The Fact:
On an average team, about 6% of time is devoted to attracting new clients (excluding the senior advisor).

The Implications:
Teams are typically used to administer existing client relationships rather than build the business. Many practices are losing momentum and part of the reason is the lack of a coordinated team focus on new business development.

The Idea:
Find simple ways to integrate new business development into the roles of all team members and remember that new business comes from new and existing clients. For example, if your assistant sets all client meetings, then coach him or her on how to turn that call into a marketing opportunity. If you have set specific objectives for each client meeting with respect to the introduction of new products or services (which is a helpful process), then your assistant can get the ball rolling immediately. For example, if your assistant knows that you want to discuss critical illness insurance at the meeting, he or she can set that up during the call, identify information that the client should bring and e-mail or mail the client an article on the topic. The presentation and close will still by your job, but your team can increase your chances for success.

The Next Step:
The Business Success Kit provides you with the tips, tools and templates that you’ll need to enhance practice productivity and profitability. It’s the most practical and comprehensive guidebook available for financial advisors. For more information, visit www.caifastore.com and click on the Business Success Kit.