Ep. 69 - 2 Reasons You Haven’t Doubled Your Financial Planning Practice (Yet)

Today, I was thinking to myself… What actually holds people back from doubling their revenue and building the financial planning practice of their dreams?

And after meditating and journaling about it for a while, I realized that there are two main things I’ve seen.

Now, there are many things that might be holding you back, but based on coaching over 80+ advisors over the past 3 years and being one myself for the last 6+ years, there are two things that I’ve seen consistently that create a LOT of “stuckness.”

The “stuckness” usually sounds a little like this:

👉 You’re 3-7 years into your business.

👉 You know you have the ability and capacity to do big things in this career.

👉 You’re smart, have studied up on planning. Maybe you’ve even gotten some certifications (CFP, CLU, RICP, etc.).

👉 But, you’re not at your potential (yet). 😖

👉 Your income has gone up each year, but only gradually.

👉 You’re good at building relationships, closing clients, and overall you enjoy the career…. But you just haven’t really broken through to that next level.

You realize that there’s one area of your business that’s likely holding you back, but you’re just not sure how to fix it.

And you probably already know what that one thing is.

Prospecting. Aka: generating leads.💸

And so, after years of experience, here are the two things I see that hold back advisors from their next level:

1️⃣ Meeting with anyone / taking joint work down meetings

and…

2️⃣ Keep getting referred laterally, not up (no strategy for prospecting up)

If you’re over 1+ year in the business, you likely already know this:

If you want to make more money without working more hours – the fastest and most effective way to do this is to prospect UP (aka: meet people who have more money).

I know, it’s easy to write here, but harder to do in action.

Here’s what I see SO many advisors get stuck (and there is where things become a catch 22):

👉 You say “yes” to joint work down meetings – I mean, why not?! It’s a meeting scheduled on your calendar without having to do any work!

👉 Because you take these joint work down meetings, you don’t feel the pressure to prospect as much.

👉 Because you don’t feel any pressure, you haven’t researched / created a strategy for prospecting up.

👉 And if you don’t have a proven strategy for prospecting, you don’t have your own leads coming in.

👉 BUT, you still need people to talk to, right? So then you keep accepting joint work down meetings.

And on and on the cycle goes.😵‍💫

Suddenly you realize – you’re doing 100% of the work, getting 50% of the case, AND you don’t have a prospecting system to get out of this situation.

Does this sound like you? If it does, what should you do?

Check out my latest podcast episode for the full scoop – and let me know what you think!

BONUS TIPS: If you want to double your business, there are three things to do:

👏 Step 1: Implement a simple but repeatable prospecting system – once that you know will start to bring in leads every. single. day.

👏 Step 2: Set client minimums.

👏 Step 3: Create a strategy for prospecting up to your ideal client

Interested in getting the short cut to those three steps?

Each step is fully outlined in my signature Prospecting Program > The Financial Advisor Academy.

Inside the program, you’ll learn next-level prospecting strategies, tips, and tools to get you to $25k/mo+ consistently, without burning out.

You can read more about the program here: https://www.scottietaylorjr.com/financial-advisor-academy

Can’t wait to hear what you think about the episode!

To your massive success,

Scottie