10 Tips for Boosting Production in 2015

Although the changes that advisors need to make to become better producers are long-term and often painful, advisors are clearly up to the challenge, says Rick Rummage, owner of consulting firm The Rummage Group. "If you were able to endure the pain of college or the challenge of building a book of business, I know you have the strength to change a few habits to increase your production in the New Year," he says.

Here are 10 tips he recently shared with advisors on how to boost production. The tips are excerpted from an article in the January/February 2015 issue of Bank Investment Consultant. For the original article, click here.

Start With a Marketing Plan

Write a detailed marketing plan with exact details for implementation. Be very specific as to when, how often, etc. Also, don't be shy about investing $5,000 to $10,000 in marketing your business. "Practice what you preach to your clients," says Rummage. "You ask them to invest their money in the market, so you should invest some in your business."

Have Lunch With Referral Sources

Take 10 referral sources to lunchgain their respect, trust and build a strong rapport with them. Referral sources include branch employees, mortgage lenders, merchant services reps, commercial bankers, trust officers and capital markets managers. Other important referral sources include lawyers, accountants, builders, mortgage lenders and employees at the chamber of commerce.

Conduct Semiannual Reviews

Hold semiannual reviews with at least the top half of your book. Clients need face time to establish a strong relationship with you. One of the biggest complaints from clients is their advisor is not around or not accessible.

Host Client Appreciation Events

Hold at least two client appreciation events each yearask your clients to bring a few friends. Once the friends see how good you are to your clients they will want to do business with you.

Stop Socializing at the Office

Focus on business at work and fun at homestop socializing as much at the office. "I have worked in many offices during my 20 years as an advisor and a manager and was always shocked how much time advisors wasted talking about sports," says Rummage.

10 Tips for Boosting Production in 2015