Jul '23 (edited) • General discussion
Financial Advisors
[UPDATE]. See comments. There is nothing to see here, but you might enjoy the discovery process.
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I tagged along with my 82-year-old mother today to vet her financial advisor.
Once you get this Ronin stuff in your consciousness, it's really hard not to be curious and see potential opportunities.
FACTS
This little firm has 450 clients.
Their clients having savings from $500,000 to $1,500,000 and pay a 0.84% per year management fee.
They say they do no marketing and operate on referrals.
If all their clients, were only at $500,000, that would be $1,890,000 in revenue.
QUICK SIDE NOTE
I have my opinions about financial planners, but let's talk about those another time.
THE OPPORTUNITY?
At the end of our session, they mentioned that they operate on referral only and so I asked my mother if she knew that.
She didn't.
I asked the planner if they educated their clients on how to bring in referrals. The guy said they are low key and don't want to pressure clients or seem desperate.
I thought that was pretty wild.
This is where I channeled the Travis Sago, Jay Abraham, Dan Kennedy general feeling that these guys weren't very optimized on their back-end.
Could some Ronin come in and bolt on a referral system for a revenue share?
A revenue share that resembles continuity?
Say you had an automated tap into their reporting flow. Like some email marketing with some smart automations?
And you could get $100 of that $350 per month. Get 100 of them and you've got $10,000 per month.
It's not huge dollars for the one little firm, but how many of these firms are out there? Could you replicate this a few times?
Has anyone explored this type of opportunity or have even a bigger idea around this?
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Financial Advisors
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