COMPANY PROFILE
An independent financial advisor.
CHALLENGES
The business was relatively flat year over year and they wanted $10M AUM growth per year. Their marketing was yielding single-digit returns at best.
They were frustrated with some of their prospects and clients.
SOLUTIONS
We started at the beginning and measured Key Performance Indicators (KPIs) and Key Risk Indicators (KRIs) to ascertain that marketing events were yielding less than 10% prospects and from 0-5% prospects to clients. We then used DISC to redo the sales process and change the prospect assessment and associated approach to closing prospects. We refocused marketing to a referral-based strategy and did some extensive strategic work to realign.
RESULTS
The advisor is much happier with the business and the path it’s on. The last event they did had a 70% attendance to prospect and a 25% close rate on those prospects. In the first full quarter with the new focus they added $2.7M AUM all from referrals and existing clients. There is much work still to be done but they are excellent at following the process and doing the work.