How To Make Six Figures As A Financial Advisor (2024)

Is it conceivable for a financial advisor to successfully make a six-figure income consistently, mirroring the likes of Ben Stein, Eszylfie Taylor, and other industry luminaries? 

Imagine the possibility of a young advisor snagging high-net-worth clientele and deftly steering them toward favorable outcomes. Such a feat may seem implausible, yet we have recently cracked the code.

Back Story:

In the past few years, our team has been working on a project to confirm that a blueprint we created is both reproducible and adaptable. This blueprint guarantees a sales approach that eliminates objections. We conducted thorough field testing to determine if other advisors can easily adopt this methodology and achieve the same level of success as mentioned before.

The outcome? Well, let's just say we didn't expect it - we were caught off guard. Just like you would be too, upon hearing feedback like these:

• “..went from Top 500 to Top 11 at my company in 90 days.”

• “13x improvement in my life insurance production in less than 2 months.”

• “6x increase in overall production in less than 6 months… made Top of the Table for the first time in my 9 year career!”

• “...quadrupled my average case size and tripled year 1 production in 3 months!”

In this post, we’ll delve into our recent findings, exploring the distinguishing factors that set apart financial advisors who consistently secure multiple six-figure deals from their peers. More importantly, we will unveil actionable strategies that you can readily implement today and see tangible results as early as the following day.

A ​quick heads up:

When developing the sales method, emphasis was placed on attracting high-net-worth leads and a strategic fact-finding process that neutralized objections before they even arose, ensuring that closing deals became a seamless endeavor, almost effortlessly so. And that is the key differentiator of the Taylor Method. No-nonsense approach, stripped of all extraneous frills: so you can develop the mindset, process, and language to build a million-dollar practice.

The exciting news…

We're thrilled to announce that we have a limited number of spots available in our upcoming cohort for the Workshop, and we want YOU to be a part of it. 

Enroll to unlock your full potential.

Introducing: Six Figure Advisors Do Not “Sell,” They Are Excellent Relationship Builders

Robert Louis Johnson, the esteemed American entrepreneur and co-founder of BET, once opined that "All business is personal... Make your friends before you need them." This cogent statement serves as a bedrock principle for successful financial advisors.

In fact, if we had a gun held to our heads and had to choose just one characteristic that separates six-figure financial advisors from those who barely scrape by, it would be their ability to build and maintain strong relationships with people, not just prospects or clients.

Why is this so? 

The answer is straightforward: people do not like being sold to. Instead, they seek out advisors with whom they can establish a genuine sense of trust and camaraderie. No ifs, and, or buts about it.

And the benefits are worth their weight in gold, trust us on this one:

• Enhanced loyalty: If a client feels like they have a true connection with their financial advisor, they are less likely to jump ship when things get tough. They'll be more willing to stick around and weather the storm together. 

• Leads to referrals: The premise is that any individual who feels you are invested in their success may be more inclined to reciprocate in kind - and the least they can do is recommend your services to friends and family.

• Increases revenue - Leads and clients who have a strong relationship with a financial advisor are more likely to convert into buyers, invest more money and seek out additional services as the case may be This means more revenue for the advisor.

One more thing:

• It helps you keep more money in your pocket: You heard right - it is a well-reported fact that the cost of acquiring a new client can be up to five times higher than that of retaining an existing one. When you build and nurture strong bonds with clients, you can significantly reduce marketing and onboarding costs which can also have a substantial impact on your practice's bottom line.

The question thus is how do you become a relationship builder extraordinaire?

It all starts with one simple rule:

“A highly developed and authentic interest in the other person.”

In the real world, it means:

• Empathy - the ability to understand and share the feelings of people. Listen attentively to their concerns, aspirations, and goals. Pay attention to what they say, but more importantly, to what they don't say.

• Offering value - the principle of reciprocity is powerful. If you offer something of value to someone, they are more likely to want to reciprocate. As a financial advisor, this could mean providing valuable insights and advice, sharing helpful resources, or simply being a good neighbor.

• Honesty and transparency - people can sense when someone is being fake or insincere. If you want to build strong relationships, be genuine and transparent. Don't try to sugarcoat the truth or make promises you can't keep. Instead, be upfront and honest about any potential risks or challenges they may face. When you're honest with your clients, they'll appreciate your candor and trust you even more.

• Effective communication - Don't be a one-hit-wonder. Keep in touch with your prospects and clients even when they don't need your immediate assistance. Check in with them regularly, send relevant news articles or updates, and invite them to events or webinars. 

