It’s a costly and hard-learned lesson in the advisory business: declining to work with an interested prospect who neither fits your ideal client profile, nor qualifies as a B or C client. This may be counter-intuitive, but indiscriminately accepting clients generates frustration, costs you money, and wastes your time—a lot of time. Alternatively, choosing a specific niche of clients and becoming an expert in that realm is more pleasant—and profitable. Think about it in terms of quantity versus quality. The extra revenue generated by less-than-ideal clients is usually not enough to cover the extra costs associated with servicing those accounts. Read more of this article at http://www.RIABiz.com Missed the webinar on Feb 16, 2012  Register to

Originally written by Maria Marsala as a guest columnist for RIA Biz. "Choosing a niche helps identify an ideal prospect quickly." It’s a costly and hard-learned lesson in the advisory business: declining to work with an interested prospect who neither fits your ideal client profile or qualifies as a “B” or “C” client. This may be counterintuitive, but indiscriminately accepting clients generates frustration, costs you money, and wastes a lot of your time. Alternatively, choosing a specific niche of clients and becoming an expert in that realm is more pleasant—and profitable. Think about it in terms of quantity versus quality. The extra revenue generated by less-than-ideal clients is usually not enough to cover the extra costs