Weed Out Clients with Smaller Accounts
Clients with bigger accounts tend to have better payoff for time spent in the fee-only financial planning business. --Christopher Pascale
Christopher Pascale and his business partner have automated processes for just about everything, from adding a new client to annual reviews. That makes for more efficient operation with just the two of them and an administrative assistant. Over the past year, they have been working to weed out clients with smaller accounts, aiming to restrict the client base to people with a minimum net worth of $250,000. He says it's a value proposition: Clients with bigger accounts tend to have better payoff for time spent in the fee-only financial planning business.
-Christopher Pascale, co-founder of Lobo & Pascale Wealth Management LLC (until recently known by the name Heritage Financial Services), in Day-in-the-Life: Christopher Pascale
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