Ep 378: Scaling Growth At 1/4th The Cost Of M&A By Wading Through The "No's" Of SmartAsset Leads with Michael Collins
Mar 26, 2024
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Michael Collins, CEO of WinCap Financial, shares insights on growing his firm by $10 million annually using SmartAsset leads. He discusses his marketing strategy, content creation, and lead conversion methods. Collins emphasizes the value of persistence, innovation, and technology in achieving business growth and client engagement.
Michael Collins efficiently grows WinCap Financial by leveraging SmartAsset leads generating high ROI.
Collins emphasizes the importance of calculated risks and finding rewarding elements for sustained growth.
Transition from a large firm to independent practice led to smooth integration and surprising client retention rates.
Deep dives
Efficient Marketing Strategy with Smart Asset Leads
Michael Collins discusses how he efficiently grows Windcap Financial by spending $5,000 per month on Smart Asset leads, which generate an average of $10,000 in recurring revenue within 100 days. He strategically maintains ongoing marketing spend with a 95% failure rate on prospects but focuses on the financial ROI from the closed prospects. Michael utilizes a weekly blog written partly by AI using chat GPT, streamlining the process and ensuring high engagement. By tracking leads, emails, and using an ongoing tracking sheet, he minimizes time spent on the process, generating results with only 8 to 10 hours monthly.
Unique Marketing Approach and Client Journey
Michael Collins shares his unconventional marketing approach, starting with selling computer cow boxes in college, shifting to wealth management. He outlines a 20 prospects to 30 leads to one client marketing formula. Michael decided to launch his own RAA during the pandemic by leveraging his client service and business development expertise. He emphasizes the importance of taking calculated risks and finding rewarding elements like teaching to sustain growth during challenging times.
Transition from Large Firm to Independent Practice
Michael Collins discusses his transition from a large firm environment to an independent practice. Despite initial concerns, the shift was smoother than expected as he integrated familiar tools and platforms. By affiliating his new firm with reputable RA custodians, he gained credibility and client confidence. Michael highlights the significance of leveraging financial resources like a bank loan to jumpstart his new practice and shares surprising client retention rates after launching Windcap Financial.
Effectiveness of Lead Generation Strategy and Client Engagement
Michael Collins elaborates on the effectiveness of his lead generation strategy through Smart Asset leads, resulting in substantial revenue growth. By implementing a strategic follow-up process, he maximizes client engagement, nurturing leads with personalized communication. Michael's meticulous approach to engaging prospects, utilizing AI for blog content creation, and proactive lead outreach demonstrate a successful client acquisition strategy that has significantly contributed to the growth of Windcap Financial.
Navigating Challenges within Corporate Marketing Structure and Acquisition Dynamics
The podcast delves into the complexities faced by a speaker within a corporate marketing structure post-acquisition. The speaker highlights the challenge of aligning individual marketing strategies, where a unique tactic yielded efficient results but clashed with the standard allocation embedded in advisor salaries. The discussion underscores the difficulty in creating incentive structures within large firms to accommodate diverse advisor growth needs while balancing corporate metrics.
Transition to Independence and Client Following
The episode documents the speaker's transition from institutional firms to launching an independent advisory practice. Surprisingly, a notable percentage of clients followed the speaker, exceeding expectations and contributing to the success of the new venture. The reliance on custodians like Fidelity and Schwab for credibility, support, and integration emerges as a pivotal factor in the firm's significant growth, underscoring the importance of custodian relationships in building an independent advisory business.
Michael Collins is the CEO and Founder of WinCap Financial, an RIA based out of Boston that oversees $80 million in assets under management for 70 client households. Since 2021, Michael has distinguished himself by growing his firm by over $10 million in assets under management annually, utilizing leads purchased through SmartAsset and investing $5,000 per month, which has allowed him to achieve a return of $10,000 in recurring revenue within less than 100 days.
Listen in as Michael shares insights into his marketing and content creation strategies, including maintaining a $5,000 per month marketing budget with a 95% failure rate by focusing on the financial ROI from successful prospects, and enhancing his SmartAsset lead conversion with a time-efficient blog writing process involving ChatGPT. He also opens up about the transition's challenges and rewards, as well as the value of persistence, innovation, and the strategic use of technology in achieving business growth and client engagement.
