Are You Growing It, Or Running It?
Tuesday 14 December 2010
As you prepare your plans for 2011 and potentially do a SWOT analysis, be sure you examine your prospecting time. According to the latest data from the VIP Forum, the average advisor spends 3 hours per week marketing. Essentially a half day a week and that is probably generous in some cases. How else can one explain that 60-80% of advisors acquire fewer than 2 net new households per year.
Candidly, I don’t think acquisition has ever been as good as it is right now. People are disturbed and are seeking new sources of information and that’s not a large leap to seeking a new advisor. Last year people waited to see if they could be made whole. Now they are interested in taking matters into their own hands and seeking new sources. This likely explains that the teams we coach are closing more business than ever before. It’s not that their sales skills or platform has improved drastically, what has changed is that we are helping them get in front of top quality prospects consistently every week.
If you examine the rest of the industry data out there it is clear that top producers are spending on average 18 hours per week out of the office marketing their practice. That means average producers invest a half day per week, top producers invest 2 days per week becoming known, trusted and visible in the marketplace.
So as you build your 2011 plan, ask yourself – am I putting enough time into growing the business or am I consumed with running it? Unfortunately, most put in just enough time to justify where they are as opposed to enough time to get to where they want to be – the biggest threat the industry and advisors face in 2011!