Financial advisor Bruce Woodcock lives in a community that could only be called "eclectic": oystermen and shrimp fishermen working the waters of Galveston Bay, a thriving Vietnamese community, and the "rocket scientists" of NASA, to name a few. But how to turn that unique community into a more successful practice? Bruce didn't have the answers until he attended Peter Montoya seminar in Denver in June 2003.
There, Bruce worked with coach Steve Mayer and others to come up with his perfect specialization: retirement planning. He also developed an ideal tagline for his new business: "Galveston Bay's Golden Years Financial Consultant." The new brand, together with Bruce's new Brochure, have yielded impressive results: where his income for the 12 months prior to Peter Montoya was about $110,000, he projects an income of about $180,000 for the 12 months following. In fact, in December 2003, he took in nearly $50,000.
Creating an Office to Reflect His Brand
A life insurance veteran who came up in the 1980s and still uses LPL as his broker-dealer, Bruce says he does just about everything of a financial nature for his 80-or-so clients. But now, since the launch of his new brand, he's discovered a new level of confidence in pursuing more affluent clients.
"Clients see me as more successful than before," he says. "Since Peter Montoya and receiving my new brochure, I began to see myself in a new light. I knew that I could have clients who were affluent and sophisticated. Since then, I've gotten several million-dollar transactions."
One of the first major changes Bruce made after launching his brand was to take a hard look at his office, a gingerbread cottage that he loves, but that doesn't fit his new, more sophisticated identity. Aware that everything he does reflects his Brand, Bruce hired an interior designer to completely redo the space, making it richer, more modern, and more appealing to his affluent prospects. “Clients absolutely love the transformation,” he says.
From Accidental to Purposeful
But the biggest difference in how he does business post-Peter Montoya, Bruce claims, is that his prospecting is no longer a matter of chance. "Before, my business development was more accidental," he says. "Now it's more purposeful. I used to stumble into new business, but that's changed."
Now Bruce has specific goals: he wants to become a member of the LPL Patriot Club, reserved for those with over $350,000 in gross dealer commissions; to hire a full-time assistant; and to focus on more affluent clients and increase his per-client revenues. He's already made progress toward the last goal - his per-client assets for investment have jumped from an average of $200,000 before Peter Montoya to more than $500,000 since. And his per-client income has doubled.
Eventually, Bruce hopes to use his newfound image and confidence to help his church - and even his entire diocese - raise funds and invest more profitably. It's a move that he says could one day transform his entire practice.
Brand Always Has a Good Day
Today, Bruce sees incredible untapped potential in his business. "Now I know that if I had two appointments a day, I'd greatly increase my income," he says. He credits the fact that he's starting to get more appointments with wealthy "A" and "B" clients to his Brochure and Brand. "When people receive my brochure in the mail, I'm instantly branded as credible," he says. "It doesn't matter if I've had a bad day. My Brand always has a good day no matter what." |
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