Is it bad that I met with a prospect with $10 million to invest and he asked me to match his quote from another firm to manage for 10 basis pts and I turned him away? I really don’t want clients like that

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Sure. 10bps and a 50k financial planning fee.

likesmartfunny

Sometimes the best client is the one you don’t take

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I would have done the save. He would have made your life hell.

likefunny

I would have done the same, 10 bps? Hahaha.

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Play Columbo, tell him it sounds like he’s got it all covered and fees are the most important thing that keep him up at night. I would do it for .30 basis points if it was straight muni bonds, cash mgt is at like .10 basis points but a diversified portfolio at 10 million shouldn’t be less than .50 bps or your underselling you’re services. Penny wise pound foolish.

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Way too much risk for the reward. Smart move.

likesmart

Absurd request. Good luck to him.

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Hahaha. What are you going to do when he comes back and asks what's the least you'll do it for?

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You did the right thing!

Not at all, then he’ll meet someone to do it for 8 and he will leave...

The “writing is in the wall!” You don’t want clients like these

I probably would have done it. It’s still 10k, and really with a portfolio that large, it doesn’t get traded much anyhow

Until we take it for “nothing “ as we can make money on cash balances now!

Good for you!

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likeupliftingsmart

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