Are you worth $500 Per Hour? It depends…
Financial advisors ARE worth $500 per hour. In studying and working with a number of advisors at various levels of production, it is clear that successful advisors generate $500 per hour. You ARE worth $500 per hour, but only IF you are advising clients. Period. End of discussion.
Too many advisors spend too much time on other activities that do not create value for clients and generate revenue. YOU may be wasting an incredible amount of time and opportunity.
This conversation results in some interesting comments:
- I have more to do than meet with clients!
- My staff can’t handle any more!
- It’s easier to do those things myself!
- I can’t afford to hire more people!
- I don’t have any space to put someone!
In a recent analysis of a $400,000 GDC advisor over a nine month period of time, it was determined that he spent about 35 hours a week engaged in client work. However, 20 – 25 of these hours could have been delegated to another team member at $25 – $75 per hour. (A sales associate or assistant.) By making some changes in his team and refocusing his efforts on his core clientele, he managed to increase his run rate by 57% AND work about seven FEWER hours per week. The additional gross of almost $200,000 more than paid for the staffing changes!
Ask yourself these questions?
- What am I really worth when I’m at my best?
- If I could substantially increase my business while simplifying it at the same time, would it be worth it?
- What is holding me back?
Work Hard & Have Fun!™