Lessons learned in adding $550k of new revenue, including the importance of having a repeatable system, being intentional with potential clients, and specializing in tax and retirement planning. Exploring benefits of calendar limits and call-to-actions. Building online review profiles and partnering with media outlets. Excitement over new marketing tool, insights on finding a team member, and standing out in job applications.
Creating friction in the scheduling process and asking better questions during introductory calls can improve lead quality.
Being intentional about the time spent with potential clients and designating specific meeting times can help exceed annual goals and provide better service to existing clients.
Deep dives
Successful lead generation strategies with paid services
Many financial advisors wonder if it is worth paying for lead generation services like Smart Asset and Zoe Financial. However, finding advisors who can show meaningful success with online lead-gen services has been challenging. One exception is Michael Collins, the founder of Windcap Financial, who converted $50,000 of paid leads into $100,000 of new recurring annual revenue. Collins attributes his success to his intentional and patient approach, leveraging Smart Asset to create a repeatable system and process for responding to leads and evaluating his firm.
Lessons learned from marketing efforts and tracking results
Over the past three years, Taylor Schulte and his partner have added over $550,000 in new recurring annual revenue to their firm. They documented their marketing efforts and learned important lessons along the way. One key lesson was the importance of creating friction in the scheduling process to improve lead quality. By tightening the availability in their calendar tool settings and adding more questions to the online scheduling form, they were able to reduce the number of introductory calls scheduled while increasing the percentage of good potential fits who went through their sales process. Schulte also emphasized the importance of asking better questions during introductory phone calls to filter out those who are not serious about hiring a financial advisor.
Being intentional about client and potential client interactions
Taylor Schulte's firm has realized the need to be more intentional and thoughtful about the time spent with potential clients versus current clients. To ensure they provide a high level of service to existing clients, they have designated certain times of the year for meeting with potential clients. By being more intentional about when they go to their audience with call-to-actions, they have seen an increase in introductory phone calls, exceeding their annual goal. Schulte also shared his experience joining WealthTender, an online financial advisor directory, and the benefits it has provided in terms of boosting SEO efforts and media contributions.