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Welcome everybody! Welcome to the 389th episode of the Monetary Advisor Success Podcast!
My visitor on right now’s podcast is Mark Berg. Mark is the Founding father of Timothy Monetary Counsel, an RIA based mostly in Wheaton, Illinois, that’s on monitor to generate roughly $5 million in annual income this 12 months serving 800 shopper households.
What’s distinctive about Mark, although, is how his agency has scaled from $1.8 million of income to $5 million, in solely 6 years, and has maintained a 25% revenue margin… all whereas serving shoppers by completely utilizing an hourly charge mannequin.
On this episode, we discuss in-depth about how Mark created a structured course of to serve shoppers beneath the hourly mannequin, together with segmenting shopper engagements into 5 “ranges” based mostly on the complexity of their must match them with the appropriate advisor, how Mark’s agency makes use of these ranges to supply correct quotes for what number of hours it’ll take to satisfy a shopper’s planning wants within the first prospecting name , and why Mark thinks that correct pricing is a key to success utilizing the hourly charge mannequin, together with his agency charging both $350 or $450/hour relying on the seniority of the assigned advisor.
We additionally discuss how Mark’s agency attracts shoppers each by way of referrals from present shoppers and from different monetary advisors who must refer prospects who do not meet their asset minimums or whose planning wants do not match their experience, why Mark created a shopper waitlist to handle his and his employees’s capability amidst a wave of curiosity from potential shoppers (after realizing that this “wave of curiosity” could possibly be the brand new regular that he could not simply assume was short-term and would cross), and the way Mark makes use of time-tracking software program not solely to precisely and effectively invoice shoppers, but additionally to handle his and his advisors’ capability as properly.
And make sure to take heed to the tip, the place Mark shares how hiring a president of the agency – and selecting somebody with no monetary planning background – helped his agency scale by permitting him to deal with the big-picture concepts for the agency and having the president implement them, how Mark structured the agency’s worker hiring, onboarding, and coaching course of to match the distinctive growth curves of his agency’s junior workers in an hourly mannequin the place almost everybody contributes to producing income, and why Mark compares the hourly charge mannequin to a “blue ocean” of alternative for monetary advisors, with the potential to succeed in tens of millions of potential shoppers for whom different charge fashions won’t be a match, however who’re exhibiting a transparent willingness to pay a number of hundred {dollars} per hour in charges… that advisors themselves can construct and scale with.
So, whether or not you are enthusiastic about studying about the way to scale a agency utilizing an hourly charge mannequin, the way to phase shopper engagements based mostly on the complexity of their wants, or the way to create processes for hiring and coaching workers in a rising enterprise, then we hope you take pleasure in this episode of the Monetary Advisor Success podcast, with Mark Berg.
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