Regardless of where you are in your career, valuable information is always worth seeking and sharing. I would like to take this opportunity to share some valuable information with you that I learned over my career in the financial services industry. I am sure that most, if not all of us would agree that having too many clients isn’t such a bad thing. The following step will help you create that situation.
Step 1: The Right Client
To determine which clients are “right” for you and your practice, you must first realize that you can, and should, be selective. Doing so will allow you to provide outstanding service, receive additional referrals and attract more clients – and the “right” clients at that.
To determine what types of clients are “right” for you, ask yourself the following questions: Would I like working with them? Will they be profitable? Will they create new clients?
It will also prove helpful to “score” your clients as “A” “B” or “C” based on the following areas: ongoing revenue, potential for new revenue over the next 24 months, lines of business with your firm, referrals, assets under management, and maintenance.
Knowing the “right” clients and “scoring” them is the first step in becoming selective. Before you can become truly selective, you must establish an infrastructure to service those clients.
Please stay tuned for the next installment in this series, Step 2: Establish an Infrastructure, to help you determine a system to support your clients.
