The more clients, the better?

Not necessarily.

It used to be that Financial Professionals broke their backs trying to entice as many potential clients as possible. These days, the wise Financial Professional understands that less is more … literally.

Can anyone handle 1500 clients? I would argue – NOT WELL. But spreading yourself too thin is only part of the problem. Focus your skills. Limiting your clients in order to provide a certain high level of service is very important, but being selective in who makes up that limited clientele is paramount.

It’s not just about assets or a dollar amount.

If five advisors walk into a room and have one minute each to present themselves to 100 randomly selected individuals, how much business will they each receive? Tough to say. But if one of those advisors specializes in the needs of Physicians, it’s a good bet that any Physician in the room will prefer that advisor to the others.

Trying to be what everyone needs will not only wear you out, it’s unlikely you’ll ever truly be successful in doing so. Specialization – knowing who your ideal client is (and sticking to it) – is likely to not only be less stressful for you, you’ll probably enjoy more success. By focusing on a specific demographic, you can offer specialized knowledge – and possibly receive a very high percentage of your preferred clients, rather than a handful of … whomever.

Know who you want to work with.

Focus on their needs.

And finally, be prepared to say “no” and/or fire less than ideal clients. Determine who it is you don’t want to work with, too, and stick to your guns.

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