Who uses the 20 point day systems?
So the past few days was thinking how some of the excitement of going indy died off and now I really have to get a move on bringing over the book and growing the business.
I read alot about practice management, podcasts, etc. Ran across a 20 point day system and been using it 2 days in a row now, 2 clients and 4 accounts. Granted it was smaller one today, but setup meetings for insurance and more rollovers.
So who else?
http://www.advisortoday.com/200702/adv20point.html
I have used different point systems in the past and I think that they work well. I find that I will use them for about 6 weeks before I get bored with them. They certainly help if you are having a hard time staying on task.
[quote=aeromaks]
So the past few days was thinking how some of the excitement of going indy died off and now I really have to get a move on bringing over the book and growing the business.
I read alot about practice management, podcasts, etc. Ran across a 20 point day system and been using it 2 days in a row now, 2 clients and 4 accounts. Granted it was smaller one today, but setup meetings for insurance and more rollovers.
So who else?
http://www.advisortoday.com/200702/adv20point.html
[/quote]That's the standard in one of our branch offices (not mine). Those guys live by it and the ones that take it seriously are great producers.
I use a point system. It works well, although it is hard to stay on track sometimes. I give points for calls, calls my BOA makes, appts, networking events, and seminars. I try to get as many calls in as early in the day as possible.
I think that a point system is great. I don't like that one. For instance, being able to do 33% less because you exercised is silly.
I have a point system. I kick butt when I use it. The problem is that I don't always use it. In my point system, I need 7 pts a day. Points: Keep an appointment: 1 point Make 40 dials for the purpose of setting an appointment: 1 point Walk into 10 businesses: 1 point Perfect day: Keep 5 appts, make 40 dials, walk into 10 businesses. What I like about it is that it is 100% in my control. If I keep less appointments, I have time to make more calls.Anonymous,
I really like your 7-point system! I'm going to have to steal that for myself. Thanks for sharing!I dont know. I have seen a few pts systems and quite a few use the gym for points. Personaly, I think it is a plus. I go to the gym a few times a week in the middle of the day to break it up. It rejuvinates me, I meet a few folks at the gym, and when i get back to the office, I am ready to go.
[quote=anonymous]
I think that a point system is great. I don’t like that one. For instance, being able to do 33% less because you exercised is silly.
I have a point system. I kick butt when I use it. The problem is that I don't always use it. In my point system, I need 7 pts a day. Points: Keep an appointment: 1 point Make 40 dials for the purpose of setting an appointment: 1 point Walk into 10 businesses: 1 point Perfect day: Keep 5 appts, make 40 dials, walk into 10 businesses. What I like about it is that it is 100% in my control. If I keep less appointments, I have time to make more calls.[/quote]Thanks! I'm going to customize it to my business model but love the simplistic nature.
Threads like this make the other BS on this site worthwhile.
B24, What is your system? How many points etc?I use a point system. It works well, although it is hard to stay on track sometimes. I give points for calls, calls my BOA makes, appts, networking events, and seminars. I try to get as many calls in as early in the day as possible.
[quote=Mr.Blonde]Threads like this make the other BS on this site worthwhile.[/quote]
I am glad I can help.
[quote=aeromaks]
I dont know. I have seen a few pts systems and quite a few use the gym for points. Personaly, I think it is a plus. I go to the gym a few times a week in the middle of the day to break it up. It rejuvinates me, I meet a few folks at the gym, and when i get back to the office, I am ready to go.
[/quote] That's the idea. If it works for you, it is good. For instance, if I was using that 20 point system, I would change it to 25 points because I wouldn't make enough money with 15 points for money making stuff and 5 for the gym. Different things work for different people, but it seems to be an almost universal truth that we all need something to help us be at our best.Been awhile huh?I give myself an M&M every time I’m a good boy.
[quote=anonymous][quote=aeromaks]
I dont know. I have seen a few pts systems and quite a few use the gym for points. Personaly, I think it is a plus. I go to the gym a few times a week in the middle of the day to break it up. It rejuvinates me, I meet a few folks at the gym, and when i get back to the office, I am ready to go.
[/quote] That's the idea. If it works for you, it is good. For instance, if I was using that 20 point system, I would change it to 25 points because I wouldn't make enough money with 15 points for money making stuff and 5 for the gym. Different things work for different people, but it seems to be an almost universal truth that we all need something to help us be at our best.[/quote] Agreed... 1pt for a call, crap I would be done 35 minutes after i started. I have seen ones where calls get 0.10 points and the goal for the day is 25 pts. So you can either make 250 dials or set some appts or sell something.This is a great thread. I am glad to see that I am not the only one who finds it difficult to grind out consistent activites day after day after day.
