Millionaire Secrets Revealed: The ONLY Empirical & Scientific Report on Millionaire Salespeople

[Ubermensch]

The study was performed by Russ Alan Prince. As his Forbes profile states (read it here), he writes about the creation and management of exceptional wealth.

The study is called the Elite 1200, and its results were published in the 2006 Q1 and Q2 issues of Financial Adviser Magazine (links below).

Here are some interesting observations:

The first sentence in the February essay states that "Every profession can be viewed as a pyramid, and the advisory business is no different." The pyramid analogy calls to mind the image on the cover of Robert Greene's latest work, Mastery.

Perhaps the most important aspect of this study is that it is empirically-based. On the Internet, nonsense abounds. There are countless websites rife with useless, get-rich-quick claptrap. You could probably spend an entire lifetime reading all of the tripe, and still not make it even half of the way through.

The Elite 1200 study is light in the darkness. As the article states:

Last year we amassed data from those advisors who had earned at least $1 million in income (not production) in each of the past three years. The advisors represented in our data included financial planners, insurance agents, RIAs, bankers and brokers who derived most of their income from a fee or commission on the sale of products, rather than a fee for services. By requiring three years of W-2 income from each of the study participants-and requiring team members to verify individual income levels-we were able to eliminate those advisors who had not achieved a consistent earning pattern. In total, approximately 1,200 advisors fit our definition; we call them the Elite 1200.

Humans are a gullible lot. We often form our most important views and beliefs with embarrassingly little thought. Instead of deeply studying history, assessing the consensus of informed scholars, and analyzing the relevant facts, we come to our worldviews, philosophy, notions of morality, political opinions, and religious beliefs by thoughtlessly swallowing what our parents taught us, or perhaps mindlessly accepting what the culture around us perpetuates. It is no wonder, then, that so many of us get sucked into MLM schemes... or worse.

I found the Elite 1200 study shortly after it was published, and it is as helpful now as it was then. The secret, as expressed in the articles below, is a simple one. The difference between top producing millionaire salespeople in the financial industry is how they leverage centers of influence. A center of influence is, essentially, a non-competing professional or even a company that already serves the clients you want to reach. In his book Rainmaker, Prince goes into great detail about how millionaire salespeople cultivate such relationships.

If you're in sales, and you're serious about getting to the top, you can't ignore this.

All of this reminds me of a private message MJ sent me years ago, I think in 2008. I presume he won't mind me sharing.

Your answer is pretty simple. What need is out there that all these connections can solve? It seems you are chasing $$ instead of chasing a need. You have to identify a specific need (problem, inconvenience, performance gap) and fill it. Just because you have access to the gurus doesn't mean that a need exists. You can't force a need, they are uncovered by engaging into the markets by which you want to serve. Of course, certain roads can pick you instead of you picking them ... when life presents a problem or an unmet need, a new road is opened, even if you aren't involved in that particular space.
BTW, your introduction made months ago made it into the rough draft of my book.

Cheers,
MJ

"All these connections," in the words of MJ, are centers of influence. At the time, I was just busying chasing the connections, without focusing on the need that those connections would fill. All that's changed now. My posts on this site are going to become scarce. I'm not sure if I'll disappear for years, like I did when I first started my brokerage, but things are starting to heat up so fast now that my days (and nights) will soon be entirely consumed with work. Hopefully, the posts I've made here have helped some of you brainstorm about how to perfect your own hustles. Like Vigilante told me in my Bugatti thread, only action matters.

http://www.fa-mag.com/news/article-1374.html

http://www.fa-mag.com/news/article-1331.html

 

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[Ubermensch]

@UWUwopdi

Nz cef gus vji acis mevi sitqupti up vjot.

Vu eptxis zuas raitvoup:

Jiz nep, O sief zuas vjsief up vji dipvist ug opgmaipdi, epf O siemmz eqqsidoevi vjev zua nefi vjev vjsief e xjomi cedl. O en tusv ug jewoph dupgatoup sihesfoph vji QN zua tjesif op vji vjsief. Dep zua jimq ni uav?

Xjip O iydjephif QN't xovj NK ziest ehu, xi fotdattif jux vu miwisehi vji duppidvoupt O nefi vjsuahj ehhsittowi pivxusloph. O jef ep onqsittowi sumufiy, epf O fofp'v lpux jux vu nupivobi ov. Jipdi NK't sitqupti.

Nz sitqupti xet vu foteqqies gsun vji gusan, miespif jux vu apduwis piift vjev zoimfif toy, tiwip epf iwip iohjv gohasi qezfezt gsun upi dmoipv.

 

[OVOvince]

@UWUwopdi

Nz cef gus vji acis mevi sitqupti up vjot.

Vu eptxis zuas raitvoup:



Xjip O iydjephif QN't xovj NK ziest ehu, xi fotdattif jux vu miwisehi vji duppidvoupt O nefi vjsuahj ehhsittowi pivxusloph. O jef ep onqsittowi sumufiy, epf O fofp'v lpux jux vu nupivobi ov. Jipdi NK't sitqupti.

Nz sitqupti xet vu foteqqies gsun vji gusan, miespif jux vu apduwis piift vjev zoimfif toy, tiwip epf iwip iohjv gohasi qezfezt gsun upi dmoipv.

jiz nep o siemmz eqqsidoevi zua hivvoph cedl vu ni iwip vjuahj ov xet mevi. o fofp'v si-sief vjot sidipvmz, cav pux vjev ov xet canqif, o xipv aq vu vji qesv o xet dupgatif ecuav, epf o dunqmivimz apfistvepf ov pux. xjev NK ot tezoph ecuav gopfoph e piif ot sohjv. xjev zua tez ecuav miwisehoph vji duppidvoupt ot opvisitvoph vu ni.

o jewi tuni raitvoupt up vjot. upi vjoph owi miespif emuph vji xez ot vjev e huuf xez vu pivxusl ot vu ciduni e mopl, us e duppidvus. gus iyenqmi, cioph vji qistup vjev dep duppidv vxu qiuqmi vjev piif iedj uvjis (catopitt xoti). vjot xez zuas pivxusl hsuxt raodl epf zua jewi e miwisehi cetif up qsopdoqmit ug opgmaipdi (og zua jimq qiuqmi vjiz xomm ci nusi iehis vu veli zuas siraitvt epf xjevpuv). xjev ot zuas uqopoup up vjot?

epf xjev ot tuni efwodi zua dep howi ni gus cioph e civvis pivxuslis?

 

[Ubermensch]

@eyoun
@Vjoehu Nedjefu
@Dzsoiy

Pu nusi TQUUP GIIFOPH!