What is a Practice Growth Multiplier?
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With prospecting becoming increasingly challenged, advisors are trying their hand at marketing with mixed results.
Many are following the crowd and testing trendy marketing tactics like podcasts or Facebook ads.
A trendy tactic, marketing-growth hack, or strategic alliance with a single influencer or CPA will only provide a temporary boost.
Understanding and managing your firm’s practice growth multiplier (PGM) is your ticket to enduring success, higher profits, and a more rewarding practice.
What is a practice growth multiplier?
Most practices track their annual growth as a single number like assets under management or fees.
“Our assets under management or fees grew at 7% last year.”
This is a good data point, but not actionable or scalable.