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Portfolio > Asset Managers

Balance quantity and quality to retain clients

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Serving your clients well depends on finding the right balance between the number of relationships and what each relationship is worth, according to David Mullen, Jr. He recommends contacting each client once a month. A senior advisor on an experienced team should limit the number of relationships to 50.

More affluent clients will require more frequent contact and better service. To do $1 million in business, an advisor needs 75 relationships with assets between $250,000 and $1 million. Twenty-five relationships should have assets of $1 million or more.