Teaming up for the Bill Good System?
Yes, I am still in this business 2 years and counting. But, I am not where I want to be by any means. And this is the year I want to see if I am going to get it there or just be like the rest of the guys in this office (with expection of two) that produce $250k to $300k for the rest of my life. Honestly, that just isnt an option for me. I can do more in another business without the stress.
So, on to the question. I have been looking at different marketing for financial advisors. Bill Good's system stands out to me. I can not find any recent reviews for this system. Or someone that is currently using it. But I do like the fact that the system is set up to get you in the face of not only prospects but your clients. I am thinking of approaching a larger producer in my office and ask him if he would like to team up on this venture. He has way too many clients with low account balances that he doesn't ever talk to. But he has a great reputation in the community. I do not have an enormous amount of clients to tap into. I have always heard and I think Bill Good says that you can produce 50% more just from tapping into your existing book. So, I am thinking we both can benefit hugely from working together on the system. To be honest, I would be the guy that does most of the work on the system and his part would be to open his book to it and client and prospect meetings. I have a stay at home wife that could be the computer operator at first.
Please let me know what you guys think of the system and the part of teaming up to make the best of it.
Your input will be appreciated.
"Teaming up" May work great if he is a good fit.
Perhaps you could gain access to plenty of small accounts today which Bill Good may term tomorrow's big accounts
Perhaps he is open to teaming up and it is a great idea.
Perhaps he hates the idea?
I bought the system in 1996 for $14,000.
Bill Good is an honest, serious guy who has a great consistent approach to building assets through repetition.
I'm not knocking him in the least. I am not bitter I spent the money.
If you commit to his system 100%, It could only help.
Don't Waste time with idiots
Hang up quickly if they have a scintilla of no interest.
Stay in their minds through a relentless campaign of calls and letters , perhaps 30 contacts a year
Send them a Birthday letter
Send them a "When will you have $100,000 liquid" letter
Send them a "Who do you know " letter for referrals
Send them a happy anniversary letter...
Send them a "This looks good right now letter"
Mail them till they die...
At $1 a letter or so , Whats $15-$20 per year per client...
Ask if they have money now, When they will have money in the future, Ask for referrals.
It's a good old hard working system,
Have 3 meetings a day ; Make 30 Calls a day
Albeit it's nothing Earthshattering.
It's nothing you don't know
Read both his books, you'll get 90% of the system and today you have the luxury of outstanding
crm's running in the cloud available to build a computer reminder model that can accomplish this.
15 or 20 years ago you really needed his software, Today it's much easier to accomplish yourself perhaps.
Today I think you could implement it yourself with 10 hours of customization. Back in the day he cautioned it would take 100's of hours...
Read his 2 or 3 books on Amazon
It's Mostly in his books...
p.s. I use ZOHO ; if you need a CRM ; I love that one
Let me know if you're interested in customizing your crm, so it works...
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First off, congratulations on making it 2 years plus. And for not settling for a career as a 250-300k producer.
I think the system is considerably less expensive today. I bought it maybe 4 years ago and it paid for itself inside a year.
However, as others will point out, it is not a silver bullet. Essentially it is a technology platform that gives you the ability to leverage your work ethic. It still requires some combination of cold calls, seminars, networking, etc. But it will do an excellent job of managing your data, give you a tremendous amount of letters you can use and help you stay focused on the the daily tasks necessary to be succesful.
You need to be prepared to follow their instructions fairly literally. Dont improvise.
Also, some b/ds are freindlier than others to the system. Merrill Lynch will be fairly alergic to the very idea, and WFA will be open. Most independents, I imagine, would be supportive. Dont invest the $ until you know whether your compiance people will be supportive.
I would recommend against teaming up. I worked as a consultant for Bill Good for almost 6 years and traveled all over the country to coach different advisors and teams. I have now been working in an advisor's office for 5 years. I have rarely seen a team up work if it starts out as one partner being the old, large advisor with a big book teaming up with a young, small advisor who wants to do the work to revitalize the older advisor's practice and then inherit the book later. Most of the time this arrangement just ends with the younger advisor frustrated because the older advisor refuses to try anything new. Also the older advisor is rarely "hungry" for new business and they have likely hit a comfort level and don't want to move off of it. That frustration usually ends with the younger advisor giving up and moving on, or hating his job.
If you do decide to team up with this older advisor, don't start the system (if at all) until you have been partnered for at least a year or two. That will give you enough time to see if the partnership will work and if he is willing to do some extra work to help grow the new joint practice.
As for the Bill Good Marketing System? We have doubled our production twice and are almost on track for a third double by the end of this year (hitting $2 million in production). I would attribute a good portion of that success to the Bill Good System. After years of coaching others how to use it and now several years of "in the trenches" implementation I would say that the Bill Good Marketing System is exactly that; it's a system of the best practices Bill has cobbled together for 30plus years. You'll read on forums and may get answers that give you different ideas of what the system is, because that is what those particular advisors focused on and it worked for them. I agree with the previous post in that the system is what you make of it. If you want to be the cold call advisor the system can definitely help. They have scripts, campaigns, and letters that work great together. If you want the system to help you "clean" up an old book (Bill's definition of "cleaning" is to re-engage clients, not fire them if they don't have enough), then the system definitely works there. That was the reason behind our first double. If you want to grow your practice strictly from referrals and introductions from existing clients and strategic partners (like we have done) then the system works great in making a lot of the high touch activities necessary for success automatic.
I would say that if your attitude is that you will do whatever it takes to not be that career $250k then you probably won't be. Good luck!