To Grow You Must Shed Your Low Revenue Clients

To Grow sometimes its a good idea to trim the edges.

In every professional service business their comes a time when the growth of the practice stagnates, and most often this is a direct result of limited marketing as a result of being stretched for time. Your days simply don’t have enough hours for you to acquire and service any more new clients.

To grow your Wealth Practice you need more time. One very effective solution is to get rid of the bottom quarter of your book of business. This is a great opportunity to sell a portion of your assets to another Advisor who maybe in a better position to service these clients. This type of transaction can be very good for Advisors it offers you more time to grow your revenue by boosting service levels to your profitable clients while allowing you to market and acquire other more profitable clients. Another great benefit is selling a portion of your provides some cash to assist in potentially purchasing an even bigger book of AUM. A solid bootstrapping technique as a followup to our post yesterday “Bootstrapping to become a Giant”.

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