In their survey of practice professionals, 64% said that serving non-ideal clients is the most prevalent productivity challenge for consultants.
With an average of 142 clients per productive or revenue-generating advisor, time and resources are limited, and as their practice grows, advisors have a choice between letting some clients go or losing the advantage of a narrow client focus. will have to face.
But who is your ideal customer?
But the research also uncovered that many advisors may not be able to define their ideal client.
“Many default to general categories like ‘retired’ who are too broad to have a meaningful application to their business development efforts or differentiation value,” said Marina Shtyrkov, associate director. “Wealth management firms should encourage advisors to identify their niche and consider how they can uniquely serve that segment of clients that other advisors cannot.”
For example, ‘second career’ consultants may be able to tap unique experiences and insights from their previous profession.