The Elite Advisor Report Video Podcast

Let’s be honest: There probably are at least a few clients—maybe a lot—who simply aren’t right for you and your practice. Letting go of those clients can generate tremendous benefits—not just for your business, but for those clients who aren’t ideal for you. If you decide to transfer or sell clients to other advisors (either within your company or to an outside advisor), here are seven steps that will help you do so effectively.

I asked some of the top financial advisors in our elite, mastermind Roundtable Program to share their best ideas—the strategies that they have used to generate at least $150,000 in new revenues and that they believe other financial advisors could implement in their own practices to generate the same results.

There are seven steps to replicating ideal clients effectively. These steps will make the best use of your prospective client-seeking time, and will enable your favorite, most profitable clients to tell you how to work with other clients just like them.

The single best way to get more referrals from your satisfied clients is to stop asking them for those referrals. Instead of asking, offer those clients something of great value: a second-opinion service.

One of the most important business growth strategies you can implement as a financial advisor is to establish yourself as a top advisor among centers of influence—attorneys, accountants and other high-end professionals who work with the affluent clients you also want to serve.

Being a thought leader is increasingly becoming a requirement for wealth managers who want to build very successful practices serving high-net-worth clients. A thought leader serves two powerful functions that will help you overcome the commoditization and competition challenges advisors face today. Maximizing current client relationships is one, and attracting affluent prospective clients the other. Result? To be positioned at the high end of the competence spectrum.

To garner affluent clients’ attention, bring them on board and successfully retain them over time, you need to know their hot-button issues—the key financial concerns that keep them up at night and the major financial challenges that could potentially derail their future.

Want to move upmarket and serve clients with more wealth than your existing client base? One of the most powerful steps you can take is to form strategic alliances with other professionals. Profitable strategic alliances are a hallmark of elite financial advisors earning at least $1 million a year.

If you want more referrals from your clients, it’s time to stop asking them for names—and start offering a valuable service that can really help the people in their lives whom they care about most.

Discover how the second-opinion service can help you generate a steady stream of ideal prospective clients.

You might be able to get a lot of referrals from your existing clients—but you’ll almost certainly get higher-quality, more profitable referrals from attorneys, accountants and other centers of influence who regularly work with the affluent.

Check out how COIs can help you move upmarket and supercharge your growth.