Close Close

Practice Management > Building Your Business

Focus on your best value as an advisor

Your article was successfully shared with the contacts you provided.

The financial services profession allows the opportunity for us, as advisors to take big calculated risks with little capital investment. Unlike building a factory, or opening up a new storefront with equipment that could cost hundreds of thousands of dollars, we can simply try a new marketing approach or print a new brochure to try something completely different.

My big swing and miss moment was when I attempted to get into the seminar business. A number of my MDRT friends were very successful at running seminar marketing programs. So I thought it would be easy for me to change from a benefits 401(k) practice and get into the seminar marketing business.

I bought the programs, I booked the rooms and I actually did have a fairly good series of seminars for retirees. I invested about $30,000 and my return was about double, which would seem successful. However, I did not take into account the fact that for 15 months I was not building my benefits practice. When I calculated the lost opportunity costs of not building my benefits practice, I probably lost double my returns on the seminars.