For many financial professionals, there are only 3 ways to increase the revenue they are able to generate for their businesses. They can sell more products, sell bigger cases, or make more profits on the cases they are already selling. In this episode of Money Script Monday, Luke presents how to use the 10-million-dollar producer blueprint to help grow your business.
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Hello, my name is Luke Geller, and welcome to another episode of Money Script Monday.
Today we're going to be talking about how to get in front of new clients without spending a fortune.
The reason I want to bring this up is because really the reason you're watching this video and the reason I talk to a lot of advisors on a daily basis is because they want to grow their practice.
There's really three ways to do that.
You can sell more products, you can sell bigger cases, or you can make more revenue on the cases you're currently selling.
So, I want to focus on two of those three.
How can we sell more cases? How can we get in front of more clients?
And then how can we make those cases a little bit bigger so you're making more money on those products as well?
$10 Million Producer Blueprint
I want to start by talking about this story; the story is the $10 million producer blueprint.
This actually comes from one of our top advisors that we've been working with for a long time.
It actually happened about 5 to 10 years ago where he was super excited because he was invited to one of those top producer events by Carrier.
What that Carrier mentioned is that they are going to bring up their top producer for that year that did $10 million in annuity sales.
Again, this was 5 to 10 years ago. It was a huge deal, we're talking about a $10 million annuity producer.
The producer that we work with was so excited about that, that he's going to learn this system, learn the exact blueprint for himself to do $10 million in production.
I think a lot of advisors can relate to that of going to these events and seeing these top producers put on stage and them talking about what they do.
The excitement that you get from learning from advisors that are successful at that.
So, what this producer did for his $10 million blueprint is he started writing down numbers.
The first thing he wrote down was 6.5%.
He's a $10 million annuity producer and makes about 6.5% per annuity sale. If you do the math there, he's making $650,000 in revenue.
The next number he wrote down, he said, "Well, I'm making $650,000 in revenue, but how do I do that? What am I doing to do so? What are my costs associated with making $650,000?"
Well, the first thing he put up there was 25 times 6,000.
He does 25 different seminars a year at a $6,000 seminar cost. And when I say seminar, he's doing 2 nights at that $6,000 cost.
So, he's really doing about 50 seminars themselves, but he's doing 2 nights per week every other week.
He does a week on where he's doing a seminar and then he does a week off where he's doing appointments.
He’s spending a ton of time and he can't do all that by himself. So, what he did is he realized he had to hire people, and he had to have an office.
He wrote down 2 at $175,000, because he has 2 employees plus his office that cost him $175,000.
So, for him to make $650,000 in revenue, he had to spend $325,000 to do so. His income is $325,000.
Now, you might be thinking and the advisor that we work with at the time was thinking, "Wow, let's take a step back. one, I have to go week after week after week of work and doing seminars, doing appointments, etc., basically 52 weeks a year to make this money.”
“Two, I have to spend $325,000. Wow, that is a lot of money. I mean, I couldn't even fathom."
If you break down even further and you think about it, this advisor is spending $325,000 to make $650,000, and so he's basically making 100% return on his investment.
If you look at the top investors of our time, you look at Warren Buffet, he averages about 20% a year, year after year, for his lifetime.
He's the top investor in the world or of our. And he's making on average 20%.
If he had told you he'd make you 20% year after year, you'd be ecstatic.
Well, this producer, this $10 million producer invested in himself, invested in his business, and was able to make 100% return on anything he invested in, which is huge.
Not everyone can spend $325,000. So, what can we do?
Ways to Pay for Marketing
Well, let's take a look at what you can spend.
What are the two resources you have to help grow your business? Really, you break it down, you have time and you have money.
The more valuable your time is, the more money you're going to spend to alleviate what you're doing with that time.
What I want to go over today are a couple of steps on how to help you build up your practice without spending a fortune doing so.
The first thing I want to talk about is you having a plan, you having an a system, or you having a process.
Why you want a plan or a system is because you want something that's repeatable.
When you have a plan or a system and it's repeatable, it's going to do a few things for you.
It's going to make you confident, it's going to help build your confidence.
The more you do it, the more you're going to be able to tweak it and the better you're going to be able to make it, and you'll be able to see what's working and what's not working.
When you're confident and you know your system and you know your process, whether it's a $10,000 sale or $200,000 sale, you're going to be successful doing so.
Then once you have a plan or a system, you also need a selling story. Now, selling story, you might think of as an elevator speech.
You get on an elevator, you go up 20 floors and you talk for 30 seconds to a minute about what you do.
Well, no one gets on elevators anymore. At least no one gets on elevators and tries to sell anyone anymore. So, I think that's a little bit of an old nomenclature there.
I think selling story is more appropriate, and a selling story consists of really three things.
The first thing is, what pain are you solving for your clients? Why are they turning to you? What products do you have?
What differentiates you from the other people in your industry? The other people that are doing what you're doing. What are your differentiators?
You might think of a selling story as this. "Clients work with me when they want to see how to diversify or create a tax-free income stream in retirement.”
“The product I have is a customized wealth report for my clients.”
“What differentiates me from other advisors is that every single year I meet with my clients, go over a customized annual review based on the plan we put together.”
“My clients aren't just my client for a year, they're my clients for life, and it's a relationship we build."
That's a pretty powerful statement going through each one of those three different things.
Then finally, you want to be proactive. You want to be proactive and productive.
You want to have proactive activity, whether it's cold calling. If you don't have the money to spend, what proactive things are you doing to get in front of clients?
Even if you have money to spend, what are you doing proactively to help that money get as much as you can out of what you're spending on your marketing?
Are you calling every person that responds to your mailers, or are you following up on every single appointment, sending confirmation emails, sending thank you emails, etc.?
Doing what you have to do to be productive?
By doing those three things, you're going to help build up your practice, which is really the goal here.
Remember, there's three ways to do it, but really we want to focus on getting you in front of more clients and selling bigger cases.
By you having a system, a selling story, and being proactive and productive doing that, that's how you're going to get there.
So, I challenge you that after you watch this video to look at this, get a piece of paper, open up a Word document, and write down your selling system.
What's your process? Think about that long and hard. What are you doing every single time to help you increase your sales?
What's your selling story? What differentiates you from the competition?
What are your products and services that you sell, and why is anyone going to talk to you? What are their pains? Why would they turn to you?
Why is a top 1% client going to you for their retirement needs?
And, then be proactive and productive. What are you going to do this week proactively to help you close more business?
I throw those challenges out to you and I'd love to see those results.
Thank you again for attending Money Script Monday. It's been a wonderful time, and we'll see you next time.