How Do I Fire A Client? [Episode 88]

We often end up with an emotional connection to our clients, which can make it challenging to part ways with them—even if it’s for the best. So today Matt and Micah are discussing how and when to “fire” a client. They’ll cover everything from the reasons why advisors struggle to give up clients to various techniques for making a clean cut.

Listen in as Matt and Micah talk about the headspace that clients can take up—especially the particularly toxic or difficult ones—and why it’s often worth the income loss or uncomfortable situation to move them out. You will learn how important it is for you to focus on the value that you’re delivering, whether you are truly the best fit for this client under the circumstances, and why they might actually be better off with another advisor.

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What You’ll Learn In Today’s Episode:

  • Reasons why advisors are hesitant to give up clients.
  • How to give yourself the freedom to replace clients.
  • The difference between clients you fire and clients you graduate.
  • How to calculate your hourly rate.
  • The importance of always being thorough and thoughtful—even in confrontational transitions.
  • Who to fire and who to not fire.
  • The role of setting expectations.

Ideas Worth Sharing:

There comes a time when you have to stop crossing oceans for people who won’t jump a puddle for you. - Unknown Click To Tweet If you’re not able to help {clients} or work with them to achieve their goals, you’re a hindrance – you’re not helping. - @ThePerfectRIA Click To Tweet How much money you want to make this year divided by how much time you want to work this year equals your hourly rate. - @ThePerfectRIA Click To Tweet

Resources In Today’s Episode:

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