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Practice Management > Building Your Business

Turn prospects into clients

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According to David Mullen, Jr., author of “The Million-Dollar Financial Services Practice,” an advisor needs to aim to convert 10 prospects into clients to build a practice as quickly as possible; a new advisor needs at least one hundred prospects to do this. Prospects should be contacted at least twice a month.

Mullen says an advisor can manage about 150 to 200 relationships. One hundred relationships should be with current clients. Fifty to 100 should be with prospects.