The Million-Dollar Financial Advisor: Powerful Lessons and Proven Strategies from Top Producers
If you could corner the world’s top financial advisors and convince them to divulge the secrets of their success, it’s fairly obvious what questions you would ask them. You would want to find out what qualities they feel have led to their place among the best, how they set themselves apart from other advisors, what methods they used to get their first—and then, biggest—clients, and whether they had a vision starting out and how their professional game plan may have evolved since then. You...
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If you could corner the world’s top financial advisors and convince them to divulge the secrets of their success, it’s fairly obvious what questions you would ask them. You would want to find out what qualities they feel have led to their place among the best, how they set themselves apart from other advisors, what methods they used to get their first—and then, biggest—clients, and whether they had a vision starting out and how their professional game plan may have evolved since then. You would ask them how they structure their time, focus their marketing efforts, and determine their own niche. And then you would try to figure out what these top-of-the-game advisors all had in common.Based on interviews with 15 mega-successful advisors, each doing millions of dollars worth of business every year, The Million-Dollar Financial Advisor distills their universal success principles into 13 distinct lessons, covering topics essential to your own success, such as how to build and focus on client relationships, have a top advisor mindset, develop a long-term approach, and much more.In some cases, these principles may confirm what you are currently doing right; in others, they will identify a gap in your business practice that needs to be developed for you to attain the level of success you know you deserve.The book lays out specific actions you can take in order to put these lessons into practice for your own business — and features two complete case studies: one of a “best of the best” advisor whose incredible career trajectory showcases the power of all the book’s principles working together; the other of a remarkable and inspiring career turnaround demonstrating that it’s never too late to reinvent yourself.Brimming with practical advice from author David J. Mullen Jr. and expert insights from his interview subjects, The Million-Dollar Financial Advisor is a priceless success tool for any and all financial advisors.Praise for David J. Mullen Jr.’s The Million-Dollar Financial Services Practice:“…information on marketing, prospecting, sales, and time management techniques is presented clearly and in great detail. The book is one advisors will refer to often.” — Research Magazine“…filled with valuable information from a smart manager who has been there and done that successfully.”' — On Wall Street“…a helpful resource for financial professionals who have the motivation and desire to build and maintain a solid business model.” — Agent’s Sales Journal“…providing clear…processes for defining and implementing proven marketing tactics for financial practices to use as a guideline… give[s] new and existing owners some food for thought.” — Broker Dealer Journal
INTRODUCTION\ I HAVE ALWAYS had an insatiable curiosity about the methods successful\ people use to reach the pinnacle of their industry. I am particularly\ interested in the financial services field, because this is where\ I have made my career.When I started in the business back in 1980,\ my goal was to create my own million-dollar practice, but I had\ absolutely no idea how to do it. I read all the literature at the time\ about how to be successful, but there didn’t seem to be any blueprint\ for me to follow. Even though I was motivated to succeed, I knew\ that the odds were against me: Only one percent of those who start\ in this business ever reach the million-dollar business level.\ Introduction\ So began the long, challenging journey toward my goal. I spent\ the first six years of my career as a financial advisor, starting in\ 1980 with a large, national financial services firm in my hometown\ of Athens, Georgia. I was 25 years old and had absolutely no idea\ how to build a financial services practice. I didn’t know anyone\ who had more than $20,000 to invest and had never sold an intangible\ product before. I was as green as they get, but I did have a\ high level of motivation to succeed. I soon recognized this business\ was much more difficult than I had expected and that I was in\ for the biggest challenge of my life. Through hard work, perseverance,\ and a little luck, I began building my business, growing it\ bigger every year.\ While developing my practice, I realized that I wanted to help\ others thrive as well. I was given my first opportunity to help other\ financial advisors back in 1984, when I was promoted to the level of\ producing manager in a large, national financial services firm in\ Atlanta. I took my best accounts with me and threw myself at the\ challenge. I was in charge of motivating a group of unsuspecting\ financial advisors. What I lacked in managerial experience I made\ up for in energy and enthusiasm. I began to teach the lessons that I\ had learned to those reporting to me, to great results. In just two\ years that office cumulatively grew by almost 30 percent.\ Then, in 1986, I passed the firm’s assessment for managers, and\ my dream of having a full-time career helping other financial advisors\ came true. Over the next 20 years I had managerial responsibilities\ in Denver, Newport Beach, Minneapolis, New York City,\ and Atlanta. In every location I was sent I saw the same thing: I realized\ that there was much to be learned, but saw how little was\ shared. So I started to collect and refine a set of best business practices\ for this industry. These lessons are featured in my first book,\ The Million-Dollar Financial Services Practice, which provides the fundamentals\ to guide any financial advisor to a million-dollar business,\ no matter where you are in your financial services career.\ Learning from the Masters\ If my first book is the equivalent of a college degree in financial services,\ then this new one is the graduate course. The first book was\ designed to be a tactical blueprint for success, but the next step was\ to focus on the proven lessons that could be learned from many of\ the top advisors in the industry. The combination of these two books\ should provide instruction as well as the motivation needed to help\ you reach your goals. These lessons can be incorporated at any stage\ of your financial career; in fact, the earlier they are understood and\ followed, the better.