Building a million-dollar practice

In order to build a million-dollar practice, David Mullen, author of “The Million-Dollar Financial Services Practice” recommends that:

• Every client relationship have at least $250,000 in investable assets, or that potential. If you are an advisor with a length of service of five years or less, it’s advisable to have accounts with less than $250,000 as you build up to a total of one hundred relationships, as long as those relationships are over $100,000.
• Every relationship should generate at least $1,000 in fees per year. Relationships over one million dollars should average at least $10,000 per year.

These numbers should be relatively easy to achieve if you contact each relationship 12 times per year and you expose each one to a broad mix of products and services. If a client does not generate the minimum level of business during the course of a year, consider replacing him with a client who will.