Let me tell you about an article I read recently in the Wall Street Journal. The article was talking about the major brokerage firms and their clients with $1 million or more being managed by the firm.
They said that just over 80 percent of these clients were looking for new advisors. I guess when you see your account drop by 40 percent and are paying a fee on top of that you become dissatisfied.
What a great time to be doing seminars and getting in front of these folks. Of all the marketing strategies I've used over the years, seminars are the most time-efficient and produce the best results. So if you're currently doing seminars, keep it up. If you're not, you may want to consider them as part of your marketing strategy.
Last month we left off with room setup. Years ago, when I was developing my seminar process, I went to a high-end money manager's seminar and was sitting at a table with a few other people. He had the room set up for about 100 people and only 45 showed up. The folks at my table made a comment that stuck in my memory: He must not be very good at what he does because the room seemed empty.
