Building Your Business - Softcover

Über die Autorin bzw. den Autor

Russ Alan Prince -

Russ Alan Prince is President of Prince & Associates and is one of the foremost experts on the financial behavior of the affluent. He is an acknowledged expert on the provision of investment and financial services to the global affluent.

His work appears regularly in such specialized publications as Private Asset Manager, National Underwriter, Probe, American Banker, the Chronicle of Philanthropy, and Registered Representative. His perspectives have been reported in Fortune, Forbes, the Wall Street Journal, and Business Week.

A prolific writer of academic and trade publication articles, Mr. Prince has co-authored the Seven Faces of Philanthropy: A New Approach to Cultivating Major Donors, the Charitable Estate Planning Process: How to Find and Work With the Philanthropic Affluent, Marketing to the Affluent, and Physician Financial Planning.

Mr. Prince has a master's degree in sociology from the State University of New York (SUNY) at Stony Brook where he was a Lehman Fellow. He also holds a MBA degree from Columbia University where he was a Dean's Scholar. In 1995, Mr. Prince served as Expert-in-Residence for the W.K. Kellogg Foundation.

Karen Maru File -

Karen File is a managing director of Prince & Associates, the research firm specializing in financial services for the high-net-worth. She also teaches marketing at the University of Connecticut.

With Russ Alan Prince, Dr. File has co-authored eight books and dozens of articles on marketing financial services to the affluent. Karen File has consulted on aspects of marketing to the wealthy for many institutions.

During the course of her career, she has been a partner at Booz-Allen & Hamilton, a corporate executive, and professor of marketing at the University of Connecticut. She holds a Ph.D. in sociology from Temple University and a Masters from Boston University. Her undergraduate training was at Cornell University.

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"With Building Your Business, Russ Alan Prince continues his role as one of the leading consultants on the management of private wealth. This book is a must read for any financial advisor who wants to reach the next level of success" - John Bowen Jr; Reinhardt Werta Bowen.

"Building Your Business really does have all the information you will need to develop a $100 million fee-based money management practice. This book will open your eyes to all the opprotunities available." - Gary L. Rathbun CLU, ChCF; Private Wealth Consultants.

"Every insurance agent or financial planner who wants to run money must read this book. Russ has been around, and when he gives you the nuts and bolts on how to be successful, you can get $100 million under management." - Edward Phillips CLU, ChRC, MS; Philips Agency.

"This is now the textbook for my practice management program for top producing brokers. If you want to work with affluent investors, and you want to be a million dollar producer, you have to know what is in this book." - F. Lewis Carlisle; Carlisle Top-Producer Coaching Programs.

"If you are hungry for benchmarks, data, and strategies that work, Building Your Business is the how-to resource you have been waiting for." - Jeanette Jones CPA, CLU; Asset Advisory Group.

"We manage our client's expectations, money they have accumulated over their lifetime, and their financial future. Russ' newest effort is an investment practice's guidebook." - Richard M. Spaziano CLU; Creative Resources Investment Advisors, LLC.

"Change is inevitable in the financial services industry; you can bury your head in the sand or you can read Building Your Business. This timely book will help you position your practice to start taking advantage of industry changes." - Michael E. Feldman CFP; Capital Management Services, Inc.

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From Chapter 15 - Power Prospecting Strategies

CLIENT REFERRALS

Obtaining referrals to affluent prospects from your current clients is the single most effective way to build your business. It is sometimes slow going, but it works very well.

Of course, only your most highly satisfied affluent clients will want to refer their friends and associates to you. So your first step in prospecting is to make sure that your current affluent investors are as highly satisfied as you can make them.

Our data shows the power of satisfied clients. Dissatisfied clients are unlikely to make referrals, every 100 dissatisfied clients results in just 15 referrals for their advisors. You can almost double this referral rate if your clients are all satisfied. Every 100 satisfied clients results in 26 new client referrals to their advisors. But, as Exhibit 15.1 shows, the real payoff is in making current clients VERY satisfied. Every 100 very satisfied clients results in 66 new client referrals for their advisors. If all those clients came to you, that's a 66% growth rate in you client base in a single year. For most advisors, that kind of growth means never doing any other form of prospecting.