Nov '23 in General discussion
[Goal Setting] $50M in AUM in 2024 as a Solo Advisor
Challenge Accepted!
I spoke with 3 clients in the last couple of days…
These folks have all been with me for a while…
They know how it works.
They’ve seen the case studies.
Been on calls with peers that are scaling.
They decided they are next.
Here is how we are going to accomplish this together.
Whether your goal is 10M, 20M, 50M, or even 100M+…Or however you think about your goals.
Right now is the time to be planning and setting your goals for 2024…
So when the ball drops, the glasses clink, the kisses are over…
You are ready!
Are you ready?
If not, let’s get fit for the new year before everyone else vs waking up on Jan 1 and easing into the year.
Let’s do some reverse goal setting.
So if your trying to add $50M next year, this is one way to do it (not the only way).
Let’s first break it down by quarter: $50M/4 = $12.5M/Quarter
Now by month: $12.5M/3 = $4.16M/Month
We could have just done it by month to begin with but sometimes we need 90 day windows and sometimes 30 day windows to work in.
This means we need roughly $4M/month in new AUM…Ok…pretty simple.
To get to the $4M let’s focus on people with $2M or more in assets.
So we only need 2 new clients/month.
To get that, we will need to talk to about 20 people per month or less…but let’s hedge and say it’s 20.
So… 20/4 = 5 appointments per week with people that have $2M+.
Out of 20 appointments you need 2.
Time needed for first calls = 5 hours per week
Time needed for second calls = 2 hours per week
Time needed for closing = 1 hour per week
SO…about 8 hours per week…plenty of time to still go golfing or fishing or time with the FAM.
To get these 20 appointments, you can literally buy them…it will cost $400 or so for each one.
Let’s break that down. $400 cost per appointment * 20 appointments = $8,000/month to get $4M AUM or $40K new recurring revenue per year with a LTV (Client Life Time Value) of $400,000+…
Repeat 12X = $50M
“But I want to do $100M”
“But I want to do $20M”
This is the RX (prescription) for $50M, but this can be Scaled up or down to fit you and your goals...just like Crossfit.
If you want to buy your way to a big book of business without becoming the next social media influencer while maintaining a pretty great lifestyle.
I’ve got the RX for a small number of clients who want this.
I will do all the heavy lifting and put pre-qualified appointments on your calendar.
Send me an email if you would like to learn more. markf@castorabbott.com
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[Goal Setting] $50M in AUM in 2024 as a Solo Advisor
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