The 7-Year $3 Million Plan

by Bill Good Marketing on July 29, 2015



The 7-Year $3 Million Plan


In 2012, Josh P. was in the penalty box. His production had fallen below that near fatal mark and his payout was cut to 20%. For most, assignment to the penalty box is a career kiss of death.

But Josh had different ideas.

2012 Production $315,702.

Jan 2013 Started with the Bill Good Marketing System®.

2013 Production $354,350—broke out of the penalty box.

2014 Production $561,376. That’s a 78% increase, not quite the fabled 2-year double, but, we’ll take it.

2015 Current Production (July 27) $401,416; run rate is $696,399. EOY 2015 goal is $850,000. If he hits his run rate, that’s 120% increase over 2012—a solid three-year double. If he hits his EOY goal, that’s a j169% increase in three years.

How did he do it?

He deployed the tried and true strategy we have hard-wired into my system.

1) Keep what you’ve got. IMPERATIVE you focus first on client retention. Josh immediately implemented our client relationship retention formula.

2) Prospect. While Gorilla® fully supports eight prospecting channels, for Josh, there was one choice: cold calling.

As a penalty box resident, his personal income had been cut to $60K. No seminar budget there.

So he ordered a list of business owners with revenue of $2 million to $25 million.

His coach here at BGM helped him put the system in place to track all the leads.

For two years, Josh cold called for three days a week and filled appointments for two days a week!

Payoff: Big time. You see the numbers. Oh, by the way, don’t tell Josh that cold calling doesn’t work today. He thinks it does.

3) Get organized. Our organizational system is built around the four essential functions of the financial services business—FA, Service Assistant, Sales Assistant, and Computer Operator.

Josh did not have the capital to build the team. His firm gave him a tiny fraction of a Service Assistant.

So he boot strapped.

For these first three years, Josh became what we call a dog-cat-bird-lizard. He was, naturally, the FA. He was his own Computer Operator. He did his own service and was his own Sales Assistant. But he had the advantage that each job was organized, complete with checklists, scripts, and processes. Reinventing the wheel was not on his itinerary.

Growing Pains

Josh cannot boot strap any more.

He has 100 clients and $200M in assets. (Yes, you can cold call for HNW clients.) He is doing a lot of portfolio work. His cold calling is suffering. Because he has not had the time to spend on computer operations, his monthly drip letters are now bi-monthly letters.

The system that got him here is starting to fracture.

The solution now is controlled team building.

Right now, AUM is $194 million. When he hits $201 million, he gets a bump in his payout. He invests in 17-24 hours of Computer Operator time. That will put all his monthly drip letters, birthday letters, etiquette letters and email blasts back on track.

His next payout bump is at $206M. Between now and the end of the year, he needs to raise another $12 million. But he’s bringing in more than $2 million/month now. Should be an easy shot. At this bump, December 2015, he brings on a full time Sales Assistant.

This could cost him $50,000/year. He figures this takes his effective payout from 38% to 31%. To break even, he needs to raise about $13M to generate the $131,000 necessary to pay the $50,000 salary.

For his Sales Assistant, he should go the Relationship Manager route. This person manages his client relationships so Josh can keep cold calling.

Now it should be a straight shot to July 2017 when he is forecasting a revenue of $1.5 million and AUM of $287 million.

It’s time to strengthen the team again. He adds a full time analyst to manage the investments.

By July 2018, he has three full-time staff and is generating $3,000,000.

His effective payout is 38%.

What do you think?

Will he make it?

Would you like to give it a try?

We helped Josh.

If you take direction well, if you have a burn to grab the brass ring this industry tantalizingly offers, then:

Call Jill Dobbola

You have some questions. We have some answers.




Copyright 2015. Bill Good Marketing, Inc. All Rights Reserved.

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