Why You Should LOSE Clients

Macia says you may make more money if you LOST some clients… the time wasting ones at least…

It seems logical that if you want revenues to rise, you need more customers. According to a 2002 study by John Bowen of CEG Worldwide, however, the opposite may be true.

Of more than 700 financial advisors in the study, those earning less than $75,000 a year had an average of 201 clients, those earning $75,000 – $150,000 a year had 337 and those earning more than $150,000 had just 172.

Interestingly, length of experience did not correlate with degree of success. Instead, “it’s very much about getting focused and serving the right clients well,” Bowen says.

“Fewer clients allow you the time you need to provide a consistent, high-quality experience, resulting in both
better client retention and referrals,” he adds.

Begin reaching for the upper echelon of your profession by defining who, for you, counts as an ideal client. Then reexamine whether your marketing messages send the right signals to those who fit your profile. If not, adjust them.

Just don’t slim down your client list so far that you’d become vulnerable if a few died or left you!