\ During my 20-year management career, I was privileged to meet\ some of the very best and brightest in the financial services industry.\ In fact, I recruited, hired, and eventually worked with more than\ 100 individuals who were “million plus” financial advisors. Through\ this experience I was able observe the best practices of these top\ financial advisors and compare them to the best practices I had\ developed. I was surprised to see how much more I still had to learn.\ Then I realized the challenge most advisors face: They simply don’t\ have access to individuals they can learn from. There is little flow of\ information downward because top advisors are extremely focused\ on their own practices.\ However, I was able to interview 15 professionals who have personally\ exemplified what it takes to be at the very top. Through my\ personal and professional relationships with them, I was able to\ observe and interview them, asking them the questions that I know\ you would want to ask on exactly how they were able to become so\ successful. I had also worked directly with most of these advisors for\ years and was able to watch them, in many instances, practicing\ these lessons “live.” The combination of the interviews, my personal\ interactions with these professionals, and my knowledge and experience\ is what separates this book from all others.\ The Million-Dollar Financial Advisor provides a rare glimpse into\ the best practices that make these top producers so successful. All of\ the information in this book was acquired through in-depth interviews\ and, in many cases, years of observations while working with\ these top advisors. I am confident that this wealth of information\ makes this book unique.\ Each of these top advisors’ achievements went beyond a milliondollar\ practice. In all cases these exceptional men and women became\ successful “the old-fashion way.” No one handed them a book of business\ or gave them special treatment: They all started at the bottom\ and built their multimillion-dollar businesses from scratch. In all cases\ they started with nothing. With no related experience, they made the\ same mistakes all rookies make; they had to reinvent the wheel. In\ each case, however, their motivation, determination, goal focus, and\ hard work carried them through each obstacle that they faced to get\ to the next level. My purpose was to discover the principles of success\ that they all had in common and translate that into “lessons” for readers\ to take their business to the next level.\ You now have access to these top advisors. All of them have shared\ their insights graciously and openly. You will learn from their mistakes\ as well as their successes. And while it does not guarantee a multimilliondollar\ practice, it can certainly raise your level of productivity. For\ example, I would often send the advisors in the offices that I managed\ to visit with higher producers in the same company, and I was always\ pleased by the significant lift in returns that would result.\ The Million-Dollar Financial Advisor was written for financial\ advisors who want to take their business practice to the next level.\ The information I obtained from my extensive interviews has been\ organized into 13 distinct lessons that these top advisors followed.\ The guidelines should be used as a checklist to compare yourself\ with the best in the business. In some cases the lessons should be\ a confirmation of what you are currently doing right; in other\ cases, they will identify a gap in your business practice that needs\ to be developed. What’s more, this book provides the specific steps\ that you can take in order to implement the lessons.\ The careers of our top advisors have spanned from 7 to 40 years.\ They have thrived during bull markets and survived during the bear\ markets. Their lessons have withstood the test of time and are applicable\ in any market environment. As we’ve seen from recent economic\ events, markets have and always will change, but the lessons from these\ top advisors stay the same. The lessons from these top advisors will\ guide you to the top, too, no matter the current market conditions.\ I have also included two complete case studies that are of particular\ interest. First, you will meet Taylor Glover, whom I consider to\ be the most successful financial advisor I have ever met. From my\ interview with him, you will learn how the “best of the best” built his\ business and how he advanced from a newly minted advisor to the\ No. 1 producer in his firm. This case study also illustrates how all of\ the lessons work together and what the results can be.\ A second study illustrates a unique financial advisor who has\ turned his career around. Henry Camp teaches us the value of hard\ work and incredible perseverance and should serve as an inspiration\ to anyone who desires to become a multimillion-dollar financial\ advisor, no matter what career stage he or she is in.\ The final chapter offers a specific challenge: to use these lessons\ and drive your practice to financial success. By implementing these\ lessons, you will understand how to significantly increase your\ assets and your business. The Asset Challenge serves as an example\ of what the implementation of the lessons from the top can produce.\ Some advisors will exceed the goal and others may not reach\ it, but those advisors that follow the tactical strategies outlined in\ this chapter on a consistent basis will take their business practice to\ the next and higher level.
Acknowledgments ixIntroduction 1Part 1 The Lessons1 Lesson #1: The Top Advisor Mindset 232 Lesson #2: The "Leverage of Size" Principle 373 Lesson #3: Professional Development 504 Lesson #4: Specialization 615 Lesson #5: Relationship Focus 724 Lesson #6: Marketing Best Practices 827 Lesson #7: Professional Referral Networks 1138 Lesson #8: Nonprofit Organization Involvement 1319 Lesson #9: Long-Term Orientation 14410 Lesson #10: Creating a Team 15411 Lesson #31: Wealth Management 16712 Lesson #12: Commitment to Service 17913 Lesson #13: Time Management 194part 2 Putting the Lessons into practice14 Taylor Glover: Lessons from the Very Top 20915 Henry Camp: Going from Good to Great 22716 The Asset Challenge 239Index 267
