Latest / The Efficient Advisor: Tactical Business Advice for Financial Planners / 208: Ideas to Implement -- My Favorite Concept to Reduce Stress & Overwhelm - How to “Hit it Small!”

Transcript

208: Ideas to Implement -- My Favorite Concept to Reduce Stress & Overwhelm - How to “Hit it Small!” · The Efficient Advisor: Tactical Business Advice for Financial Planners

• 0:00
  Speaker 1: Okay.
• 0:00
  Speaker 1: So this week's episode was about a concept that I totally love because it just makes everything feel easier and less overwhelming and less stressful, and I recently shared this idea with my group of advisors that are wrapping up their 10 month group coaching program right.
• 0:17
  Speaker 1: So it was kind of at the end and I was sharing some heartfelt or thoughtful things that have really just helped me over the course of my career, building my business, feel like things are attainable, reduce the pressure, and the feedback on it was awesome.
• 0:32
  Speaker 1: People were like, oh my gosh, I'm so glad you said that those things made me feel so much better.
• 0:35
  Speaker 1: I feel like this is attainable and that was just a really great video.
• 0:43
  Speaker 1: So I thought this week that I would share with you this idea of hitting it small, being really successful and being able to run a really um, work-life balance-y type practice without going crazy.
• 0:59
  Speaker 1: So this week I shared about an article by Kevin Kelly that he released.
• 1:04
  Speaker 1: Week I shared about an article by Kevin Kelly that he released.
• 1:07
  Speaker 1: The original article was back in 2008 and how it was designed originally for creators, so creatives like artists, authors, musicians, et cetera and the article kind of talks about how you really just need a thousand true fans and true fans being like the diehards that will buy anything and everything that you produce.
• 1:28
  Speaker 1: Right?
• 1:28
  Speaker 1: They love your music, they love your art, they love your writing.
• 1:32
  Speaker 1: Even if you do something a little bit more obscure or you try something new, they're going to purchase your thing.
• 1:39
  Speaker 1: And the idea was that you don't have to hit it big, you don't have to be famous, you don't have to be world known.
• 1:45
  Speaker 1: And I take this concept and I break it down into a much smaller version for financial advisors right, you don't need to have a million people, you don't have to walk into the grocery store and everybody know your name.
• 1:59
  Speaker 1: You don't have to belong on every board and participate in every community club.
• 2:03
  Speaker 1: You really just need to have a hundred true fan, diehard clients.
• 2:08
  Speaker 1: And then, in the article, kevin Kelly says that for every one like true diehard fam, you have one to two ordinary fans, and an ordinary fan being someone who is like okay, I'm, I'm not all in on this person, I'm not going to do everything that they put out.
• 2:24
  Speaker 1: I'm not going to buy it all, but I'm going to buy a lot of it.
• 2:26
  Speaker 1: I'm going to buy things that I like.
• 2:27
  Speaker 1: Maybe there's some things that I don't like.
• 2:30
  Speaker 1: So I think of these like in the terms of clients, right, your true fan clients are the ones that they're all in with you.
• 2:35
  Speaker 1: They have all of their business with you.
• 2:36
  Speaker 1: If you recommend something, they do it.
• 2:39
  Speaker 1: They're paying you a fee, they're investing all of their money with you.
• 2:44
  Speaker 1: They are all in on your services.
• 2:46
  Speaker 1: Then an ordinary client.
• 2:49
  Speaker 1: So there's one to two right For every one true client.
• 2:51
  Speaker 1: These are the people who maybe have some assets still held away.
• 2:54
  Speaker 1: They have their own brokerage account.
• 2:56
  Speaker 1: Maybe they still have an old 401k at an old company that they just haven't rolled over for whatever reason.
• 3:02
  Speaker 1: Maybe they have another advisor that they do their insurance through and then they do their investments through you.
• 3:06
  Speaker 1: You know what I mean.
• 3:07
  Speaker 1: They're not all in, but they're still great clients, like your B, c, d client kind of things.
• 3:14
  Speaker 1: And I love the concept because he basically is saying hey, there's 7 billion people on this earth and to be successful as a creative, you really only need to find a thousand people that like your work.
• 3:25
  Speaker 1: You don't have to be world famous, you don't have to be loved by all, you just have to build a core following.
• 3:31
  Speaker 1: And when I think about this through the lens of a financial advisor.
• 3:34
  Speaker 1: You just need a hundred true fans.
• 3:36
  Speaker 1: So in the longer episode I kind of break this down.
• 3:38
  Speaker 1: It's hard to do in a short one, but if we think about our true fans, if you have 100 true clients paying you $3,000 a year in fees collectively, right through planning fees, aum, 12b1s, commissions, whatever it is that you do, that's a $300,000 core.
• 3:52
  Speaker 1: And let's say then you have 150 or 250, I'm sorry, earlier I said one to two ordinary fans for every true fan.
• 4:03
  Speaker 1: It's two to three ordinary fans for every true fan.
• 4:06
  Speaker 1: So let's say you have another 250 households that are paying you maybe just a thousand dollars a year of fees between the two.
• 4:16
  Speaker 1: Right, we're talking about a $550,000 business.
• 4:20
  Speaker 1: And I just love this because you just have to focus on building your core fans or your core clients, one client at a time, serving the crap out of them, building a client service model that serves them in an impactful way.
• 4:33
  Speaker 1: In the Kevin Kelly article he talks about how important it is with an artist to connect with their fans, to do book signings, to do meet and greets, to communicate with them through social media, to do stuff for the fans right, to build that authentic and genuine relationship.
