How To FIRE Your Client As A Financial Advisor

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As you grow your financial advisory business, or any business for that matter, you will have to face the difficult circumstance of letting some of your clients go. Here is how I handle 'firing' my clients in a way that helps both of us.

Josh Olfert is a professional CFP financial advisor and the Founder of Haven Wealth Management investment fund based out of Winnipeg Canada. Through this channel Josh shares his knowledge of wealth accumulation and personal investing to the world, in an effort to improve financial literacy and help everyone achieve their financial goals.

All numbers and figures discussed in this video are purely for illustrative purposes and are not to be taken as financial advice.

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So, one of my favorite lines is: "It's a fine line between volume and margin!"

mikelineback

Great video Josh! You built up the problem so well through storytelling, then actually gave a proactive solution +an example. I'm looking forward to that "bullpen" experience you mentioned! I just made my first year business plan at an independent firm (i'm still in the interview process), and content creation is part of my marketing strategy, as well as using my Tik Tok/Youtube following. How in tarnation did you get through compliance and SEC? I'd like to make my plans more specific.

jcrodriguezco

I mean if revenue is no longer the issue I feel that’s the point at which you bring on additional staff. Rather than risking the reputational damage of “discarding clients” you can keep them under your firm in the care of another planner who may have a better connection with them?

davidmackenzie