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The Million-Dollar Financial Services Practice: A Proven System for Becoming a Top Producerby David J., Jr. Mullen
Synopses & Reviews
The total wealth of high-income households in the U.S. is predicted to more than double by 2020, rising to $87 trillion—and the need for savvy, motivated financial planners to manage this money is going to rise accordingly.
Are you ready to capitalize on this growth and take your financial services practice to the next level? Whether you’re new to wealth management or a seasoned pro, The Million-Dollar Financial Services Practice will help you build your business, expand your pool of high-end clients, and increase the number of products and services each client uses.
Author David J. Mullen, Jr.—a former managing director at Merrill Lynch, whose advisor training program is famous in the industry—provides everything you need to build a million-dollar practice. It’s all here: templates, scripts, letters, and Market Action Plans that will help you target your niche market and turn prospects into clients.
Taking a prescriptive and practical approach, Mullen lays out the fundamental requirements of a successful financial services practice, and also shows how the human touch makes all the difference in this industry. You’ll learn about the five characteristics of million-dollar producers, pick up essential time-management techniques that will boost your productivity, plus get expert advice on:
• Setting and reaching goals by breaking them down into manageable and realistic parts
• Leveraging existing clients to gain new ones
• Identifying your “natural” markets
• Developing and retaining a loyal client base built on trust and communication
This second edition is bursting with new information and updates, including a chapter on using social media to acquire new, affluent clients and assets, valuable tips on using “alumni marketing,” and new strategies for attracting successful Realtors as clients. An expanded section on motivation will help you pinpoint the personal goals behind your desire to succeed, and then show you how to use those drivers to push yourself and your business onward and upward.
With these skills and strategies in hand, you’ll be able to successfully grow your business to a million-dollar practice and reap the rewards of the exploding wealth management market.
David J. Mullen, Jr. recently retired as a Managing Director at Merrill Lynch, where he personally hired, trained, and managed over 500 financial advisors. His advisor program has had a consistent success rate of twice the industry average, and his methods have been adopted by many managers and advisors firm wide. He has worked directly with over 100 individual million-dollar and multimillion-dollar financial advisors. Mullen is also the founding partner of Altius Learning (www.altiuslearning.com), a training company specializing in the financial services industry, and the author of The Million-Dollar Financial Advisor.
Other books have claimed to help readers build a lucrative financial services practice…but it was The Million-Dollar Financial Services Practice that provided ambitious financial advisors with a step-by-step, tactical process proven to work. The second edition is updated throughout and contains new strategies for acquiring affluent clients and assets by providing Wealth Management services, using social media and “Alumni Marketing,” targeting successful realtors as clients, and much more.
Using the method he has taught at Merrill Lynch and is famous for in the industry, author David J. Mullen, Jr. shows how anyone—no matter where they are in their career—can get the appointment, convert prospects to clients, build relationships, retain clients, use niche marketing successfully, and increase the products and services each client uses.
Packed with templates, scripts, letters, and tried-and-true Market Action Plans, the book provides readers with the tools and guidance they need to take their financial services practice to the million-dollar level and beyond.
In The Million-Dollar Financial Services Practice, author David J. Mullen, Jr. reveals how to become a top-producing financial advisor using the method he has taught at Merrill Lynch and is famous for in the industry. This comprehensive book combines marketing, prospecting, sales, and time management techniques into a system that will help readers build a successful and lucrative practice. Mullen gives financial advisors all the tools and guidance they need to:
• get the appointment • build relationships • convert prospects to client • retain clients • use niche marketing successfully • balance current clients and prospects • increase the products and services each client uses • attract millionaire clients
Containing templates, scripts, letters, and 15 tried-and-true Market Action Plans, this indispensable guide shows readers how to take their financial services practice to the million-dollar level and beyond.
Whether you’re just starting out in financial services or already heading up a booming wealth management business, the key insights and strategies presented in The Million-Dollar Financial Services Practice will help you fine-tune your business model, expand your client base, and reach goals you never thought possible.
Packed with important updates and timely information, this second edition of the must have guide for financial advisors contains an entire new chapter on targeting affluent clients using social media and “alumni marketing,” expanded information on how wealth management works and how you can provide a compelling value proposition to potential clients, and a new Market Action Plan section on attracting successful Realtors as clients.
Former Merrill Lynch managing director David J. Mullen, Jr., draws on the system he used to train over 500 financial advisors to outline a practical, easy-to-implement plan for reaching the million-dollar mark. You’ll learn how to:
• Use your niche and “natural” markets to jumpstart your business
• Develop client relationships built on trust and one-on-one attention
• Convert prospects to clients and leverage existing clients to gain new ones
• Increase the number of financial services and products each client uses
• Find out what motivates you at your deepest level to achieve success and use that to push yourself and your business to new heights
Everything you need is here—from templates, letters, and marketing plans to networking ideas, time-management techniques, and a list of resources for targeting new clients. Get started today and start seeing significant increases in your earnings tomorrow.
Praise for the first edition:
“An easy read…providing clear and methodical processes for defining and implementing proven marketing tactics for financial practices…”
— Broker Dealer Journal
“Information on marketing, prospecting, sales, and time management techniques are presented clearly and in great detail. The book is one advisors will refer to often.”
— Research Magazine
“A helpful resource for financial professionals who have the motivation and desire to build and maintain a solid business model.”
— Agent’s Sales Journal
About the Author
David J. Mullen, Jr. (Englewood, CO) recently retired as a Managing Director at Merrill Lynch, where he trained over 500 advisors. His advisor training program has had a consistent success rate of twice the industry average. His methods have been adopted by many managers and advisors firm-wide.
Table of Contents
Part 1 The Foundation 1
1. Overview 3
2. Motivation 11
3. The Numbers You Need to Succeed 19
4. Niche Marketing 27
5. Getting the Appointment 34
6. The Appointment 48
7. Turning Prospects Into Clients 59
8. The Wealth-Management Process for New Advisors 75
9. Time Management for New Financial Advisors 85
Part 2 Taking It to the Next Level:
Building a Million-Dollar Practice 95
10. Balancing Clients and Prospects 97
11. Getting More Assets from Existing Clients 104
12. Leveraging Clients to Get New Ones 110
13. Expanding the Client Relationship 124
14. Your Natural Market 135
15. Client Retention 143
16. Time Management and the Client Associate 155
17. Teams 164
18. What Millionaires Need 176
19. Beyond a Million-Dollar Practice 186
Part 3 Market Action Plans 199
20. Seminars 201
21. Event Marketing 212
22. Networking 223
23. Past Experience and Personal Contacts 233
24. Adopt a Town 241
25. Business Owners 245
26. Professionals: Medical, Legal, and Sales 251
27. Executives 258
28. Influencers 263
29. Diverse Markets: Women, Hispanics, and Asians 270
30. Retirement Plans 282
31. Retirees 290
32. Money in Motion 293
33. Mortgages 299
34. Nonprofits 305
Appendix Resources 315
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