Ask any agency manager or advisor what they like least about their businesses, and they will all say the same thing: prospecting. In fact, advisors dislike prospecting so much that only 11 to 20 percent of them do it on a regular basis.
Consider these research results:
- 50 percent of advisors quit by the end of the first year.
- 75 percent of advisors quit by the end of the third year.
- 87 percent of advisors quit by the end of the fifth year.
I think retention rates would be far higher if prospecting issues could be resolved. So why do we hate prospecting so much? Because there's a huge difference between selling and prospecting—and you might be great at the former and not at the latter.
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