The good ol’ on-boarding process. I see so much variation in this process and…well, let me ask you a question.
Do you know EXACTLY what to say to a prospect to make them say: “We not only need to do this, we want to do this…here’s our money for the planning fee, when can we get started?”
Even if you said, “Of course I do, John!” you might be surprised after reading this.
We all know that gone are the days of one and done meetings, grabbing signed applications and making a sale. A quick note, though: If your focus is first on AUM or generating sales, then this article probably isn’t for you. I still see many advisors that want to get ACAT forms signed in the first or second meetings, typically prior to delivering any true value.I’m guilty of this – it’s how I started out.
But don’t get me wrong – I LOVE growing AUM and revenues (who wouldn’t) but those are not the metrics I find to be important to real growth. I have found that finding more ways to deliver value to prospects and clients is the key performance indicator that is the most predictive of future revenue and profit.