Tested in the Trenches: A 9-Step Plan for Building and Sustaining a Million-Dollar Financial Services Practice

by Ron Carson and Steve Sanduski

Book Overview

High-impact, low-cost ideas that can be easily implemented - from two of the industry's top producers and trainers. Building and sustaining a million-dollar practice is a goal of many financial... This description may be from another edition of this product.

• Format: Hardcover
• Language: English
• ISBN: 1419501585
• ISBN13: 9781419501586
• Release Date: March 2005
• Publisher: Kaplan Publishing
• Length: 276 Pages
• Weight: 1.45 lbs.
• Dimensions: 0.9" x 7.4" x 9.3"

Customer Reviews

Successful Financial Services Business

I am a consultant in the Financial Services business. I coach advisors on building profitable businesses. The first thing I do when an advisor joins my practice group is send them this book. I call it the textbook of just how to put systems in place that will build profitability with less clients and more money under management. Ron Carson has reivented all the wheels, all advisors need to do is implement his 9 steps and watch as their clients are well taken care of, the revenue stream to the business increases and their lifestyles are what they have dreamed of.

Building your own Financial Planning practice

There are a lot of different books out there written by owners of different financial service firms but of all the books I've seen this book is by far the best. The advice may seem simple but it is highly effective. We have already referred to this book many times within the practice I work to help design processes that have simplified the way we do things. The advice on how to attract new clients makes so much sense yet is so simple. You don't need to spend a fortune attracting new clients, just do what Ron recommends and you too will see your practice grow. When it comes down to it, it's all about providing excellent service and earning your clients trust. The advice on finding your own true meaning has been very helpful to us when it came time to lay our marketing plan down on paper.

Tested In the Trenches

Covers the essence of Ron Carson's pathway to success. It is easy reading. Nicely laid out. Has summary after each chapter. Here's a practicing investment advisor who openly tells you how he does it, and still produces better numbers than any of his disciples AND ALL OTHERS in the largest independent broker/dealer in the country. If you are open to goal setting, and have strength in relationship building, this book is a powerful "how to" tool.

A book for every producer

The other reviews on this book are nearly dead-on, so I won't try to re-invent the wheel. I've read many books in the hopes of improving my business, and quite honestly, this is the first one that has been of enough value to motivate me to recommend it. As a young producer/manager in the bank-brokerage industry, I have found that there aren't many shortcuts to becoming a top producer. As I'm sure anyone in the industry will attest, there is just no substitute for good, old-fashioned experience. However, one of the few shortcuts I have actually found is that the experience doesn't necessarily have to be your OWN. Mr. Carson does an excellent job of presenting ideas, none of which are revolutionary, but all of which are critical, to help stramline your efficiency and boost your business to the forefront of an industry that has become largely commoditized over the years. Whether you're an individual producer in a wirehouse, a bank, or you have struck out on your own; whether you're newer to the industry or have been writing business for longer than you can remember, this book has ideas that you can implement tomorrow, and reap rewards from immediately.

Must read for Financial Advisors

This book is an excellent book for someone who has financial planning practice for a few years like myself. A rookie could read it and get some basics from the book. A veteran could definitely implement the ideas from Ron to really grow his or her practice. I agree with so much that Ron says in the book. Ron has been one of the most successful financial advisors in the business and his strategies for success are great. He breaks the book apart into a few different areas. The first part focuses on do you really have passion for this business. He gives you some tips on how to figure this out for yourself. For myself, I really love this business, and I wish I had started doing this many years ago. I love learning how to get better in my field. For example, I absolutely loved studying for CFP and now I enjoy the continuing education that I take to keep my CFP certification. The CE helps me get better which assist my clients even more. The next part is really for someone who is independent or has more flexibility with staffing within a wirehouse. This part focuses on getting the right people on your team and removing the wrong people from your team quickly. The next part focuses on managing your growing practice. As one grows, one needs systems to keep client satisfaction in check. I look forward to implement ideas from this section as I continue to grow my practice. The next section is on time management. The best item from here is at the end of each day to list the top six things you have to do the next day in order of importance. Then, do them. I have tried this before and will try this again. This is difficult because so many fires come up everyday. But, it is important to make sure you get the major items done every day. That is, you must put the big rocks in the jar before you put in the little rocks. If you do it the other way, you will never have space for all your big rocks. The next section focused on marketing and focusing the clients more on your services. I think this is critical. This business has become almost a commodity business; however, the big differentiator is personal service. This is probably the most important item on which I focus. If I am able to exceed my clients' expectations, they will in return refer me to their friends. He also has a great section on referrals. He has a great script to let clients know upfront that you will expect referrals from them. I also like that he suggests doing client seminars and encouraging them to bring guests. This is better than just having prospect seminars in which you don't if people are just there for the free dinner. The last section talks about focusing your activities on doing items you enjoy. I enjoy golfing, so I do golfing events for my clients and prospects. Ron likes wine, so he does wine tastings. Ron does suggest that you be very good at the hobby before you have these events. Unfortunately, I am not that good at golf, but I have fu