Frequently Asked Questions
Experience and Background
Both Neal and Larry started in the industry in 1985. They worked for boutique investment firms, large banks, major investment houses and (in the case of Neal) started their own investment firms. The benefit to you is that they are well-schooled in the challenges and opportunities you face because they dealt with those issues from the trenches themselves.
In addition, Neal has coached and mentored other advisors and small advisory firms for several years. The firms he mentored ran the gamut from start-up firms having only been established 6 months prior to firms that were in business for decades with billions in assets.
Larry created and grew a marketing firm helping over 30,000 advisors grow their businesses with successful sales and marketing programs. During his tenure, he also mentored and coached hundreds of advisors and advisor teams. Some examples can be found on his linkedin page under the “featured” and “services” section.
The bottom line is that both Neal and Larry understand your challenges and opportunities and most importantly, know how to fix them.
You can read more about Larry and Neal here.
Every firm is different, but one firm we worked with had 4 advisors and 4 associate advisors with $1.3 billion AUM. Even though they had been in business since the 1980’s, they had no approach to client contact, the advisors didn’t have monthly or quarterly goals, they did no client development or relationship development and they had no professional, technical or sales training programs.
We turned that around in 6 months and put systems in place to address all the deficiencies and made sure advisors were held accountable to adhere to these systems. This resulted in the firm having the best year ever, team satisfaction skyrocketed because they understood the expectations, and operations ran more smoothly.
Our approach is:
- Determine the firm’s goals and current situation.
- Determine the motivations of the advisors.
- Insure that we have the right advisors in place or create an approach that maximizes the capabilities of the existing advisors through design of the team and/or training.
- Get advisors to “buy in” to the need for improvement and change.
- Put systems in place to facilitate sales, marketing, prospecting, relationship building, and service.
- Track and hold stakeholders accountable.
- Monitor results and adjust as needed.
Strategy and Tools
First, let’s identify what’s working and what’s not. Are you getting enough leads? Are you getting leads but not closing? Are you closing sales but losing AUM due to client attrition? Once we understand your specific situation, we design your program to:
- Maximize wallet-share of your client’s investable assets.
- Design a lead generation system (if appropriate) that can work within your organization.
- design a systematic referral system that continuously gains referrals from clients and centers of influence
- Implement systems (and training) to methodically grow organically through referrals and introductions.
- Encourage advisors to get involved in their communities in a way that will lead to business and coach/train on how that’s done.
- Set up calendars for your advisors that methodically put them in touch with their clients in a way that strengthens their relationships.
- Track all the above and hold accountability meetings each month or quarter.
We strongly believe that your advisors must “own” the process or it won’t happen. That said, we meet with your advisors (and you) to draft “business plans” for each advisor. These “business plans” set out the goals (client acquisition, marketing activities, prospect meetings, client relationship-building meetings, etc..)
Some firms have internal systems that track these activities. Other firms can easily adopt internal tracking systems that do this. Other firms, need to rely on the advisor to track these activities. It depends on your situation and what is most effective. Regardless of how we track, the tracking happens. Then we meet either monthly or quarterly to review the delta between planned goals and achieved results. We celebrate what worked (and try to leverage that going forward) and brainstorm ways to overcome challenges. Then, we update the business plan to identify the goals for the next period.
AUM growth is the mission. We help you accomplish that through:
- Maximizing wallet-share of existing clients’ investable assets.
- Methodical approach to getting existing clients and centers-of-influence to introduce your team to new prospects.
- Developing new center-of-influence relationships that work.
- Lead generation systems (when appropriate).
- Methodical approach to building sticky relationships with your clients and getting introduced to their family.
Customization and Communication
Your needs dictate how often we meet. Here is a full menu of what we can offer:
- Meet with your advisor team once a week for group coaching – 1 hour each meeting.
- Meet with each advisor bi-monthly – 45-minute meetings.
- Meet with CEO each month to make sure we are on track – 30 minutes to 2 hours/month.
- Research and development for customized systematic solutions for marketing, prospecting, client retention and operations (as needed). Based on what we learn about you (during the AUM audit and throughout our relationship) we’ll suggest those programs that will benefit you most. You will decide which, if any of these programs you want us to develop and implement.
We provide email summaries of calls and meetings. We are also available on the phone and/or Zoom or Teams.
Measuring Success
- Revenue Growth:
- Year-over-year and quarter-over-quarter revenue increase.
- New revenue streams (e.g., new services or market segments).
- Profit Margins:
- Improvement in operational efficiency reducing expenses relative to income.
- Assets Under Management (AUM):
- Growth in total AUM attributed to client acquisition or retention efforts.
Client Metrics
- New Client Acquisition:
- Number of new clients onboarded.
- Client Retention Rate:
- Percentage of clients retained year-over-year.
- Client Satisfaction:
- Improvement in Net Promoter Score (NPS) or survey feedback.
- Average Revenue Per Client:
- Increased value per client relationship through cross-selling or comprehensive planning.
Team Performance and Productivity
- Time Management Efficiency:
- Reduction in time spent on non-revenue-generating tasks.
- Advisor Production Metrics:
- Increase in productivity metrics per advisor, such as the number of meetings held or plans delivered.
- Delegation Effectiveness:
- Improved utilization of assistants (when applicable) to free up advisor capacity.
- Training and Development:
- Adoption of new tools or methodologies learned in coaching sessions.
Business Development Metrics
- Lead Generation:
- Number of qualified leads generated from new strategies.
- Conversion Rate:
- Improved rate of turning leads into clients.
- Marketing ROI:
- Revenue generated per dollar spent on coaching-related marketing efforts.
Strategic Planning and Goal Alignment
- Clarity of Goals:
- Clear strategic goals documented and being acted upon.
- Execution Rates:
- Percentage of coaching recommendations implemented on time.
- Business Milestones Achieved:
- Specific achievements like opening a new office, launching a new service, or upgrading technology systems.
Personal Leadership Growth
- Decision-Making Confidence:
- Greater clarity and effectiveness in decisions.
- Work-Life Balance:
- Reduced hours spent on work tasks due to improved delegation and prioritization.
- Team Morale and Culture:
- Improvements in employee satisfaction scores and retention.
Accountability and Feedback
- Regular Progress Reviews:
- Quarterly or monthly tracking of goals set during coaching sessions.
- Adaptation to Challenges:
- Evidence of agility in solving issues based on coaching insights.
Practical Details
Typically, our relationship evolves when we see that it’s working. Sometimes, the engagement lasts 6 months. Other times, it can last for years.
We charge $350 per hour for services rendered.
You don’t sign any long-term contracts with AUM Sales Manager. You can stop using our services at any time.
Compatibility
We work best with small to medium-sized RIA firms (those firms with fewer than 12 advisors).