In this context we are thinking about possible new clients as opposed to how we manage those who are already integral to the client base.
There are some key actions here that should reduce the number in this category:
- Clear service definition: This makes it clear you are mainly in the advice market that is fee-based.
- Minimum prices: If you need at least £750 to cover the cost of a straightforward plan, state this very clearly at an early stage.
- Have a word: If clients do not have sufficient monies to justify the cost of your advice, then recommend they seek an alternative source.
- Execution-only: Develop an execution-only service on your website and direct them to it.
- High-value case studies:
- Place case studies in your marketing material that deal with medium and higher value clients.
- Company policy: Make your ground rules into company policy and ensure all advisers stick to them.
Finally, you have to make the obvious exceptions and you should do.
Relatives and friends of high-value clients cannot normally be turned away, which is why it is good practice to specify a “transactions” service that enables you to deal with them professionally and efficiently.
David Shelton is the author of The Business of Advice book and website www.businessofadvice.co.uk