How One Elite Team is Raising the Bar for 2020
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How One Elite Team is Raising the Bar for 2020

By Matt Oechsli | @mattoechsli

I’d like to share a recent conversation from a long-time coaching client of ours. Not only did they have a record year in acquiring $250 million in new assets, their focus on 2020 was just as impressive, if not even more so.

They had just gone through a critical assessment of their past year’s marketing initiatives. The goal was to identify what worked and what didn’t work so well.

As for what worked, the team had outlined seven activities to which they attributed much of their 2019 success:  

  1. Intimate market update breakfasts for referral alliance partners (8-10 CPAs and or Attorneys per breakfast) 
  2. Hosting and attending niche events twice per month (socials, fundraisers, community involvement)
  3. Socializing with one top client a week (lunch, dinner, etc.)
  4. Business meeting with one client or referral alliance a day
  5. Each of the three partners attending one social event a week
  6. Sourcing one name (uncovering a prospect opportunity) with every client and referral alliance face-to-face interaction 
  7. Each partner getting personally introduced to one prospect a week (socially or otherwise)

That’s a pretty straightforward list. Someone outside our industry might look at it and think, “that’s all you have to do to bring in assets like that?”  Those inside our industry know that:

  • That list is harder to execute than it appears.
  • The skills with which those activities are performed matter greatly.
  • To bring in $250 million, those activities have to be targeted at pretty wealthy people.

As for what didn’t work with this group, the list was short but important to analyze. Primarily, they looked back at a public seminar campaign as something they probably wouldn’t do again. It was targeted executives who were two years from retirement. Attendance was “okay” but no business resulted. They figured the time and money could be much better allocated in 2020.

As the call ended, we didn’t need to remind them to hit 2020 running. They had a game plan. They were targeting $300 million in new assets for the team and the marketing plan was already in writing. They also broke down their $300 million goal into three parts; each partner being responsible for acquiring $100 million of new assets. They further broke it down into weekly targets; figuring 45 work weeks per partner, each had to bring in approximately $2.3 million a week.

I don’t know about you, but there’s no question in my mind that this wealth management team is going to have a terrific 2020. Whether or not they hit their goal, and I’ll bet they do, they’re not resting on their laurels of 2019.  

There’s a tendency for financial advisors to view all of this as not relevant to them. They can’t relate to acquiring $250 million in a year so they mistakenly discard the coaching lesson.  

It makes no difference if your 2020 goal is $10 million in news assets or $300 million, what’s important is to approach the new year with a serious goal that serves as your North Star for focus and commitment. This way everyone hits the new year running hard. 

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