• Gratitude - Send thank-you notes, or small gifts, or take them out for lunch. Remember, clients have a lot of options, so make sure you stand out by being a thoughtful and appreciative advisor.
  

• Humor - laughter is the best medicine, they say. It is also an excellent way to build relationships. When people laugh together, they bond. Use humor wisely, though. Avoid sarcasm, hurtful jokes, or anything that may offend the next person.

Takeaway: When you cultivate strong, deep-rooted relationships with people, you don't need to be the smartest or most established advisor in town to rake in a cool 6 figures. You can even compete with the big players in the industry and still come out on top!

So, from here on out, make it your number one priority-  It's the fundamental mindset shift you need to develop if you must succeed in making 6 figures and even more as a financial advisor.

With that in mind, let's dive into…

The "Objection-Free" Sales Blueprint To Sealing Six-Figure Deals!

Master The Primary Principle:  Your Wealth Parallels That of Your Clients

The first obstacle to cross on your path to reaching six figures is name flow!

In simple terms, establishing a steady stream of clients.

But as it stands, it’s hard to ignore the fact that the majority of people live in a state of financial mediocrity. Most people are stuck in the rat race of working as much as they can to pay off their debt and live paycheck-to-paycheck.

If you follow the beaten path, you'll also get stuck in the rat race also. Let us explain:

Networking, cold calling, volunteering, and asking for referrals are all good prospecting strategies that get results. But if you want to become an advisor who makes six figures and beyond, then you need to look at your marketing differently - you need to focus on getting in front of wealthy individuals first and foremost.

Here are two effective strategies as taught by the Taylor Method:

• Prospecting-up

• Personal Observation

Let us discuss them further…

Prospecting Up - Your Ticket To Generating Rich Leads

Referral requests are a well-known tactic, but what if you could take it up a notch? Instead of simply asking for referrals, prompt your clients to introduce you to those in their circles that earn way more. 

Let's be real, if your clients are working minimum-wage jobs, the leads they provide may not yield substantial results. 

However, by asking a simple question such as, "Who do you admire for their financial success?" They will mention the names of individuals higher up in the tax bracket - such as their employer, affluent acquaintances, or family members. This is where the real excitement comes into play. Request to be introduced to these high earners and reach out to them directly.

Personal Observation - Spontaneously Generate Potentially Lucrative Leads

We have observed countless advisors miss potentially good leads because "Oh I am not well dressed - what will they think of me" or "This person is a chief executive, I need to meet them at the office." If you share a similar notion, you are self-sabotaging your potential to hit six-figure revenue.

You will be amazed at how much money you are leaving on the table as exemplified by this story: 

While out in the park on a Saturday morning with his two daughters, Mr. Taylor noticed another family whose child attends the same school as his eldest. Based on this observation, Mr. Taylor took the initiative to strike up a conversation, built rapport with the prospect, and eventually introduced his services. He was dressed in casual clothes and without any prior planning, impressed the entrepreneur with his knowledge and expertise and was able to secure him as a 6 figure client.

Takeaway: To increase your income, you don't necessarily have to grind away pursuing a thousand low-paying leads. Securing just two high-net-worth individuals can yield superior results with significantly less effort. The choice is ultimately yours.

After getting a prospect through the door, what next?

Hone In On Your Prospects’ Needs With An Effective Fact Find 

Before proposingproffering a solution to a potential client, it is imperative to first establish a rapport with them by convincingly demonstrating an understanding of their unique needs and desires. 

With that in mind, conducting a thorough fact-finding process is essential.

Think of yourself as a detective on a mission to uncover every relevant detail about your prospect's situation. You want to know their income, expenses, assets, liabilities, goals, and risk tolerance. 

Note:

The more comprehensive the information gathered, the greater the ability to custom-tailor a solution that is optimally aligned with their unique needs and objectives. The resulting tailored solution instills confidence in the prospect, ultimately leading to trust and the likelihood of being hired as their financial advisor.

But how do you conduct a successful fact-find?

Start by asking open-ended questions that encourage clients to provide detailed answers. 

For example, instead of asking "What is your risk tolerance?" you could ask "Tell me about a time when you experienced a financial loss. How did it make you feel, and what steps did you take to recover?" This will allow you to gain a better understanding of your client's comfort level with risk and help you tailor your investment recommendations accordingly.

