Getting your first $100m AUM - by Jason Wenk

Joe Moss

Feb '23 in Customers - Traffic

I thought the attached pdf by Jason Wenk at Altruist was excellent - here are some of the highlights:

Establish your vision:

What do you want your life to look like?

What do you want your business to look like?

What sort of clients do you want to serve?

How do you want to serve them?

What do you want them to say about your services when you’re not around?

Advisors who’ve invested time into their answers generally have an easier go at building and executing a strategy.

Reach out proactively with good news:

Your CRM is the nervous system of your business — whether you’re staying

up late or waking up early, make sure you’re finding the time to keep client

data up-to-date. Checklists help create a repeatable motion. Templates help

to lighten the load of repetitive outreach comms. The “special touch” is a force

multiplier when combined with perfect execution of the basics

Systematize your referral process:

No amount of marketing, selling, or hand waving can beat a recommendation

from a friend. Given the litany of choices we face every day, it’s a relief when

someone you trust says, “we use _____, it’s great — highly recommend.”

Refine your ideal client "avatar" annually:

1. Write down, in detail, your ideal client “avatar”

2. Look at your client base and assess who fits the mold

3. Take them to coffee or lunch (not related to financial planning)

4. Share your goals for the firm

5. Ask for advice: “If you were me, and looking to grow, how would you do it?”

Find your "one thing"

Team culture is a differentiator / Hire based on where you want to be:

The talent you hire should be able to help your business run smoothly so you

can focus on the one or two key activities that fuel growth: spending time with

clients and prospects. I’m not kidding when I say I paid my first employee more

per year than I paid myself. They were overqualified for some of the work I had

them doing, but I needed their skill to free up my time for the things that would

actually grow the business.

Final note:

Simplicity scales.

This article covers Traffic, Processes, and Communication - but I'll put it in the Traffic category.

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