Cambridge Business Association
The Million Dollar Financial Advisor
Book

The Million Dollar Financial Advisor

Powerful Lessons and Proven Strategies from Top Producers

David J. Mullen Jr.
AMACOM, 2009
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Editorial Rating

8

Qualities

  • Applicable

Recommendation

Financial advisors who aspire to generate at least $1 million in revenues annually will find solid-gold advice in this motivating, straightforward sales book. Author David J. Mullen Jr. surveyed the 15 “top producers” he got to know during his 30-year tenure in the financial services industry to tease out their secrets to building million-dollar-plus advisory practices. Mullen, who formerly trained financial consultants at Merrill Lynch, breaks down their achievements into 13 “success principles” that define the crème de la crème of personal finance. Getting to that first (or second) million takes hard work, but it is not rocket science. getAbstract recommends this easy to read book to tyro consultants looking to get off the ground and to experienced professionals wanting to zoom their business into the stratosphere.

Summary

Reaching the Summit

Becoming a million-dollar-a-year financial advisor is an achievement that only 1% of those who start out in the industry attain. “Top producers” don’t follow a blueprint; they build their practices in different ways. However, the 15 top money managers interviewed in this study, though of varied backgrounds and skill sets, offer vital lessons in creating profitable businesses.

To be included in this survey, these leading counselors – granted pseudonyms to ensure their privacy – had to have started their own book of business, had to generate more than $2 million annually and had to hold clean compliance records. They responded to 70 specific questions, and their answers were revealing: Most attended public universities, none went to Ivy League schools and only two had graduate degrees. The majority came from humble beginnings. Now the average income of one of these top advisors is $5 million, with assets under management averaging around $1 billion. They maintain about 80 clients each, with an average minimum account size of $1 million. In 2008 they all reached their goals of each generating $50 million in new assets. They agree that their main focus...

About the Author

David J. Mullen Jr. is a 30-year financial industry veteran and former managing director at Merrill Lynch, where he trained more than 500 financial advisors.

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