• 4:49
  Speaker 1: So the same thing if you are focusing all of your efforts on your ideal client avatar, building out and I get way into this in the in the episode but building out all of your processes to serve those ideal clients, that is when your business will explode.
• 5:04
  Speaker 1: That is when you'll start to receive more referrals.
• 5:06
  Speaker 1: That's when you'll start duplicating and replicating.
• 5:08
  Speaker 1: And I promise getting the first 10 ideal clients is harder than getting the next 10, which is harder than getting the next 10.
• 5:16
  Speaker 1: Like, once you have your processes built out to serve those clients in a really deep, impactful, meaningful way, consistently.
• 5:23
  Speaker 1: That's not super time intensive for you or your team, right.
• 5:30
  Speaker 1: That's what we do inside of our group coaching program is help you build out these systems to serve that ideal client avatar.
• 5:33
  Speaker 1: And what I think is so interesting is is as like so, for example, in our 10 month program, as we go through this right, and we use that true fan, that ideal client avatar, to inform a lot of the work that we do.
• 5:46
  Speaker 1: Right, we use it to inform our processes versus building our process and then figuring out who we're going to serve with it and the amount of like ahas that happen for advisors throughout that part of the program are so cool Cause it's like, oh wait, I don't need to do that for my ideal client, they don't care about that.
• 6:05
  Speaker 1: So I can actually delete some of these things.
• 6:07
  Speaker 1: Or, you know, my ideal client would prefer this over that, and here's how I can streamline that.
• 6:12
  Speaker 1: Or, ooh, can I change this email template to be more directed and use more language and personality that's directed towards the concerns, the fears, the buying habits, the all the processes you know, designed around what your ideal client avatar is thinking and feeling, the problems that they have, what they need solved, and you've heard me talk about entering the conversation that they've already got going on in their heads.
• 6:36
  Speaker 1: Right, if you can get into the minds of your ideal clients and serve them really well in a very experiential way, you will start to duplicate.
• 6:43
  Speaker 1: So I just love this concept, because there are 7 billion people on this earth and you really only need to find a hundred that like the planning that you do.
• 6:51
  Speaker 1: You don't have to be internet famous, you don't have to have a huge following on LinkedIn, you don't have to have a podcast or a morning show, you don't have to produce videos.
• 7:00
  Speaker 1: You literally just need to find 100 clients that love the work that you do and pay you appropriately for that.
• 7:09
  Speaker 1: Right, and in the example I gave, a $550,000 business that most people would be pretty dang happy.
• 7:14
  Speaker 1: Um, but imagine like you could.
• 7:16
  Speaker 1: You can reimagine these concentric circles right To well.
• 7:19
  Speaker 1: What if I just have 50 really good core fans core clients that are paying me 10 grand a year and then I have maybe a hundred to 150 ordinary fans that are paying me $3,000 a year?
• 7:32
  Speaker 1: I mean, that is how you start to grow into a million dollar business.
• 7:37
  Speaker 1: But I like to make sure I'm talking to those advisors who are just getting started where 500,000 feels like wow, that feels like an unattainable revenue stream.
• 7:44
  Speaker 1: It's so much more attainable than you think.
• 7:47
  Speaker 1: And of course, you're probably getting sick of me talking about it, but I'd love to invite you into the systems to scale.
• 7:52
  Speaker 1: Group coaching program or open registration is right now.
• 7:56
  Speaker 1: We start August 22nd and it's every Thursday from 1 to 2 PM Eastern and we will meet for 10 months and there's some breaks in there.
• 8:04
  Speaker 1: Don't worry, it's not like over the top, but it is a lot of work.
• 8:07
  Speaker 1: It is very intentional the way it's designed.
• 8:10
  Speaker 1: It's very foundational work, it's very important work.
• 8:13
  Speaker 1: It's very client experience work.
• 8:14
  Speaker 1: It's what is going to help you serve your clients in a very, very strategic way and help you reduce the amount of hours that you are working, help you build out a bigger and better team to support you, to give them operating procedures, to make sure that you are insulated against turnover, right All the things.
• 8:34
  Speaker 1: So I'd love for you to at least learn more.
• 8:37
  Speaker 1: You can check out the website efficientadvisorcom and the systems to scale.
• 8:43
  Speaker 1: Group coaching program is on the group on the coaching page or there's a banner up at the top where you can go right to the information.
• 8:49
  Speaker 1: You can also schedule a discovery call with me to determine if it's a right fit for you and your team, and you can invite your team and it doesn't have to just be you.
• 8:58
  Speaker 1: You can have people from your office participate with you.
• 9:01
  Speaker 1: That way you've got co-creation happening.
• 9:03
  Speaker 1: You've got people who are invested in the concepts and understand the what and the why and how.
• 9:08
  Speaker 1: And, of course, it's filled with samples, examples, templates based on the last 20 years of my experience in the industry, helping now over a thousand advisors.
• 9:17
  Speaker 1: So I hope you guys enjoyed this episode.
• 9:20
  Speaker 1: Please connect with me out in the efficient advisor community or over on LinkedIn If you'd like to learn more about the group coaching program or if you just want to talk more about this true fans concept.
• 9:31
  Speaker 1: Thanks so much, and I hope you guys have an amazing rest of your week.