100K IN RECURRING REVENUE.
You wake up January 1 and by December, 31st your financial planning practice has brought in 100k net before you sell a single insurance policy, annuity or one time financial plan.
This doesn't seem like a big goal. Especially for the "big dogs" with the big AUM books they have built over the last 10-20 years.
But I have talked 1:1 with hundreds of financial advisors who aren't there yet.
Many of them are making good money selling products but the vast majority of advisors in the first 2-10 years in the business aren't there yet.
I sat down with one of my mentors in the fee for advice space a few years ago and took 16 pages of notes of how he did it.
The best nugget of wisdom I pulled from him was when he said....
"Dude, Recurring revenue pays for recurring expenses."
He was right.
I was making good money selling insurance and annuities and gathering some AUM here or there, but I wasn't at my recurring revenue number.
I needed a recurring revenue bridge.
When I talk with older advisors the answer is AUM.
When I talk with younger advisors, (myself included) the answer was.
Fee For Advice
What's your answer?
Are you are your recurring revenue goal?
Which route do you see as the best way to build your bridge?