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Four Ways to Let Go of Nonideal Clients - Episode 14
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Don’t try to serve anyone and everyone—release those clients who just aren’t a good fit for your practice. Build a great financial advisory business—and a great life!
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The next time you sit at your desk, pull up your client list. Give it a good look and ask yourself: “Should I really be working with everyone on this list?”
If you’re being honest with yourself, you will have to admit that there probably are at least a few clients—and maybe a lot—who simply aren’t right for you and your practice.
These clients will probably stand out:
• They are the ones who may take up much of your time but don’t generate commensurate profits.
• They are the ones to whom you can’t provide truly high-level value or who don’t take your advice.
• They may be the ones with whom you simply don’t enjoy working and who drag down your team’s energy and productivity.
It’s time to release those clients for new opportunities. It’s better for them—and for you.
Letting go of existing clients can be a scary proposition, so it’s helpful to remind yourself of the advantages you will enjoy by no longer working with your less-than-ideal clients. For example:
• You will free up a tremendous amount of productive time so that you can focus on your existing ideal clients as well as on building your business to attract additional ideal clients.
• It will improve your self-image and energy dramatically.
• You’ll send a strong message to your top existing ideal clients that you are devoted to serving them.
When it comes time to disengage from nonideal clients, there are four typical options to consider and assess:
1. “Quiet file” the clients.
2. Hire another financial advisor to serve the clients.
3. Transfer the clients to a financial advisor in your office.
4. Sell the clients.
Spoiler alert: Option #4 is almost always your best move—check out the video to learn why.
So check out the latest episode, and leave a comment. Are you continuing to work with clients who just aren’t right for your business model and your success goals? Do you worry about letting go of clients, even though you know it’s the right thing to do?
John Bowen
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ABOUT JOHN BOWEN
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John Bowen is the founder and CEO of CEG Worldwide, the world’s leading coaching firm for financial advisors. For more than 19 years, Bowen and his team have had the privilege of coaching elite financial advisors to build simple, elegant wealth management businesses that serve their affluent clients extremely well while building lives of significance for themselves, their teams and their loved ones.
Before founding CEG Worldwide, Bowen worked directly with affluent clients as a financial advisor for 21 years, managing up to $2 billion in assets before selling his firm. Following the sale of his firm, he became CEO of Assante Capital Management. During this time frame, Assante more than tripled its assets under management to more than $25 billion.
Bowen is widely recognized as a leader in the financial services industry. Over three decades, he has delivered hundreds of keynote presentations and workshops to thousands of top advisors around the world. For more than 20 years, he wrote a highly acclaimed monthly column for the leading U.S. financial services trade journal, Financial Planning. And he is the author or co-author of more than a dozen books, including The Elite Wealth Manager: Delivering Exceptional Value, Achieving Exceptional Success; Your Optimal Financial World: How Driven Entrepreneurs Can Benefit from High-Performing Virtual Family Offices; The Wealthy Client Pipeline: Leveraging Thought Leadership to Build Profitable Partnerships with Attorneys and Accountants; and Breaking Through: Building a World-Class Wealth Management Business.
What we do and who we are
Partnering with you to accelerate your success is what we do.
Helping you build an amazing life of significance is who we are.
What we believe
We believe you can build an amazing life of significance by serving fewer, wealthier clients extremely well. We also believe you can do it faster and with less effort than you ever thought possible.
Let’s connect on ...
-----------------------
-----------------------
The next time you sit at your desk, pull up your client list. Give it a good look and ask yourself: “Should I really be working with everyone on this list?”
If you’re being honest with yourself, you will have to admit that there probably are at least a few clients—and maybe a lot—who simply aren’t right for you and your practice.
These clients will probably stand out:
• They are the ones who may take up much of your time but don’t generate commensurate profits.
• They are the ones to whom you can’t provide truly high-level value or who don’t take your advice.
• They may be the ones with whom you simply don’t enjoy working and who drag down your team’s energy and productivity.
It’s time to release those clients for new opportunities. It’s better for them—and for you.
Letting go of existing clients can be a scary proposition, so it’s helpful to remind yourself of the advantages you will enjoy by no longer working with your less-than-ideal clients. For example:
• You will free up a tremendous amount of productive time so that you can focus on your existing ideal clients as well as on building your business to attract additional ideal clients.
• It will improve your self-image and energy dramatically.
• You’ll send a strong message to your top existing ideal clients that you are devoted to serving them.
When it comes time to disengage from nonideal clients, there are four typical options to consider and assess:
1. “Quiet file” the clients.
2. Hire another financial advisor to serve the clients.
3. Transfer the clients to a financial advisor in your office.
4. Sell the clients.
Spoiler alert: Option #4 is almost always your best move—check out the video to learn why.
So check out the latest episode, and leave a comment. Are you continuing to work with clients who just aren’t right for your business model and your success goals? Do you worry about letting go of clients, even though you know it’s the right thing to do?
John Bowen
=====================
ABOUT JOHN BOWEN
=====================
John Bowen is the founder and CEO of CEG Worldwide, the world’s leading coaching firm for financial advisors. For more than 19 years, Bowen and his team have had the privilege of coaching elite financial advisors to build simple, elegant wealth management businesses that serve their affluent clients extremely well while building lives of significance for themselves, their teams and their loved ones.
Before founding CEG Worldwide, Bowen worked directly with affluent clients as a financial advisor for 21 years, managing up to $2 billion in assets before selling his firm. Following the sale of his firm, he became CEO of Assante Capital Management. During this time frame, Assante more than tripled its assets under management to more than $25 billion.
Bowen is widely recognized as a leader in the financial services industry. Over three decades, he has delivered hundreds of keynote presentations and workshops to thousands of top advisors around the world. For more than 20 years, he wrote a highly acclaimed monthly column for the leading U.S. financial services trade journal, Financial Planning. And he is the author or co-author of more than a dozen books, including The Elite Wealth Manager: Delivering Exceptional Value, Achieving Exceptional Success; Your Optimal Financial World: How Driven Entrepreneurs Can Benefit from High-Performing Virtual Family Offices; The Wealthy Client Pipeline: Leveraging Thought Leadership to Build Profitable Partnerships with Attorneys and Accountants; and Breaking Through: Building a World-Class Wealth Management Business.
What we do and who we are
Partnering with you to accelerate your success is what we do.
Helping you build an amazing life of significance is who we are.
What we believe
We believe you can build an amazing life of significance by serving fewer, wealthier clients extremely well. We also believe you can do it faster and with less effort than you ever thought possible.
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