Once you’ve decided to cull your book – to reduce the number of clients you serve – one of the difficult challenges is to frame that discussion with the clientele you are moving to another relationship. This will always be an emotional conversation; but understand that you are also running a business. It is in both your interest and your clients’ interest to cull your book. The nature of building a professional practice is that not all of your clients will grow at the same pace that your business grows.

One caveat, however: when you transfer an account to another financial advisor, you must give up all control to gain the benefits of culling your book and mitigate your legal responsibility for that relationship. You need to offload these relationships in their entirety; give them to someone you feel is both competent and ethical. Then move on to managing and growing your practice.

Brochure Client Engagement Toolkit