Don’t Focus on the Number of Prospects You Bring In

Ari GalperAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

When I ask advisors how many leads they bring in each month, they usually give me a definitive answer.

But when I ask them how many of those leads they convert into paying clients, it gets wobbly with words like “around,” “maybe,” “I want to say...,” and “I think it’s...”

It’s rare to meet an advisor who knows that number.

Why do I ask that question, when what they really want to know is how to get more leads?

If one new client pays you $10,000 annually, and you keep them for at least 10 years, then losing a prospect (a potential client) doesn’t cost you $10,000... it costs you $100,000.