How to Build Your Financial Advisory Business and Sell It at a Profit

353 Pages·2009·1.4 MB·English

by  Al Depman

Praise for How to Build Your Financial
Advisory Business and Sell It at a Profit
“For too long, financial advisors have focused on pushing product instead of
building relationships, the true measure of a practice’s worth. In How to
Build Your Financial Advisory Business and Sell It at a Profit, Al Depman
shows advisors how to build a practice they can be proud of, and one that
they can easily sell or transfer when it’s time to move on. Depman’s goal of
helping agents build new relationships with clients while sustaining their
relationships at home is a goal we all should be focused on. His new book
is destined to become ‘must-reading’ for all advisors who want to have a
successful practice along with a fulfilling life.”
—Mitch Anthony, author of StorySelling for
Financial Advisors and The New Retirementality
“Going through the practice checkup allows you to examine where you are
in the life cycle of your practice. It lets you envision where you want and
need to take it—but even more important, it empowers you to get it there.”
—Mike Brozzo, portfolio consultant, Charles Schwab
“For years, Al Depman has proven a valuable resource for financial advisors.
His field experience combined with his practical understanding of the
industry and our financial services business have led to his development of
core principles that, when applied consistently, will improve results for both
experienced and new financial professionals alike. Numerous advisors have
benefitted from Al’s one-on-one coaching and mentoring. He moves
individuals from ‘sales uncertainty’ to ‘sales success’ by implementing the
actions that separate the winners from the rest of the crowd. With this book,
it’s exciting that his proven training system can now reach even further. Get
ready as Al helps you take your practice to the next level!”
—Thomas P. Burns, chief distribution officer,
Allianz Life Insurance Company of North America
“This book is a clear, systemic, and practical approach for the financial
advisor or insurance agent to design their business around—a road map to
practice management success!”
—Susan Clements, executive director,
E-Myth Benchmark
“My work with Al Depman has taken my practice to an entirely new level.
He has also inspired me to mentor others. By helping other advisors reach
to the next level, it enforces my practice management and development.”
—Lisa Dale, CFP, Waddell & Reed
“Al’s richness of experiences, attention to detail, systems-driven approach,
and ability to relate to advisors make him a resource that truly impacts advi-
sors’ practices. Many of North Star’s top advisors have benefited from Al’s
work and guidance. North Star has benefited from Al’s work and guidance,
but the best part is that Al does all of this for the right reason—to bring out
the best in all of those he works with.”
—Edward Deutschlander, CLU, CLF, copresident,
COO, North Star Resource Group;
immediate past president of GAMA International 2008–2009
“Whether your goal is to fast track to success a new financial planning
practice or breathe new life into an existing book of business, Al’s book is
your e-ticket to success. It’s an informative, effective, and enjoyable tool in
helping you to develop your practice. Al’s unique (one-on-one or ‘coffee
shop’) approach has you believing he wrote the book just for you. This is a
must-read for anyone who’s ultimate goal is to sell a successful practice.”
—Peggy Fisher, CEA, CFP, CLTC,
registered investment advisor, Torrance, California
“I’ve been in the financial service business for 40 years. The material in Al’s
book has been a great help to my staff and me in maximizing the use of all
of our combined resources. For the experienced advisor, this is a must-read.
For the new advisor, it’s a track to success.”
—Mike Schmitz, financial advisor,
Minnetonka, Minnesota
HOW TO BUILD
YOUR FINANCIAL
ADVISORY BUSINESS
AND SELL IT
AT A PROFIT
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HOW TO BUILD
YOUR FINANCIAL
ADVISORY BUSINESS
AND SELL IT
AT A PROFIT
C r e a t i n g , R u n n i n g ,
a n d C a s h i n g O u t o f
Yo u r P r a c t i c e
AL DEPMAN
New York Chicago San Francisco Lisbon London Madrid Mexico City
Milan New Delhi San Juan Seoul Singapore Sydney Toronto
Copyright © 2009 by Al Depman and Advisor Insights Inc. All rights reserved. Except as permitted under
the United States Copyright Act of 1976, no part of this publication may be reproduced or distributed in
any form or by any means, or stored in a database or retrieval system, without the prior written permis-
sion of the publisher.
ISBN: 978-0-07-162158-8
MHID: 0-07-162158-X
The material in this eBook also appears in the print version of this title: ISBN: 978-0-07-162157-1,
MHID: 0-07-162157-1.
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To Chris Jenkins without whose unwavering support this book would
still only be a good idea. He challenged me to follow my own mission
statement and gave me honest feedback. He continues to light the practice
management way. Thank you, Chris.
v
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Contents
Acknowledgments ix
Introduction: What Do McDonald’s and Practice
Management Have in Common? xi
Part I: Why Practice Management Matters
1: Bottling and Selling Your Genius: How to Increase
the Value of Your Practice 3
2: Enhancing Your Practice’s Book Value 12
Part II: Eight Business Systems
3: Transferability: An Overview of the
Eight Business Systems 23
4: Core Business System 1: Client Acquisition 27
5: Core Business System 2: Client Management 65
vii