The Million-Dollar Financial Services Practice: A Proven System for Becoming a Top Producer

353 Pages·2007·3.715 MB·English

by  David J. Mullen Jr.

The
Million-Dollar
Financial Services Practice
A Proven System for Becoming
a Top Producer
David J. Mullen, Jr.
American Management Association
New York • Atlanta • Brussels • Chicago • Mexico City • San Francisco
Shanghai • Tokyo • Toronto • Washington, D.C.
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LibraryofCongressCataloging-in-PublicationData
Mullen,DavidJ.,Jr.
Themillion-dollarfinancialservicespractice:aprovensystemforbecomingatop
producer/DavidJ.Mullen,Jr.
p. cm.
Includesindex.
ISBN-13:978–0-8144–8052–6
ISBN-10:0–8144–8052–7
1.Financialplanners. 2.Financialservicesindustry. 3.Investmentadvisors.
I.Title.
HG179.5.M85 2008
—dc22 2007031495
(cid:2)2008DavidJ.MullenJr..
Allrightsreserved.
PrintedintheUnitedStatesofAmerica.
Thispublicationmaynotbereproduced,storedinaretrievalsystem,ortransmitted
inwholeorinpart,inanyformorbyanymeans,electronic,mechanical,
photocopying,recording,orotherwise,withoutthepriorwrittenpermissionof
AMACOM,adivisionofAmericanManagementAssociation,1601Broadway,New
York,NY10019.
Printingnumber
10 9 8 7 6 5 4 3 2 1
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To my loving family, which has always provided unconditional love and
support. Thank you Cynthia, Nathan, David, John, and Katie. Also to
myparents, thelateDave Sr.and Rosemary Mullen.Notonly werethey
wonderfulparentsbutbothwereteacherswhoinspiredinmethesharing
ofknowledgetoothers.
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Contents
Acknowledgments vii
Part1 The Foundation 1
1. Overview 3
2. Motivation 11
3. The Numbers YouNeed to Succeed 19
4. Niche Marketing 27
5. Getting the Appointment 34
6. The Appointment 48
7. Turning ProspectsInto Clients 59
8. The Wealth-Management Process forNew Advisors 75
9. TimeManagement for New Financial Advisors 85
Part2 TakingIt to theNext Level:
Building aMillion-DollarPractice 95
10. Balancing Clientsand Prospects 97
11. Getting MoreAssets fromExisting Clients 104
12. Leveraging Clients to Get New Ones 110
13. Expanding the ClientRelationship 124
14. YourNaturalMarket 135
15. ClientRetention 143
16. TimeManagement and the Client Associate 155
17. Teams 164
18. WhatMillionairesNeed 176
19. Beyonda Million-DollarPractice 186
Part3 MarketAction Plans 199
20. Seminars 201
21. Event Marketing 212
v
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vi Contents
22. Networking 223
23. PastExperience and PersonalContacts 233
24. Adopt aTown 241
25. Business Owners 245
26. Professionals: Medical, Legal,and Sales 251
27. Executives 258
28. Influencers 263
29. Diverse Markets: Women,Hispanics, and Asians 270
30. Retirement Plans 282
31. Retirees 290
32. Money in Motion 293
33. Mortgages 299
34. Nonprofits 305
Appendix Resources 315
Index 337
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Acknowledgments
T
othefinancialadvisorsIhaveworkedwithoverthepasttwenty-sixyears:
You have been my teachers and students. Without you, this book would
nothavebeenpossible.
Tomymanymentors:AlThornton,MorrisCopeland,BillCrawford,
Jim Billington, Larry Biederman, Rob Knapp, Bob Sherman, Dave Mid-
dleton, Mike Thompson, Bob Mulholland, and John Dozier. You have
beentherolemodelsIhavelearnedfromandwhoshapedmycareerasa
manager.
ToJanJones,whohelpedmeincountlessways.
To Joe Yanofsky, for being my partner in developing many of the
conceptspresentedinthisbook.
To Race Cowgill at Zenith Management Consulting, for being my
businessconsultantandeditingpartner.Hisorganizationalskillsandfine
editingmadeasignificantdifferenceinthisbook.
ToWendyKeller,myagent,forhersupportandconfidenceinme.
ToAMACOM,forbelievinginmeformyfirstbook.
vii
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P A R T 1
The Foundation
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