How do you determine if you are managing all of a client’s assets? When you describe the limited number of clients you serve they will want to know if they make the cut. This is where you add “for now” to your script. It can make a major difference in who you retain or reassign.
When you are announcing your new Supernova practice to your clients and retaining an account whose assets do not meet your minimum, here is a suggested script:
“We are refining our business model to create a concierge- size practice that is planning-driven with a formal investment process and unparalleled client service. By that we mean 12 contacts a year, one a month, for all of our clients.
As you may guess, we cannot give that service to all of our current clients. Our concierge-size practice is now limited to 100 clients. We work best with clients whose assets are a minimum of $1 million. I’m pleased to tell you that, for now, you will be included in our new practice model.”
Including the words “for now” implies they may not qualify in the future. It sends a “shot across the bow” telling them that this account is at risk for your services unless more assets come in to meet your minimum.