Often, an advisor does not want to stop servicing the lowest-tier clients. There are a number of common objections or misperceptions.

Objection 1: These clients don’t take up a lot of time.

Reality: Check with your assistant – really good teams may firewall you from some of your more eccentric clients. These clients may be taking too much time relative to your revenue, or you’re isolating them by not serving them, thereby risking your reputation.

Objection 2: We can add a new team member.

Reality: By adding a new team member constantly to meet client capacity, you end up building a branch. There is no end game. This model is unsustainable. The alternative solution is a SWAT Team – highly-specialized individuals deployed to handle wealthy clients’ complex financial needs. You don’t just add a team member forever.

Objection 3: I can move clients outside of our team and share revenue with another advisor.

Reality: Your name and the name of the other advisor are on the client’s statements. Any decisions the other advisor makes implicate you – it’s an arbitration nightmare.

Objection 4: I am afraid of offending the referring source.

Reality: All you really need is competence and ethics – someone else can handle the referred client.

Brochure Client Engagement Toolkit