The Million-Dollar Financial Services Practice

A Proven System for Becoming a Top Producer

The Million-Dollar Financial Services Practice

Author: David J. Mullen
Pub Date: February 2013
Print Edition: $30.00
Print ISBN: 9780814431733
Page Count: 352
Format: Hardback
Edition: Second Edition
e-Book ISBN: 9780814431740

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Building a million-dollar financial services practice is not complicated,

but I’m not going to pretend that it is easy. If it were, there would be a lot

more financial advisors making millions. In the thirty-two years I have been

in the business, I have seen hundreds of people fail to make it past the first

two years and few who have reached the million-dollar level.Yet those who

reach or exceed $1 million in business have one of the best jobs imaginable.

The autonomy and income of, and the excitement experienced by, milliondollar

and multimillion-dollar producers are unparalleled.

There aremany books and training programs that claimto help you build

your financial services practice. This book is different, however, because it

gives you step-by-step instructions for carrying out a proven, comprehensive,

tactical process that will make your practice more successful.

The Million-Dollar Financial Services Practice covers every aspect of a

financial advisor’s job, from prospecting to client service. No matter where

you are in your career, it will give you all the tools you need to build your

financial services practice to a million dollars and beyond—including templates,

scripts, contact plans, lists, tasks, marketing plans, letters, and

resources, each of which is integrated into the overall process, and it will

show you when to use them, how to use them, and how often to use them.

The process I present here has for thirty–two years guided financial advisors,

whether working at large firms or on their own, and it will do the

same for you.

The book also addresses each of the three distinct stages of an advisor’s

career. Stage one is building the foundation.This is done during the first two

years. During this stage, the advisor should spend 70 percent of his time on

marketing, with the objective of getting a minimum of eight appointments

with new prospects a week and building a “practice”of fifty client relationships

and a prospect pipeline of one hundred.

Stage two runs from the advisor’s third year through the fifth year of

service. Now she must balance client service with marketing.The number of

client relationships should be increased to one hundred, and the client relationships

and the one hundred prospects should be upgraded at a higher

level of affluence compared to your existing average client. The advisor

needs to spend at least 50 percent of her time on marketing—on clientleveraging

activities, on niche marketing techniques, and on attempting to

identify and acquire all her existing clients’ assets. At this stage, the advisor

should have at least four appointments per week with new prospects.

Stage three is beyond five years. The advisor should continue to cull

through his client list, retaining only the top one hundred client relationships

and focusing on attracting increasingly affluent clients. A minimum of

fifty prospects should be in the active pipeline. At this stage, the advisor

should spend a minimum of 25 percent of his time marketing, and he needs

to see at least one new prospect per week.

The road to a million-dollar practice is a series of steps that build on one

another. The new advisor needs to understand that building the right foundation

greatly increases the chances of creating a million-dollar practice and

greatly reduces the time required to get there.An advisor can commit to the

million-dollar road at any stage of her career, but the fastest and easiest way

is to take the proper steps at the beginning. As the practice grows, the fundamentals

remain the same, but the allocation of time changes.


This book is divided into three parts and an Appendix.

Part 1,“The Foundation,”comprises Chapters 1 through 8. Of particular

interest to new advisors, it outlines the first things you need to do on the

pathway to building a million-dollar practice; it shows you how to build the

foundation you need for a million-dollar business. But I encourage any advisor,

no matter how much experience she has, to review the information in

this section. The importance of motivation (Chapter 3) and the marketing

process (Chapters 3 through 7) outlined in this part of the book applies to

experienced advisors as well as to new ones.

Part 2,“Taking It to the Next Level,”includes Chapters 9 through 19. If

you are a more experienced advisor, it will be particularly useful. You will

find everything you need to do once you have built the proper foundation.

If you are a new advisor, these chapters will be helpful because they provide

a vision for how to reach a million-dollar practice once you have built the

foundation of your business.

Part 3, “Market Action Plans,” contains Chapters 20 through 34. It

includes more than fifty approaches to fifteen different markets. Each market

action plan gives you all the tools you need to succeed in that market:

when the action plan is appropriate, how to implement the plan, sample

phone scripts and letters, and case studies.

At the end of the book, the Appendix provides you with resources for

finding names and directories for each market.


Lots of things have changed since I wrote this book in 2007. Back then,most

of us in the industry had no idea of the financial turmoil that would occur a

year later. Since the book was published in 2008, the job of a financial services

professional has been challenging as the financial markets have struggled.

This doesn’t mean that you can’t create a million-dollar practice, it just

means that you need to be on top of the changes in our industry and learn

how to adjust your business to keep up with them.

In this new edition, I’ve thoroughly updated the business model to meet

these changing times. I’ve interviewed dozens of million-dollar practitioners

and learned from both their successes and failures, especially in terms of

how they have weathered the storm. In general, I’ve found that the milliondollar

practices established before the recession have continued to thrive,

which gives me great optimism for the future of this industry.

I’ve also taken a close look at every chapter and adjusted the content

accordingly, including snippets of my interviews and their firsthand

responses to my questions. In addition, I’ve culled my list of distinct markets

and updated my targets for potential clients to include different types of

professionals and referral networks, Realtors, and alumni marketing.

New ideas on how to set and reach new targets are included as well in

this edition. The most important of these is the implementation of an effective

social media marketing plan. I’ve found that social media—especially

LinkedIn—are important for every financial advisor to master. While the

Internet has become an indispensable tool for all of us, the ability to navigate

and increase the reach of your marketing efforts will have a positive

impact on the growth of your practice.

Finally, I’ve taken a much deeper look into the wealth-management

process,which I believe must be the cornerstone to any million-dollar financial

services practice. Chapter 10 has become a must-read for every practitioner,

whether you have been in business for five months or fifteen years.

What’s more, the earlier you can adopt it, the more successful you can


I hope you find this industry as compelling as I do. The most successful

financial advisors have made a 100 percent commitment to this business. To

them, it’s more than a job, it’s their career.With that attitude and the lessons

in this book, you’re off to the best start imaginable. Together, we can set the

stage for you to create a long-term, million-dollar practice that will be both

challenging and enjoyable for years to come. Let’s get started.

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