rias

All posts tagged rias

Letting Go of Less Than Profitable Clients

by Tiffany Markarian

A tough decision many firms face is whether or not to let go of less-than-profitable clients. It comes down to the business model you want for your future. Some firms will work with any client who wishes to take positive action in their lives, regardless of their profitability to the firm. This can be a successful model, but it may require increased overhead, technology or staff to support the service needs long-term. On the other hand, letting go of less-profitable, lower-tier clients may allow you to provide a more boutique experience for your “A” clients and high-potential relationships and give you time to focus on markets that are appropriate for your business.

Finding a Good Center of Influence Relationship

by Tiffany Markarian

One question many financial advisors will ask is “How do I get more referrals from my centers of influence (COIs)?” or “How do I go about finding a good center of influence relationship?” It is enticing for financial advisors to expand their network but many soon realize setting up a strategic alliance or a professional COI relationship does not automatically turn on the flow of referrals. There needs to be a marketing and business development strategy in place, clear expectations, and proper due diligence.