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Welcome to MythBusters Registered Investment Advisor Edition.
Here we tackle the tall tales of
industry folklore.
MythBusters, registered Investment Advisor edition.
Remember to share and subscribe for more financial services marketing insights, and drop your questions in the comments below.
Today we're talking about Formula Three of the three formulas you need to succeed as an RIA or financial advisor.
This is the future bank formula we just talked in, in Formula Two about the present bank formula money that goes into your bank account, your aren't your firm's making out in the next 12 months.
Now we're going to talk about future bank. So once again, we take new clients times AUM fees, plus trails equals future bank accounts. So again, I'll say I've got 10 clients, I'll say my average AUM fee in this case is going to be that million at 1%. For easy math 10,000.
I'm going to do 8000 Because I'm going to assume I sold them something else with the trail. So let's pretend that you sold them an annuity for 200,000 on the million, and that $200,000 annuity came with. In this case, I'm online, I'm doing a 1% trail. Like a lot of the options that we do when a client needs an annuity is we do that lowest upfront option. In this case, a lot of moments 2% upfront and 1% trail. So I have $2,000 here and trails, which is 10,010 times 10,000 100,000 in my future bank account, and this is money that is going to go starting month 13
There are these 10 clients are going to pay me $100,000 a year forever or as long as I keep them and we'll do a whole seperate video on the secrets of client retention and why what you've been taught about client retention and keeping them happy has actually nothing to do with investment performance and probably totally wrong. See you on the next video.
Thanks for watching Mythbuster's Registered Investment Advisor edition.
Seth Greene is the nation's foremost authority on direct response marketing for registered investment advisors.
He's a nine time bestselling author, A three-time Dan Kennedy, magnetic Marketing marketer of the year nominee.
Seth Co-hosts the Shark Preneur podcast with Shark Tank's, Kevin Harrington.
He is the CEO of a Inc 5,000 financial services marketing company and has been written about in registered Rep Insurance News Net, Forbes, Inc. and many more.
Thanks for watching Mythbuster's Registered Investment Advisor edition.
Remember to share and subscribe for more financial services marketing insights, and drop your questions in the comments.
