For last week’s column, I spoke with Paul Lofties, the vice president of wealth management and acquisitions at Securities America about a topic that many advisors often try to avoid: Letting clients go.
But just as the key to rescue a sinking business is to invest in new projects, to grow your practice, it is essential to release some clients to make room for more profitable ones. Last week, we discussed how to figure out which clients are contributing the least to your bottom line. We also talked about two options for letting them go: selling your C and D clients to another, growing advisor who has the time and resources to give them the attention they deserve; or hiring a junior rep who will be able to do just the same.
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