Advisors who work with clients they enjoy serving – that is, ideal clients – tend to have more satisfying experiences when building their practices and typically end up being more successful.

But an “ideal” client for one advisor might not be ideal for others. For some advisors, ideal clients share common characteristics, values and goals or belong to a niche, says Raymond Yates, financial advisor and senior partner with Save Right Financial Inc. in Mississauga, Ont.

Fred Rovers, a financial advisor with Edward Jones in London, Ont., agrees, adding that an ideal client must be a good fit whose values are aligned with yours. You typically determine whether you and your client are ideal for each other during the client discovery process, Rovers adds.

In some instances, Yates says, the criteria for selecting ideal clients could be based on minimum asset size, fee structure or other “soft attributes,” such as whether clients show a willingness to follow your advice, or if you believe you can meet their expectations.

Regardless of how you define your ideal client, here are some tips for finding them:

> Establish what you want to offer
Before you actually identify your ideal client, you must first decide what you want to offer your clients,

“You must know what you’re good at, so that you can sell your skills to your clients,” Yates says.

“Establish your value equation and create a promise you can fulfill,” says Scott Plaskett, CEO of Ironshield Financial Planning in Toronto.

> Define your ideal client
The more specifically you can define your ideal client — whether they would belong to a niche or have common traits and characteristics — the more effective you will be in targeting them, Yates says.

When you start out as an advisor, you typically are less selective about your clients. “You pretty much work with anyone who shows an interest in your services,” Plaskett says.

Over time, Plaskett found that “there were a few different groups of people, who had very little in common, whom I enjoyed working with.” He created a promise for each group, using a common process.

For more, see: Who’s your ideal client

> Use the discovery process
Use the discovery process to determine whether clients are a good fit for your service model, Rovers says.

For example, you must be able to determine whether clients are oriented toward goals or long-term planning; whether they want discretionary or non-discretionary management; whether they require a broad or a narrow range of products and services; and whether they prefer a fee- or commission-based model.

Assess whether you might have trouble delivering on their expectations, Rovers says. If so, “thank them for their time”; they would not meet your ideal-client criteria.

> Customize your marketing
“Identify the needs of your ideal clients and offer appropriate solutions,” Yates says. Those needs and solutions should guide your marketing message.

“Marketing a unique promise to an ideal group of clients,” Plaskett says, “allows you to build a business that supports your lifestyle and engage with people you have the most fun with.”