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Increasing Revenue Without Increasing Marketing Time or Dollars

Advisors miss out on significant amounts of revenue by not understanding their current book of business: they fail to work their book

Challenge

  • Most advisors throw more money at marketing channels hoping to increase leads which hopefully will result in more closed business and revenue.
  • The close ratio, the number of prospects needed to actually close a client, is about 25% for the average advisor.
  • To increase overall revenue of the firm and the profitability going to the advisor/owner, a considerable amount of money is spent on marketing channels:  most advisors spend upwards to 40% of their revenue to create leads.

Solution

  • Practice Management Group sat down with the advisor and reviewed their current book of business for missed opportunities.
  • With just under $30M in AUM assets and $40M in existing annuities, the advisor was able to generate additional revenues of $700 per year by rebalancing their book annually.
  • Additional revenue from existing book plus additional capture of new assets not previously with the advisor.

Outcome

Increased Revenue

Advisor Representative benefited substantial increase in annual fees.

Increased Competitiveness

Representative now pays more attention to the client and the client needs resulting in less client poaching and attrition to the next dinner seminar invite.

Captures More Assets

By providing more specific ongoing service to the client, it could potentially increase the advisor’s assets under management while maintaining client satisfaction.

Client Satisfaction

By meeting with the clients more frequently and actively addressing their investments results in happier clients. Satisfied clients are more likely to provide referrals, further growing the advisor’s business.

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