But how do you turn a client away if you have to? Working as an independent advisor out of Hamilton, much of Marta Stiteler’s new business comes from client referrals. She agrees to meet with prospective investors, gaging compatibility from the first conversation. If it isn’t a good fit, Stiteler puts the onus on herself, and helps the person find a more suitable advisor.
“It takes the pressure off them,” she says. “People are baring their soul. They are financially naked in front of us. A lot of confidential information (is shared).”
Papineau, however, hesitates to turn people away, believing the rejection process happens organically. For example, he explains, a client who just wants to pick your brain, will schedule a meeting or two and move on.
“From my point of view it’s about educating the clients. If they’re willing to be educated, they will stay with me,” he says. “(If they walk away), it may not be that they’re not the right client, but it may not be the right time to deal with that individual.”
How do you choose your clients and how do you turn them away? Submit your comments to WP below.