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36 Cards in this Set

  • Front
  • Back
Adequate Service Support
"Enough support so that someone is available to answer your phone 4 hours in the morning, handle most service, and defer any service he or she cannot handle to a one hour time block in the afternoon.
Abbreviation for Financial Advisor. These are BGM clients.
Abbreviation for Service Assistant.
Abbreviation for Sales Assistant
Abbreviation for Computer Operator
What is the purpose of a Sales Assistant?
Ensure the FA always has plenty of interested, qualified clients and prospects to talk to and see.
What are the four purposes of the Service Assistant?
1) Handle ALL Client Service Problems; 2) Protect the FA's Time; 3) Manage the Office; 4) Manage the Computer Operator.
What is the purpose of the Computer Operator?
Meticulously follow each step on the CO's Daily Task Checklist thereby insuring data is captured correctly, safeguarded and made available when needed.
Which position do we recommend be filled first?
Computer Operator. You cannot run Gorilla without one. Someone who does not have Gorilla should hire an SV first. But in order to become operational on Gorilla, you need to get a CO.
What should the FA spend his or her time doing?
Making investment recommendations to interested, qualified clients and prospect, planning the business and doing such homework as is necessary to provide good investment advice.
How much is an FA worth per hour doing the job of FA?
How do we know the FA to be worth $1000 per hour.
Because BG did the only two actual time studies we know about. The first series were done in 1986. He repeated the study in 1991 in the Rancho Mirage office of Prudential Securities.
Why has the study not been repeated since 1991.
Because we are convinced we got it right. Even if the results are way off, say $1500 or $500 per hour, it doesn't change the conclusions. FA's should spend their time doing what they're supposed to be doing and not other things.
What is the goal of the BGM System?
Double production or work half as much in a two year period.
How can we realistically help someone double their business?
Our focus is entirely on getting the person to double the amount of time spent with clients and prospects and, through the system, improving the responsiveness of the clients now on the books.
How much support does it take to produce $1 million in gross revenue?
The rule of thumb is that it takes 2 1/2 or 3 support staff per million dollars in production.
When someone hits $1 million in production, when should they add staff?
They should immediately start building the $2 million team?
What is the $1 million team?
Full times SV, Full time SA, part-time CO.
What is the $2 million team?
Full time SV, Full time Service Receptionist, Full time Client SA, Full time Prospect SA, Full time CO.
What is the "Model Day?"
The Model Day is a structured day we recommend. It is composed of what we call "mini-days" which are devoted to a single activity. We have learned by focusing on a single activity for a certain amount of time, the FA can develop a "roll" or momentum to his or her day.
What is the main purpose of the "Model Day?"
Talk to and see more clients and prospects.
Will the Model Day fit everyone?
No. That's why when someone downloads it from the Document Library, it's a Microsoft Word Document and can be modified.
What is the fundamental assumption for the develop of all the intellectual property that makes up the Bill Good Marketing System?
It's easier to re-write than it is to write.
Why is the "fundamental assumption" so important?
Because most FA's cannot write and because one of the key points in the BGM Survival Strategy is "Master alternate channels of communication." This was all based on BG's forecast that the phone would cease to be the primary means of communication. The other primary means write written communications. So if FA's can't write, maybe they can re-write. BG discovered that works.
How many letters are there in the Letters Library?
Approximately 2000?
How many birthday letters do we have?
100 for men and 100 for women.
Why do we have so many birthday letters?
Because we discovered very early in the system that clients remember the letters we send. They hate receiving the same letter as their spouse or the same one they received last year?
Why do we use birthday letters instead of birthday cards?
Because of the stunning response we received to the very first birthday letter that was sent out with the very first copy of the system.
When was the system launched?
The first class was December 1986.
How many classes have we done since?
We have never missed a month without a class. Many months we have done two classes.
Why do we not expect people to have trouble in getting letters through Compliance?
Because our letters meet or exceed the FINRA Guidelines.
What is the process we put new marketing material through before it is released to Gorillas?
It is first reviewed by our Compliance Liaison, LeAnne Schliegel. She is fully licensed Compliance Officer. When LeAnne approves it, we send it to the Compliance Department at several broker/dealers. They side check it. We then send it to 20 or 30 other firms for whom we manage compliance libraries. If your firm is not among those, you can use a letter approved by someone else. In the unlikely event your firm disapproves one of our letters, you are to call Leanne and she will contact your Compliance officer.
What is "production?
It is the amount of revenue produced by an advisor. It consists of fees, trails and commissions.
What is a "Fee"
It is a percentage of assets an advisor charges to manage a client account. Generally it will range from 1% to 1/5% per year.
What is a "commission?"
It is a one-time payment charged by an advisor for selling an investment. A typical commission for selling a mutual fund might be 4%.
What is a "trail."
An account services fee typically paid by a mutual fund to be a primary contact for someone who bought a mutual fund in years past. Typically .25%.