It’s a costly and hard-learned lesson in the advisory business: declining to work with an interested prospect who neither fits your ideal client profile, nor qualifies as a B or C client. This may be counter-intuitive, but indiscriminately accepting clients generates frustration, costs you money, and wastes your time—a lot of time.
Alternatively, choosing a specific niche of clients and becoming an expert in that realm is more pleasant—and profitable. Think about it in terms of quantity versus quality. The extra revenue generated by less-than-ideal clients is usually not enough to cover the extra costs associated with servicing those accounts.
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A Little About Maria
As an unstoppable business strategist and former Wall Street trader, Maria Marsala specializes in helping RRs and advisors increase their productivity and production. For 20 years on The Street, she helped financial professionals sell more bonds and secure loyal clients. Today, she helps them attract higher-quality clients and grow their businesses to serve their lives – not the other way around.