No matter where you’re at in your career, your end game should be to create an endless stream of referrals. I’ve had several experts help me over the years, and one of the biggest tips I received from them early in my career was to stop chasing cold leads.
You might be rolling your eyes right now thinking this is high-level mumbo jumbo advice, but before you tune out, keep listening. Obviously, when you’re just getting started, you need to hustle hard to get momentum; that will probably include reaching out to cold leads, which is understandable. However, you need to set yourself up to get leads without having to manually push buttons every day or else you’ll hit a plateau.
Growing your practice can seem like a daunting feat or like you’re spinning your wheels, but believe it or not, right now is one of the best times to be a financial advisor. The U.S. Bureau of Labor Statistics predicts the field will grow by 27% through 2022—nearly double the 14 percent growth rate projected for U.S. occupations on average. This translates into more than 60,000 new jobs in addition to the almost 225,000 that existed in 2012.
That’s incredible growth and massive opportunity. It’s also a reflection of how much demand there is for advisors. Ironically, even though it’s an industry with a lot of demand, most advisors don’t reap the monetary benefits; so how can you make sure you get a piece of the pie, level up financially and be on top?
In my previous referrals post, I talked about being direct and asking for referrals. Today I want to talk about building your network. You need to meet other experts in different industries because they can send you referrals. Warm leads are the best leads because their closing ratio is 60%.
Partnering with other experts is key. A lot of firms want to provide certain services, but they don’t have anyone in house. They’d be more than happy to pass their lead to a trusted partner.
Maybe you’ve been trying to network and create referral partnerships, but nothing has come through. The concept of networking is simple, but the execution can be tough because relationship building is a long game. At The Taylor Method, we realized this was a major problem for most advisors, and that’s why we created The Taylor Method “Ask The Experts” network. It’s a directory of trusted advisors that other industry experts can collaborate with. Our directory combined with powerful sales language is what I used to grow my practice organically to a Top of the Table level.
Our “Ask the Experts” network includes live webinars where we bring industry leaders from a myriad of backgrounds to discuss their expertise and how you can leverage their service in your practice. If you are an expert not in the field of financial planning, then I encourage you to join our network.
We help our experts offer a full-service experience to their customers while giving advisors the opportunity to get qualified leads.