As you evolve as an advisor, it is critical that you must always look at what your current standards are and what your future standards need to be.
Most advisors start their careers in survival mode. They just want to make some profit and be sustainable. But a few years into this business, they realize that they're tolerating more than they need to tolerate, and they need to make changes.
And in order to elevate, you need to clip out some things that no longer meet your standards, such as those clients you're taking on for free.
In this episode, I talked about the following:
- (06:14) What makes a good client
- (08:54) Why dead money is not an asset
- (10:22) Strategy when dealing with non-fee-based advisory clients
- (13:31) How to come up with a cleaner and more profitable business