PLANADVISER - March/April 2022 - 34
growing your practice / practice management
Is It Time to Let Go?
Working with unprofitable clients can be a challenge
B
usiness development
is integrally tied to a firm's
success. Yet, any adviser practice will encounter hurdles
as it grows-one being how to manage the unprofitable
client relationship. It may be be a client you misjudged from
the start, or one that fell on hard times quickly-e.g., the
business could be struggling from effects of the pandemic
or inflation or other recent economic changes. The adviser
then finds she is expending more, relatively speaking, than
what the client is giving back.
To avoid the never productive client relationship,
retirement plan advisers need to be able to recognize which
prospects have potential to be profitable for their firm.
According to Shauna Mace, head of practice management
for SEI in Philadelphia, the adviser needs to assess, upfront,
whether a client can help his firm grow, but also whether it
is a client he would like to grow with.
To increase the likelihood that a client will be profitable,
the adviser needs to clarify for the prospect, and herself,
what services she can provide. " Advisers want to start the
" Too often I see advisers
overdeliver, but they don't
have enough confidence to
price themselves higher. "
relationship in a place of being profitable, " says Mace. " They
can only achieve some control of that when they define what
they're going to do for the client and at what cost. "
Mace rejects the idea that advisory firms are a one-stop
shop for meeting all possible client needs. Rather, she
touches on the value of a firm choosing particular
services to specialize in. Advisers should think about
what services-e.g., retirement planning, tax planning,
investment management, etc.-they can add in order to
grow with their specific clients and which are most relevant
34 | planadviser.com March-April 2022
Art by Taylor Dow
http://www.planadviser.com
PLANADVISER - March/April 2022
Table of Contents for the Digital Edition of PLANADVISER - March/April 2022
A Digital Divide
Staying Power
The Prospects of Staying Virtual
Another Retention Tool
Is It Time to Let Go?
The Evolving Use of RFPs
Best Interest Reasons For a Rollover
Guaranteed Lifetime Income
PLANADVISER - March/April 2022 - C1
PLANADVISER - March/April 2022 - FC1
PLANADVISER - March/April 2022 - FC2
PLANADVISER - March/April 2022 - C2
PLANADVISER - March/April 2022 - 1
PLANADVISER - March/April 2022 - 2
PLANADVISER - March/April 2022 - 3
PLANADVISER - March/April 2022 - 4
PLANADVISER - March/April 2022 - 5
PLANADVISER - March/April 2022 - 6
PLANADVISER - March/April 2022 - 7
PLANADVISER - March/April 2022 - 8
PLANADVISER - March/April 2022 - 9
PLANADVISER - March/April 2022 - 10
PLANADVISER - March/April 2022 - 11
PLANADVISER - March/April 2022 - 12
PLANADVISER - March/April 2022 - 13
PLANADVISER - March/April 2022 - 14
PLANADVISER - March/April 2022 - 15
PLANADVISER - March/April 2022 - 16
PLANADVISER - March/April 2022 - 17
PLANADVISER - March/April 2022 - A Digital Divide
PLANADVISER - March/April 2022 - 19
PLANADVISER - March/April 2022 - 20
PLANADVISER - March/April 2022 - 21
PLANADVISER - March/April 2022 - 22
PLANADVISER - March/April 2022 - 23
PLANADVISER - March/April 2022 - Staying Power
PLANADVISER - March/April 2022 - 25
PLANADVISER - March/April 2022 - 26
PLANADVISER - March/April 2022 - 27
PLANADVISER - March/April 2022 - 28
PLANADVISER - March/April 2022 - 29
PLANADVISER - March/April 2022 - The Prospects of Staying Virtual
PLANADVISER - March/April 2022 - 31
PLANADVISER - March/April 2022 - Another Retention Tool
PLANADVISER - March/April 2022 - 33
PLANADVISER - March/April 2022 - Is It Time to Let Go?
PLANADVISER - March/April 2022 - 35
PLANADVISER - March/April 2022 - The Evolving Use of RFPs
PLANADVISER - March/April 2022 - 37
PLANADVISER - March/April 2022 - 38
PLANADVISER - March/April 2022 - Best Interest Reasons For a Rollover
PLANADVISER - March/April 2022 - Guaranteed Lifetime Income
PLANADVISER - March/April 2022 - C3
PLANADVISER - March/April 2022 - C4
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