Seriously, this probably sounds absurd, but just think it through. Like most businesses that focus on sales, Financial Advisors require a robust sales pipeline in order to grow. However, if you look around, the numbers show very few Advisors have this pipeline in place.
Why? (and here’s the insane part) Because for years the traditional industry wide sales/marketing/referral model – which has been practiced by a great majority of advisors – in all its incarnations and “new” approaches, has produced mostly modest growth and a small number of new quality clients.
Advisors are the mercy of the markets or are left with some referrals for growth. The business controls them rather than the Advisor controlling their business.
It’s time to stop the insanity!
There are, indeed, more productive approaches business growth… some may be outside the Industry.
Of course, it’s true that many Advisors have good reasons to feel skeptical about the new or the different, having been burned by expensive sales and marketing programs that promised the moon and the stars.
But look at other successful businesspeople and entrepreneurs. They practice “healthy skepticism” while exploring new ideas, no matter how different they seem.
It’s not risky. The only investment is a little time.