Investment Management

Make More Money With Fewer Clients

You've heard of the 80/20 rule: 20 percent of customers usually account for about 80 percent of an organization’s profits. Applying this rule to your practice can help you work smarter, not harder.

Identify Your Top 20 Percent:

  • Assets under management – a client who has $1 million with you is much easier to work with and focus on than 10 clients with $100,000 each
  • Referrals or introductions – money isn’t the only thing; do your clients give you referrals?
  • Maintenance level – how much of your time do they take? Even a $1 million client can hurt your business if he takes up so much time that you can’t effectively service other clients
  • Growth potential – can you expand your business with this client as their needs evolve through life?

Strengthen Your Relationships with Your Best Clients:

  • Keep in touch – If you haven't heard from a client in a while, call or e-mail them
  • Become the "go-to" problem solver – Help clients with the more challenging issues, such as estate planning, retirement, income protection and meeting the needs of children and aging parents
  • Assemble a client advisory board – Meet with four to six of your top clients regularly over lunch or dinner to solicit feedback and discuss new ideas
  • Spend quality time with your clients – Host events involving 50 or fewer clients, such as "short-game" golf clinics or a wine tasting at a local art gallery
  • Celebrate your clients’ birthdays – with a lunch for them and a few of their friends.
  • Send your clients magazine subscriptions that speak to their interests – Every time that magazine arrives in your client’s mailbox, he or she is reminded of you