Chapter 14Business Development


“Everyone wants to live on top of the mountain, but all the happiness and growth occurs while you're climbing it.”

Andy Rooney

Let me start with the good news, of the 300,000 advisors in the United States, the majority are not actively prospecting. A small percentage have a business development process, and even a smaller percentage are rainmakers that can produce significant asset growth on a consistent basis. The bad news is the fact that clients have many more choices and access to any information at their fingertips. Therefore being casual about business development is a waste of time and will only lead to frustration. Become committed to the art and science of growing the business, but only if that's truly what you are committed to. The most important aspect of developing your business in an efficient and effective way is asking for introductions. But before you start to initiate a referral campaign, get your house in order. Because if your clients are not satisfied it will only result in disappointment. On the other hand it could serve as a wakeup call. It doesn't matter if you're just starting out or a 30‐year industry veteran. About 60 percent of new business comes from referrals. That's an average; for some advisors it's 95 percent, for some it's 10 percent, and for others it's zero. I firmly believe introductions need to be a key component of business strategy, part of your culture and part of who you are. Based on my ...

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