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Of the hundreds of advisors I’ve coached and mentored, the first thing we start with is, “who is your ideal client?”.
Immediately they say, “Oh that’s easy, my ideal client is between the ages 50-68, they plan on retiring soon, have a net worth of ?, have a 401k/stock plan and own real estate, etc”.
The problem with that type of demographic description most advisors have been told to memorize, is that it really doesn’t tell you much.
It’s too general.
Demographic data only really becomes useful when you have a large enough sample of people already captured in a “pond you can fish out of”, like your own database.
But when you’re in a low-volume, high-margin business model, which most advisors are in, that description doesn’t describe out how to fish them out of the “wide ocean” and into your own pond.
A good place to start is to know who your ideal client is not.
You know you have a non-ideal client when:
They are indecisive and not committed to hiring you to help them
They pick your brain for free advice and consulting, avoiding making a decision
They compare your fees against other advisor fees
They don’t see you as the trusted authority for them
If any of these characterize the potential clients you speak with on a regular basis, then chances are you’re attracting your non-ideal clients.
When a potential client compares your fees to another advisor, it means they have a low view of professional advisors and think that the same quality of expert advice is available from any other advisor they speak with.
Many advisors try to excel in the high-volume game (“numbers game”), because they assume that appealing to the broadest slice of the market will lead to gaining more opportunities.
But if you’re tired of playing the “volume game”, trying to fish out of the wide ocean, then it’s time to shift your mindset to a Trusted Authority mindset, where you narrow down into a niche market – that already has your ideal clients swimming in a pond you can fish out of.
Related: Are You Ready to Shift Your Business Into High Gear?
Get your Free copy of Ari’s best-selling book "Trust In A Split Second!" here and you’ll also receive a Complimentary Sales and Lead Generation Consultation (value $995.00). Ari Galper is the world’s number one authority on trust-based selling and is the most sought-after high-net-worth new client acquisition expert for financial advisors. His latest book, “Trust In A Split Second!” has become an instant best-seller among financial advisors worldwide.