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IN
THE BEGINNING
When
Carol first started in our coaching program she was working
40 to 50 hours a week and had about $4 million under management.
Today, four and a half years later, she has reduced the
number of clients to about 60 and increased her money
under management to almost $60 million.
When
I asked Carol how she did it she answered, “I have
taken dozens of courses including the Strategic Coach
for three years. But I have to say that you got me real
focused on defining the kind of a business I really wanted.
FOCUS
ON $500,000 + ACCOUNTS
“During
one of the coaching sessions, I realized that if I set
my minimum at $100,000 I’d have to see five times
as many people as if I set it at $500,000. That meant
that I’d have to put out a lot more effort for the
same income. But if I set my minimums higher, I wouldn’t
have to work as hard.
“So
I decided to define the person who could benefit most
from my services as someone with over $500,000 of investable
assets who is likely to have more in the near future.
That’s who I set out to attract. At first it seemed
pretty aggressive. But now, my most of my accounts now
are between $500,000 and $2 million.”
Carol
has reaped another award by positioning herself as someone
who works with wealthier clients. “When you’re
working with a certain size client you actually demand
a certain amount of respect from the other professional
advisors,” she says.
Carol
has been very effective in building strategic alliances
with centers of influence. The first time she used our
interview process with a CPA, he referred her to a $4.5
million account. That encouraged her to stay focused on
the wealthier clients.
I
helped Carol get clear on her ideal business and then
helped her stay focused. A couple of times we discussed
opportunities she had uncovered, but with coaching Carol
saw that they would not lead her to the business of her
dreams. I tried to steer her away from low payoff “opportunities”
that would drain her energies.
“I
got really focused on putting money under management.
Steve encouraged me to be a princess. ‘Be good to
yourself,’ he said, ‘Your clients are lucky
to have you. There is plenty of room at the top.’
“At
the time I didn’t really believe it all but now I
see Steve was right. He made me understand the needs of
my ideal clients and prospects. I now have built my business
around ideal clients. We’ve gotten rid of all our
high maintenance, low-payoff clients.
DO
WHAT YOU DO WELL
When
I asked Carol what was the main difference between her
business now and when she started to work with me. She
hesitated for a minute and then said, “I think I
have really become more of a specialist. I’ve realized
there are certain things that I do very, very well. And
there are specific business processes that we have put
in place that work very well for us and our clients. Then
there are all the other things that we could be doing
in this business. We simply don’t do them any more.
“When
I first got into the business, I tried to be everything
to everybody. And like a lot of people I took almost every
client. But now I believe less is more. We have defined
who can benefit most from our services and set up processes
to consistently add-value for them. Then we established
relationships with people who can consistently introduce
us to those types of people. We’ve become a magnet
for our ideal clients.
“We
do basic calculations, long form retirement projections,
and I tell them how they can accomplish their goals. Then
we set up all of the financial and legal structure that
they need to achieve their goals. I put a team together
to get it all done. It usually includes their CPA, their
attorney, etc. I act as the coach for the whole team.
Investment management is the only piece I get paid the
on. But, I don’t do all the work. I outsource. I
am a master at finding talent to solve my clients’
problems.
“We’re
constantly simplifying our business systems and processes.
I have actually cut my staff to only two people, because
we’re not dealing with a lot of people or problems
anymore. I’ve recently narrowed down the types of
investment programs that I offer. I only offer conservative
investment strategies that I know will work. We’re
in the process now of getting rid of our trading house.
We’re just not doing individual stock and bond trades,
because it just doesn’t fit our business model.
AN
EFFORT-LESS BUSINESS AND LIFE
When
I asked Carol what words of wisdom she wanted to share
with my readers, here is what she said. “If I could
tell advisors anything, it’s, keep going. Even though
it’s tempting to get the commissions today, just
keep putting the money into fee-based products and services.
Right now the market is down and I’ve got recurring
revenues just coming in like water.
Carol
is making more money than ever before. But she stresses
one thing in our interview. “I work fewer hours now,
typically only 30 or 35 hours a week. I just took off
the last two weeks. I came in one day each week. My staff
didn’t even call me. Everything ran so smoothly.
I had no mail on my desk. My para-planner even booked
a couple of appointments with potential clients who want
me to mange their money.”
A
BRIGHT FUTURE
Carol
says, “My goal at the end of next year is to have
$100 million under management. I’m hoping that the
market will improve to help me reach that goal. But it
seems to be coming in pretty regularly. I’m bringing
in between $1 and $2 million every month just using the
simple interview process Steve outlined in his book, Effort-Less
Marketing. I refined and systematized those processes
in Steve’s coaching program. I know if I just keep
interviewing a constant flow of the right people, the
big accounts will keep on coming.”
“I’m
going to put the $100 million under management. I don’t
know what my goal will be after that. I don’t ever
want to quit working, but I want more and more time to
do other things I am passionate about. When I was out
the last two weeks and things ran so smoothly, I thought,
‘you should do this all the time.’ I don’t
see why I can’t go to the Caribbean for a month.
I’m sure it is possible.”
When
I met her, Carol was working very hard to generate her
income. Now she loves her business, her clients and her
life. She has a super-profitable business and a wonderful
life. She has used our strategies to become an Effort-Less
Advisor.
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