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.