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The only advertising I do is for seminars that I put on in different locations around my area. I used to use direct mail to fill these events and was spending over$6000/month to do so. I have now been using Facebook ads to fill seminars for the last 6 months and have basically cut my costs by roughly 2/3’s. I now run typically 3-4 seminars a month and am filling them with 20+ people at each for around a total of $3,000 in ad spending. Filling that many would have cost me over $10k a month with direct mail. It is far and away the best money you can spend advertising to see a direct result on your wallet.
Were you the one who shared your email? I would like to know more about your Facebook experience.
Yeah it’s aaroncirksena@gmail.com go ahead and email me there.
Have never really understood why anyone would just pick a random % of gross to use for marketing. If whatever you are spending to market is literally generating you a profitable return on every dollar spent, then the logical thing to do would be to simply scale that up to the point that you no longer have more time available in your days/weeks. Frankly I do not know many advisors out there that are maxing out there schedule every day or every week. I simply spend/advertise/market however much is necessary to keep my schedule full with new prospective clients all the time (when I feel like working, I do occasionally take vacations). I know that if I am consistently doing this I will always come out positive on the other end and will also be building my recurring revenue base as well. Why all advisors don’t use a similar method to me is sort of odd especially when I see them spending money on “marketing ideas” that they have no idea at all what the discernible value is they get out of them. To be honest I think a lot of people are either scared to try spending money at all or aren’t willing to speak in front of a group or maybe are just happy to sit around the office all day reading the news so they feel like they are working. I know I did it for a while at the beginning.
I budget 5% of my gross every year ... this year $35,000
It just works for me, year over year
That’s what I’m saying though.....if whatever you are doing is working for you, why wouldn’t you spend more.....therefore make it work more for you?
FA1 - capacity. Based on our on boarding and service model, we can only bring on a given number of clients per year.
Then it would seem it’s time to expand the team. But hey I’m one of those where if I’m not growing I feel like I’m dying so everyone’s different.
Easier said than done. We are always looking for qualified team members. The first criteria is whether we are philosophically aligned.
Haha good point actually, hiring people always makes me realize how many completely unqualified people there are out there.