You’ve heard at various points in your career that you should learn to fire clients who become a drain on your business, taking inordinate amounts of your time. These clients may seem to be the biggest contributors to your bottom line. But if they are distracting you from adequately serving your other clients or otherwise putting a strain on your business, their contribution may be rightly viewed as a threat to your existence.
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It’s extremely difficult to know just how accommodating you should be to your clients’ wishes. There comes an economic point where it no longer pays to dedicate an overabundance of time to a single, demanding client no matter how many assets he or she has with you. How do you reach that point? Stepping back and asking yourself some questions is the only way to objectively see where that shift in balance is occurring in your day-to-day activities and those of your team.
Because if you don’t know where that point is, you can easily go beyond it without even realizing what’s happening. Clients who ask for your advice and then simply ignore it are not good clients. Neither are those who take advantage of your relationship in other ways, like mistreating your staff or talking you into working with a friend or relative whose assets do not meet your minimum management requirements.
On the internal front, team members who are not fully on board with your philosophy and who are not passionate about your business will become a drain on your time, your focus, and your own passion. These effects can sneak up on you.
So it might be good to institute a regular, personal, step-back review of what’s going on in your practice followed by regular check-in meetings with your partners and staff to more accurately gauge their ongoing commitment to your success. Such regular checks will not only ensure you stay on track with achieving your own goals, but they will also make your success mean success for your partners and staff, too.
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