Related: 7 Steps to Keeping a Client Whose Advisor Has Left the Firm
It’s extremely difficult to grow your practice if you focus on those you won’t do business with. But there are exceptions to the rule.
I’m of the belief you don’t need to like all your clients. Consider the following scenario: Someone comes to you. You don’t like their personality. They have an incredibly large amount of money. The business they want to do is completely legitimate. The fees would be high, and they are agreeable to paying them. This person will be a major account. Are you seriously going to turn them away because you don’t like them?
But there are certain types of clients you should think twice about accepting, refer to another advisor or actually avoid. Let’s look at some of them in the gallery above.
— Related on ThinkAdvisor:
- A Strategy for When Your Friends Are Chosen for You
- The Ten Commandments of Post-Pandemic Prospecting
- 15 Tactful Ways to Announce You Are an Advisor
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor,” is available on Amazon.