Slideshow 10 Tips for Boosting Production in 2015

  • January 12 2015, 4:32pm EST
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10 Tips for Boosting Production in 2015

Although the changes that advisors need to make to become better producers are long-term and often painful, advisors are clearly up to the challenge, says Rick Rummage, owner of consulting firm The Rummage Group. "If you were able to endure the pain of college or the challenge of building a book of business, I know you have the strength to change a few habits to increase your production in the New Year," he says.

Here are 10 tips he recently shared with advisors on how to boost production. The tips are excerpted from an article in the January/February 2015 issue of Bank Investment Consultant. For the original article, click here.

Start With a Marketing Plan

Write a detailed marketing plan with exact details for implementation. Be very specific as to when, how often, etc. Also, don't be shy about investing $5,000 to $10,000 in marketing your business. "Practice what you preach to your clients," says Rummage. "You ask them to invest their money in the market, so you should invest some in your business."

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Have Lunch With Referral Sources

Take 10 referral sources to lunch—gain their respect, trust and build a strong rapport with them. Referral sources include branch employees, mortgage lenders, merchant services reps, commercial bankers, trust officers and capital markets managers. Other important referral sources include lawyers, accountants, builders, mortgage lenders and employees at the chamber of commerce.

Reward Your Sales Assistant

Set an attractive bonus for your sales assistant if he or she helps you hit your target growth this year. Don’t set a cap. Make it strong enough so that they can significantly increase their take-home pay.

Launch a Monthly Newsletter

Start sending out a monthly newsletter to clients and prospects—make it interesting and informative. Too many newsletters are boring and overly technical.

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Conduct Semiannual Reviews

Hold semiannual reviews with at least the top half of your book. Clients need face time to establish a strong relationship with you. One of the biggest complaints from clients is their advisor is not around or not accessible.

Host Client Appreciation Events

Hold at least two client appreciation events each year—ask your clients to bring a few friends. Once the friends see how good you are to your clients they will want to do business with you.

Stop Socializing at the Office

Focus on business at work and fun at home—stop socializing as much at the office. "I have worked in many offices during my 20 years as an advisor and a manager and was always shocked how much time advisors wasted talking about sports," says Rummage.

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Hire a Junior Advisor

Hire a junior advisor or intern—most big producers didn’t build their book alone. No company grows without hiring employees.

Manage Your Time

Arrive at work 30 minutes earlier and leave 30 minutes later—this adds about 260 work hours per year. Imagine how much you can get done in all those extra hours.

Join Networking Groups

Join two nonprofit or networking groups. There are plenty of organizations that are always looking for board members with a financial background.