Cambridge Business Association
The Million Dollar Financial Services Practice
Book

The Million Dollar Financial Services Practice

A Proven System for Becoming a Top Producer

David J. Mullen Jr.
AMACOM, 2007
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Editorial Rating

6

Qualities

  • Applicable
  • Well Structured
  • Background

Recommendation

David Mullen’s main theme is a variation of Thomas Edison’s oft-repeated words that “genius is 10% inspiration and 90% perspiration.” Although his book is repetitive and circular, he adds a little more information each time he loops back to an idea. Aspiring brokers will find the effort of following Mullen’s train of thought worthwhile: He provides scripts and sample letters, and describes helpful techniques for handling rejection, communicating with prospects and closing sales. He includes information about how to work in teams and how to train sales associates. Mullen’s advice is not groundbreaking, but it is specific and practical – although, strangely, he never mentions the importance of developing investment expertise. Thus, getAbstract recommends this book to those who already understand the field and want to use what they know to start selling.

Summary

Calculate Your Goals

Building a $1 million financial practice requires persistence and discipline. The average million-dollar producer has at least 100 affluent clients – those with more than $250,000 in investable assets – and at least 25 of those affluent clients have more than $1 million in investable assets. Million-dollar producers manage between $100 million and $150 million of their clients’ money. To become a million-dollar producer, you must bring in:

  • “At least $12 million net new assets per year.”
  • “Nine $250,000-plus relationships per year.”
  • “Three $1 million-plus relationships each year.”

Pulling in that much business week after week is a challenge for which you’ll need these characteristics of successful producers:

  • “They set business and activity goals and track their progress” – Most people need 10 years to reach a million dollars and some need much more. Figure out how much income you must generate each year to reach your goal. Break down yearly goals into monthly and weekly goals, and keep tabs on the number of prospects you have and the number of appointments you set up.
  • “They are motivated...

About the Author

David J. Mullen Jr. is a former managing director of Merrill Lynch, where he hired and trained more than 500 advisers.

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