What Is the Difference Between a Pipeline and a Sewer?
“The difference between a pipeline and a sewer is what flows through it.”
Stephen Shapiro, Best Practices Are Stupid.
That brings to mind all of the financial advisors who have pipelines designed to bring them new accounts. I realized that for many financial advisors what comes out the end of their pipelines is not exactly what they were expecting. That's why a Supernova Advisor approaches prospecting in an entirely different manner. The Supernova Advisor is continually looking to duplicate best clients. No one else should be considered. You want that pipeline to produce more clients like your best clients. Supernova teaches how to make that happen. Our five strategies for prospecting are all based upon duplicating your best clients.
- Referrals from your top clients
- Referrals from Centers Of Influence
- Referrals from niches
- Referrals from community involvement
- Referrals from your Mastermind group
Too often financial advisors have waited for referrals, spent time with a prospect, worked with a group, only to find out that the resulting accounts were huge disappointments. What a waste of time.
Having a big pipeline and having a pipeline that produces the right kinds of accounts are two very different things. Supernova encourages and assists our advisors in building a pipeline that produces the best of new accounts, new accounts that meet your minimum, understand your service model and want your expertise.
What kind of pipeline do you have? What is flowing through it? What kind of accounts are coming from it? Supernova Advisors understand the 5 methods of growing their business and look forward to adding new accounts that are like their best accounts. The 90 prospect folders are designed to help you find and open accounts with the most meaningful and satisfying relationships possible.
The Supernova Advisor grows business not by continually adding new accounts, but by continually adding the right kinds of accounts that meet their minimum and have the qualities that make them ideal for the practice.
Opening new accounts also means reassigning current accounts. Developing Supernova relationships within your office is key to handing your clients off to a Supernova team or individual who will give your client the same Supernova service they have become accustomed to.
It is important to keep your pipeline flowing with the right kind of prospects. Do not let it plug up by holding onto accounts that need to be reassigned.
The right kind of pipeline will continue to grow your business and it will continue to do so for years to come.