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The 9 Most Common Mistakes Advisors Make: Mistake #6

The 9 Most Common Mistakes Advisors Make

Mistake #6: Spending Time with the Wrong Clients


Where does the time go? 

According to the Financial Planning Association, only 13% of a surveyed group of 750 financial advisors felt they had complete control over their time. Capacity and profitability for your firm are directly tied to time management. So why is this always a problem among advisors? 

Advisors are poor time managers because they have trouble with focus and trouble with prioritization. Focus comes with a business plan. Prioritization comes with client segmentation. bigstock-Marketing-Segmentation-82652630 (1).jpg

The ever-applicable Pareto Principle says that the top 20% of your clients generate 80% of your revenue, but they only receive 20% of your time. You must reverse this ratio and the only way to do that is by knowing where your revenue is coming from. To figure out where your revenue is coming from, segment your client base.

Alongside revenue, segment your clients based on their number of referrals (high referrers should get top status), your level of contentment with their personalities, and their net worth. 

If you haven't segmented your clients yet, don't leave your office today without doing it. 

Download our client segmentation tool and use it as a guide for determining which clients you should spend more time with, and keep your eyes out for our next most common mistake advisors make.


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