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Booyahh, landed hedge fund number 2 for IPOs.
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Do more for fewer clients. If you can’t, be able to map out your communication plan. IE - I have 50 clients that need quarterly meetings, and that could be a phone appointment. so that’s 150 of my clients. The other 100 are 1 a year reviews. So in any given quarter, that’s 175 appointments between 60 days. In addition, my process is streamlined - I have a plan for what I’m doing for all of my clients every year or quarter, etc.
I’m going to be completely honest, it is important to manage your time and try to have a realistic balance as it relates to what you were capable of keeping up with from my financial advising standpoint. But I’ve been in the industry too long to know, you didn’t lose those clients for that reason alone, there was something else that didn’t connect with them and that’s why they chose to go a different direction. If the advisor is very good, they expect him or her to be very busy and it wouldn’t be appalling to them that that advisor managed a lot of relationships, it comes down to what they think their experience will be like and what value they believe you present in comparison to their needs. 
At least they got past the edwards jones part.
I’m not gonna lie, these comments are actually more entertaining than the original post.
Mentor
I have around 50 relationships. Had a new client who asked me that as well, he was also concerned I won’t have time for him.
Lol they do realize that having more clients is how we can get paid right? I wouldn’t worry about it. Also, do you really need to tell them how many households you’re working with?
When I’ve had questions about this (I’m at about 250 as well) and answered honestly I say that “more than 50 of these really don’t want much communication. I am able to tailor my services and communication to the needs and desires of each client. How often would you like me to reach out? How many times a year would you prefer to meet?” If they’re wanting to meet quarterly or talk monthly and they aren’t on a good path to seven figures then they’re probably not going to be worth your time.
As the above poster said you can also be vague or speak in generalities. “I have around 200 client” wouldn’t be in any way untrue in your situation.
What’s your CEI score? I have 260 HH and a strong CEI due to some of the advice mentioned here. I use a mutually agreed upon structured contact plan with each client based on our client rankings. When prospective clients question our service level and ability to serve them, I explain our service levels and contact strategy and That usually satisfies them.
Have you looked at the Branch Capacity calculator? It very helpful in thinking through your contact level and overall capacity.
Thanks. I have had a refined contact process and review process in place for years. It works. Just never had this objection before so I’m a bit shook.
Coach
I will be contrarian and day 700+. 365-104 for weekends is 264. Subtract 10 more for vacation and you have 254. Take out 20 for random holidays and such and you have 234. 234 x 3 per day =702. Therefore you can handle 700 with no prospecting. Beyond thst you have to sacrifice your life/ work balance.
Coach
1. I don't have 700 clients, but know Advisors who have more.
2. I was just doing math. 1 contact per year is the requirement for fee based to be legit per the regulators who just did our audit.
3. You don't actually need a confirmed contact if you can show other values, like rebalancing.
4. Many people don't want a call center and will pay 1% for a live Advisor available when they need help.
5. They don't all need to be fee based to be clients of they are set up on regular contributions.
6. Small clients just starting out generally don't need the touches and reviews a HNW client needs.
Well you had time to speak with them, hear their concerns. Having that many clients already clearly shows you’re doing the right things.
I have 2000+ households but my goal is to keep strong relationships with 500 of my top households. I’m with PRU so many households I will never speak to on a regular basis.
No way one person can manage that many households. Arbitration waiting to happen.
90 here. I think capacity is 150-200. Above that, it’s hard to fully service the clients without bringing on other advisors/team members.
Look at it this way... you can charge lower fees for having more clients.
Hahhahaha that’s very smart! Who doesn’t want to get paid less for doing triple as much work!?! Let’s all vote for universal basic income too while we’re at it!
I had a mentor when I started in the business who was pretty successful. Hr was with Bear Sterns and Morgan. He said you ultimately want to keep your book to 200 households. Raising the quality as you grow and pass on the bottom of the book to other advisors.
That’s why advisory clients are the best clients. Best way to pivot out of that one is to highlight the team who does nothing but manage their portfolio. So once plan is in place it only needs regular maintenance and whatever else they need when they call. If a client still seems worried, add them to a more regular call cadence for the first year or so, and let them know that.
I have about 80 and I work by myself most don’t need much but I’m already overwhelmed between that and trying to get new clients!
I have 405