What I like about anonymous’s 7-points is that it’s all activity based REGARDLESS of the outcome of that activity.
I know someone who came up with their own "20 points" but in order for a phone call to count, you had to REACH the person. Then it counted as a point. Well, I can't control who will pick up the phone in any given day, hour or minute. So, if I had already made 50 calls and only reached 3 people... I instinctively knew I had a long trek to go in order to hit my 20 points.I do agree 1 dial 1 point is a little easy… so I actually substituted it 1 point per contact.
B24, What is your system? How many points etc?[/quote] 1 Phone calls (conversation) 1 BOA Phone calls (proactive) 2 Face-to-Face Contacts 5 Appointments 3 Referrals Received 2 Seminar Attendees (per buying unit) 3 Networking Events 1 E-mail Report (1 point for all clients, not 1 each) The way I tried to work it out was that if I maxed any of them out, it would be a successful day on its own. IOW, 20 calls (with conversations) was the same as 4 appointments. But it's not perfect, because 20 calls from my BOA to "yellow" clients is not quite as effective as 20 of my calls, or even 4 appointments. But generally, she only makes 2-3 calls per day, so it's not a big issue. It will also vary as to how you run your business. For me, appointments are very valuable, as even at reviews, something usually happens (referral, new money, etc.). If I could have 4 appointments every day, life would be good.[quote=B24]I use a point system. It works well, although it is hard to stay on track sometimes. I give points for calls, calls my BOA makes, appts, networking events, and seminars. I try to get as many calls in as early in the day as possible.
You have clients that are yellow? It is probably a liver issue…
I think they prefer to be called “Asian Americans.”
I hate liver. Too dry.You have clients that are yellow? It is probably a liver issue…
This is what I have used for the last 10 years…
Appointment Kept 0 1 2 3 Appointment Set 3 2 1 0 Example...if I keep 3 appointments I don't have to make any calls. If I keep 0 appointments then I have to call until I set 3 new appointments... Service appointments don't count...only new prospects appointments (referral or what ever prospecting method you use and have to do a complete appointment...meaning complete profile) or client appointments for additional money/referrals.are you indy? bank channel? 3 new client meetings a day… how many of those becoming clients? 1 per business day, 265 clients a year… pretty damn good. hehe.
That's a nice simple system.
aeromaks, what he's doing is most likely only leading to 1 new client meeting a day. That is probably leading to about 40 new clients. Obviously these are guesses, but I'd be surprised if I'm not on target.I was in a bank then I went independent in June. I’m still bring over my book but that will be done by the end of the year.
The purpose of the system is "what defines a good day" regardless if you get a sale or not. Appointments can be client/referral/cold calls...does not matter. When you set an appointment it can't be a BS one....if you set a client appointment that is a service related issue...that does not count toward the total unless it is for additional business or you get a referral. Referral/cold calls appointments only count it I get a profile on 1st appt/2nd appt for recommendation. Say I kept 3 appointments for the day...remember that they only count if I got business/referrals/profile/2nd appointment...then I had a good day regardless of the outcome...and no calls that day! If I saw 2 appointments then I have to set 1 appointment by the end of the day. That might take one call if calling a referral or client....might take 20 contacts if cold calling. I used this for many years when I was in the bank and I am still using it as an Indy...you can use it at a wirehouse...that doesn't matter. It works if you work it. I only want to have a 100-125 Household practice...30 mill AUM...all wrapped...account minimum 100k....within 36 mos. Since June I have 40 Households with an average account size of 270k. Granted alot of this has come from the bank...I will probably have 50 Households by the end of the year from the bank...but I get referrals from those households. If I did not have enough appts then I would cold call for it. It usually takes less than 5 calls because I am calling existing clients/old bank customers/ and referrals. I am trying to have a referral only practice. If I had to cold call for it I would ( I am going to start cold calling for some appts at the beginning of next year...I want to have 3 cold call appts/wk...I love the chase). Activity and setting the appointments are all that matter. 1 call/day or 300 calls/day... does not matter. If you set the appointments the business will come. When you set the appointments you had a good day and feel positive and optimistic and that comes through over the telephone.I don’t have all the answers. If I did I would be a million dollar producer and multi-millionaire. I just know what works for me and that took years to figure out…
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