Improve Seminar Results

Money BulbNot every elite financial advisor conducts public seminars/workshops within their practice. But my educated guess (looking at advisors with our firm that write $10 million or more annually in FIAs) is that 70% do. The majority of producers use direct mail-driven, dinner-provided public workshops and work hard to differentiate themselves from competitors.

Today I’d like to highlight the success of one of the best financial advisors in the country and his seminar results! I had an opportunity to visit with Matt from Kentucky over the phone today and below are a few mind-blowing stats he shared.
Bottom line as you read this is – if you think public workshops don’t work, think again! In 2009 Matt was at a crossroads in his marketing. He either needed to abandon seminars completely, because the model he was using produced steadily declining results, to the point of being not profitable. Or he needed to tear apart every piece of the process and design it again from the ground up. He chose the second option and his results are astounding…

  • In the past 5 years Matt has seen over 12,000 seminar attendees.
  • In 2011 he spoke at 89 events and averaged a 1.89% mail response for the year! The end result was $14 million of new premium attributed to seminars.
  • In 2012 he spoke at 39 events (less than half), cancelled three scheduled mailers due to overflow and averaged a 1.79% mail response for the year.  That end result was $15 million of new premium attributed to seminars.
  • 2118 qualified leads were produced from his 2012 seminars.
  • Over 50% of Matt’s business comes from baby boomers. That allowed Matt to gather over $29 million in premium last year, due in part to additional business boomer clients bring him throughout their relationship together (opposed to senior clients that typically don’t come into additional funds).
  • He previously did workshops rotated at 13 different restaurants. Now he only uses two premier steakhouses. This caused his cost per meal to go up, but cost per lead to dramatically reduce and average “client value” to increase.
  • His high appointment ratio from seminars provides Matt a minimum of 60 future appointments at all times on his calendar. (He told me he gets “nervous” if it falls below that). Due to appointment volume, he needs to be very efficient in meetings and last year closed 75% of clients at the first appointment, 15% at second appointment and 10% appointments three or more.
  • Nearly $130 million came through his doors for an appointment in 2012!
  • Of that, Matt gathered $29 million in assets, disqualified $20 million for various reasons and the remaining $80 million is now on his “pendling tickler” drip file. Think that’ll produce future results?

Three’s a lot more to Matt’s seminars and the rest of his business. His TV commercials and 30 minute weekly television show on ABC are watched by over 10,000 people. He has the art and science of producing of direct response leads from television exacted. His appointment process and deliverables are incredible. Matt gets prospects to a ‘yes’ or ‘no’ very quickly and with respect. I could go on and on…

I hope these results, if nothing else, give you hope that seminar results can improve! If it works for Matt, it can work for you. Let’s visit soon if you want to dig deeper on anything above.
Advise with Passion,
MJN

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