Your field trainers are really good at teaching trainees the financial side of being a Financial Advisor. Your fresh, new, impressionable trainees are taught how to talk, relax, conduct an appointment, do a needs analysis, do discovery, follow-up and present a plan to a prospective client and close. And if the training sticks and the new Advisor is strong, after some period of time the cost of training may pay off.
All of this represents a significant financial investment for you. But there’s risk. And there’s usually a big burn rate.
However, there’s a simple way of lowering the risk and significantly reducing your burn rate.
It begins with the understanding that there are two different skills to learn in order to become a successful Financial Advisor: the financial skill and the marketing skill.
The problem is on the marketing side. Your trainees’ most valuable asset is probably being left on the table. It’s their contacts and they’re likely being used up without capturing the priceless marketing and growth opportunity…expanding one new appointment to many new appointments with new, warm, introductions to the contact’s qualified friends, colleagues and family.
You can’t afford to let this slip by.
Financial Advisors experience significant growth when they effectively focus on new, warm qualified introductions. When trainees are taught this – from the beginning – they more quickly and efficiently start building their new businesses. And when this happens, everyone benefits.
Train your trainers how to consistently create new, warm, qualified introductions. Productivity will go up and the burn rate will go down.