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Of the hundreds of advisors I speak with and coach, many of them tell me they feel stuck with a high volume of small clients that don’t align with their path for future growth.
Believing that more clients is always better, they say yes to everyone and end up being weighed down by the “minnows” that are hard to manage and difficult to offload.
That mentality stems from a non-profit mindset, that you’re obligated to help everyone you meet, regardless of whether or not they are an economic fit for your business.
While this may work for a charity organization, it can put the brakes on your growth.
The truth is, you can’t save the world by yourself, you can only save the world of those you can help the most, preferably high net worth clients.
When you take on more “minnows” instead of “whales”, your time gets squeezed and it becomes a race to the bottom.
As you head toward the next phase of your career, your goal should be to free up your time and energy, to shift into a low-volume/high-margin growth practice.
That can’t happen if you have a “we help everyone” sign hanging on your front door.
You have to adopt a focused growth model that targets the 20% of your market that you know is profitable, easy to manage and you can make the highest impact on.
When you focus solely on acquiring your ideal clients, you completely change your business from the traditional model to a focused growth model.
Traditional Model: High volume + low margin = no time
Focused Growth Model: Low volume + high margin = more time
To do this, you must shift your thinking to position yourself as a trusted authority in your market, visible only to your ideal clients.
Trusted authorities don’t have clients that squeeze their time for very little return.
If you are open to becoming the trusted authority in your market, get your complimentary book and consultation below.
Related: Advisors: Be the Doctor, Not the Pharmacist – How to Elevate Your Role
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.