Additionally, be sure to actively listen to your client's responses and take note of any important details they share. And also things left unsaid. This will help you build trust and credibility with your client, and demonstrate that you are genuinely interested in helping them achieve their financial goals.

Takeaway: Remember, your ultimate goal is to provide value to your clients and help them achieve financial success. Take the time to conduct a thorough fact-find and build strong relationships with your clients, simultaneously quelling objections before they arise and therefore position yourself as a trusted advisor. 

Unearth Sales Opportunities and Capitalize on Them

In this advanced stage of the sales cycle, high-earning advisors transition into the role of "solution facilitators", while their less successful counterparts often resort to imposing products upon clients, committing a critical error. 

The distinguishing factor lies in their ability to effectively analyze data and facts gleaned in the previous step and uncover every single opportunity for a sale.

In practice, it means putting the client's interest above your own. And it could play out in various forms. For example: referring them to a mortgage broker within your circle to help them secure better rates or pointing out ways to optimize their taxes by partnering with an accountant who specializes in financial planning.

Sounds counterproductive? The outcome in almost every case proves otherwise:

The clients will see you as a trusted advisor - an ally who has their best interests at heart. At this point, they will be eager to sign the cheque. 

But just one final step:

When Closing, Leave Your Prospect With No Option

Making it easy to close a deal includes limiting the options available to your clients. This may sound counterintuitive, but hear us out:

When you present your prospect with too many choices, they can become overwhelmed and indecisive. Instead, give them a personalized path to follow, with limited options that are all viable and appealing.

This shouldn't be a problem If the preceding steps have been executed proficiently. The result will be a tailored financial plan that effectively addresses the specific requirements and aspirations of the client. Armed with this plan, the client is likely to harbor confidence in their decision to collaborate with you and endorse the proposed course of action.

5 Pivotal Tips That Have Demonstrated Remarkable Effectiveness In Guiding Advisors Towards Earning Six-Figures

Deliver Results

To stand out from the competition and achieve long-term success as a financial advisor, it is essential to provide exceptional service to clients. So, go above and beyond what is expected, from prompt responses to emails to offering educational resources and guidance during significant life events.

Embrace Technology

Technology is changing the way we do business and financial advisors who don't embrace it risk getting left behind. From automated investment platforms to digital marketing tools, there are countless ways to use technology to streamline your business and reach new clients.

Personal experience: some of our team used to be resistant to technology, but now we can't imagine running our practice without it. 

Build Your Brand

In today's digital age, having a strong brand is more important than ever. Your brand is how you present yourself to the world, and it can be the deciding factor in whether or not a prospective client chooses to work with you.

One key element of building your brand is developing a strong online presence. This might include creating a website that showcases your services and expertise, as well as engaging on social media platforms where you can connect with potential clients and share valuable insights.

Another important aspect of branding is developing a clear and compelling value proposition. This is the unique benefit that you offer to your clients, and it should be communicated clearly and consistently across all of your marketing materials.

Develop Your Skills

To meet the expectations of clients and provide exceptional service, an advisor on the march to earn 6 figures must continuously develop their skills and knowledge in the financial industry. It means you have to stay current on the latest trends and best practices, as well as refine your communication, analytical, and problem-solving abilities. 

Talking about improving your skills, advisors should…

Enroll In The Taylor Method

It is imperative to acknowledge that your knowledge and understanding are not exhaustive. Embracing this humility enables one to seek out alternative sources of education, and learn from the experiences of others. After all, why learn from your mistakes when you can learn from others?  This is precisely why the Taylor Method represents a transformative opportunity

Not only will you learn from experienced top-of-the-table advisors, but you'll also gain access to their strategies and techniques that have been field-tested and proven to work.

Pro Tip: When looking for a sales training program choose one that is flexible, and offers hands-on experience as well as mentorship opportunities. Why is this vital? 

With the Taylor Method, students (or financial advisors) have access to a comprehensive curriculum that incorporates practical experience, as well as mentorship opportunities. This multifaceted approach is vital as it enables learners to translate theoretical knowledge into tangible results while receiving invaluable feedback and guidance from a seasoned mentor.

Ultimately, when you grab your spot, you will acquire the necessary mindset, process, and communication skills required to establish a prosperous practice with a revenue stream surpassing one million dollars. Our proven track record with thousands of advisors globally provides the assurance that our methods are effective and can also lead to your success. And isn't that what you want? Sign up and unlock your potential to make 6 figures!