This question arises even from advisors with revenue in the millions. The great news is that the market is so large that everyone agrees more sales are possible. Since you're probably working more hours than you'd like, the solution is not to work longer. Let's assume you are using time effectively, focusing on the important rather than the urgent.
There are three strategies
- Catch more fish
- Catch bigger fish
- Keep more of the fish
1. Catch More Fish
This approach is about volume and efficiency. You can get volume by selling commodity-like products such as term insurance. You need to
- streamline the process
- automate the process
You're not creating much loyalty with volume. You may be increasing fixed costs for staff or equipment. If you have an assistant for the routine cases, you can concentrate on the bigger ones.
Give your clients an opportunity to increase the size of the sale. You see this in stores with extended warranties and accessory bundles. Can you create a deluxe or packaged option?
2. Catch Bigger Fish
You can use a fishfinder to identify where the bigger fish hide. You can
- go deeper: find opportunities among your own clients by mining your current database
- go wider: search for fish in other places by using techniques such as client seminars or joining clubs or associations
3. Keep More Of The Fish
You probably can't negotiate a larger slice of the compensation. You're much better off focusing on the other two.
Followup
Staying in touch with your customers helps create repeat business and referrals. You'll save time by using emails, newletters or blogging.
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