The Efficient Advisor: Tactical Business Advice for Financial Planners 334: The “They Have Potential to be Great Clients Someday” Mistake Advisors Make
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Dec 26, 2025 Libby offers a fresh take on managing client relationships, urging financial advisors to focus on current clients rather than those with uncertain potential. She highlights the dangers of overcommitting time to underpaying clients, which can lead to burnout and resentment among your best clients. The discussion includes strategies for creating transparent service models that ensure fairness and efficiency. This approach not only protects advisors' energy but also fosters a healthier business environment.
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Serve Clients Based On Today
- Treat clients exactly as they are today, not who they might become.
- Charge and allocate time according to current revenue and complexity to protect your top clients and time.
Examples Of 'Potential' Clients
- Libby shares examples like a client with a $750k 401(k) promising future business or kids who may inherit wealth.
- She uses these to show why future potential is uncertain and shouldn't drive present service levels.
Hidden Subsidy From Overinvesting
- Overinvesting time in potential clients quietly makes your best clients subsidize smaller ones.
- That mismatch breeds burnout, resentment, and an unfair service model.