. Restart this week! To answer previous questions crm-smart office, planning software is money guide, fmg is currently my website maker but likely moving to broadridge. The office virtual so zoom for meetings and webinars starting march or April. Smart asset as a warm lead generator. My more passive generator will be copilot once i reset my social media with its focus on linkedin.
jan starting aum is 700k
eoy target aum 12 million
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