Get better referrals by integrating partnership events
By Mark Mersman
There’s no sense in adding clients that will bring our average down. The only way we can accomplish this is to not bring on clients that are below our average. The simple math is below.
The math behind client averages:
100 clients with a total of $25 million in assets.
$25 million/100 clients =$250,000 per client.
If you add a new client who has $100,000 in assets, you now have 101 clients with a total of $25,100,000 in assets. Your new average is $248,514.
Figure out your average, and don’t bring on clients below this average.
Sounds easy, but it takes discipline. The best way to start this process is to identifying your top 20-25 clients and then focus on duplicating them. If you duplicate your best clients, you’ll be able to adhere to not bringing on clients below your average, which can only drive your average client net worth up.
Look at your top 25, and ask yourself, “If I had 100 of this particular client, would I be happy? Would I want to come in to work every day? Would I answer all of their calls? Would I enjoy my annual meetings?”
If the answer to those questions is yes, then they can be a part of the "partnership” group for your form.
From there, coordinate events centered around these folks, and let them know about this partnership group to which they are privy.
Your first event should be a focus group. Inform them of the group. Inform them of your intentions. Have them complete a survey. Not a typical “Are you happy with me?” survey, though. The survey needs to identify their interests.
The goal of these partnership events is to leverage your existing clients’ interests and begin to duplicate your top clients. Some of them will be financial events, and some will be strictly for entertainment purposes. Integrating partnership events is the single easiest and most important marketing activity you can add to your marketing initiatives this year.