The big fat IDEAL client lie…“I only take on clients with a minimum of [FILL IN THE BLANK] in investable assets.”This minimum is usually too low.
And then there’s a list of footnotes(1)(2)(3) to explain why this really isn’t a true minimum.Better known as excuses. Makes me feel guilty for not taking on smaller clients. It’s tough to turn away low-hanging fruit. I don’t know how to find enough of them.
For most financial planners and RIAs, this is the single greatest point of failure when it comes to marketing and prospecting.
When you fail to clearly define your ideal client, it has a snowball effect.Anything good that happens next is just dumb luck.Or the result of grinding way too hard for the lousy results you’re getting.Predictably adding new ideal becomes a crapshoot.Yet, in poll after poll, advisors tell me that “adding ideal clients” is their single greatest challenge.How can you solve a challenge if you don’t define your target?“We hope we land on the moon. But if we end up on Pluto that will be okay.”Said no astronaut…EVER.“Earnings trends look good. But if we miss for a few quarters our shareholders won’t care.”Said no CEO…EVER.In my AUM Launchpad scorecard
, question #2 is… DO YOU HAVE A CRYSTAL-CLEAR GOAL FOR THE NUMBER OF IDEAL CLIENTS YOU WOULD LIKE TO SERVE AS YOU GROW TO YOUR NEXT LEVEL OF SUCCESS?
While thinking about goals in terms of just AUM or revenue seems natural.Stating your goals in terms of your ideal clients will help you grow while serving the clients you enjoy working with the most.
5 step process: Start with a crystal-clear definition of your ideal client. Count the TRUE number of ideal clients you are serving today. Set a clear target for how many ideal clients you need to serve to reach your next level of success. The difference between today and where you would like to be is your success gap. Close that gap by implementing ideal client attraction strategies.
Simple formula.Requires dedicated effort.Maybe even a shift in mindset.But it never fails.And it ALWAYS starts with a clear definition of your ideal client.Related: The Truth About Financial Advisor Marketing