Dear Registered Investment Advisor (RIA),
Do you know what we mean when we say, “The BIG MO?” Momentum! Momentum is one of the irrefutable laws of physics. Sir Isaac Newton’s Second Law of Motion speaks to Momentum. In physics, the tendency is that an object in motion continues to stay in motion. If you are pushing any object, an auto or a piece of furniture, once you get it started moving, it becomes easier to keep it moving.
When that object is at rest, it resists your efforts to move it. That resistance is called “inertia.” Inertia, in physics, is the tendency of an object at rest to remain at rest. Inertia has no automatic direction because it will remain at rest until you exert enough force to move it. You can move it left or right, up or down, and once you have it moving, it then has momentum working in the direction the object is moving. YOU choose the DIRECTION OF THE MOVEMENT!
We will assume here that you are an owner or partner in an advisory practice. We will also assume that you track your production daily, weekly, or monthly. We will assume further that you compare your business production today, this week, and this month with yesterday, last week, and last month. “Non-sequitur” here, somebody once said that “if you don’t sell every day, it’s like not shaving every day. Eventually you’ll start to look like a bum.” If you don’t track your business periodically, how will you know in which direction you are headed?
One more assumption applies here. We assume that you want to grow your business at a faster rate than it’s presently growing. Now substitute the word “income” for “business.” We assume that you want to grow your income. If that isn’t true, we recommend a checkup from the neck up. So, how do you increase your income? There only four ways to increase your income:
- Sell more at your current fee
- Increase your fee and maintain your volume
- Spend less while maintaining current fees and volume
- Adjust your product mix to prioritize highest to lowest margins
“Spend less” eventually becomes a pay cut. Been there and done that, and don’t want to do it anymore.
So, we are left with “sell more.” There are many excellent books on this topic. I have a section at least two feet wide in my library, made up of these excellent books. I have read them all. And I’ve raised over $200 Million of assets. But I didn’t acquire the skills to raise millions of new money from books. I learned from men and women who were producing more than I was! I became a shameless beggar for new ideas from SUCCESSFUL PEOPLE. And much to my surprise, most of them were willing to share their “secrets.”
Once I began to try these new ideas, I got excited BECAUSE THEY WORKED! My practice became a testing site for how to increase production. Our business grew by double digits (that’s more than 10%) per year for the past 12 years! I will share the top two things we did to multiply our production. First, we ventured into the Alternative Investment space beginning with Senior Life Settlements (SLSs). This changed everything. We were able to differentiate our practice from almost everybody else in town. We suddenly had products and strategies that nobody else had!
I couldn’t wait to get to the office every day! I truly enjoyed annual reviews with clients, especially those who brought new money and new referrals to the firm! The next bit of magic that occurred was that when you make more money, you can experiment with more expensive marketing ideas! We tried everything we thought made sense: Newspapers, magazines, dinner seminars, big parties and more. We soon discovered that there was a cumulative effect of being in and on every medium in the market. People started to call us!
My own enthusiasm for what we were doing, the returns we were (and are) seeing in our clients’ accounts and the clients’ new enthusiasm for what they were seeing in their own accounts built enthusiasm throughout our staff and our practice. You can access this enthusiasm. We will be delighted to share the rest of this story with you, along with our “secrets!”
We are Capstone Alternative Strategies. We are consultants to RIAs who want to take their business up another level. Our clients are in the Senior Life Settlement (SLS) Business. We can provide answers to most of your questions (but we are not attorneys).
In most cases our clients were NOT in the SLS business when we met. They needed to explore and investigate the product. Your due diligence is important. You will soon discover that there is a lot to learn here. But the learning curve is a gentle slope when you have Capstone on your team.
This is not another commission based product for you to sell. This is a new business for you to build and grow within your current practice.
Capstone wants each of our affiliated advisors to succeed. Consequently, we have minimum standards for new advisors. To learn if you qualify, call Jason Bokina at 404-504-7006 or email contact@capaltstrategies.com.