Unfortunately, you can’t clone your top clients. But you can take steps to duplicate them, by finding prospects who share a number of characteristics with your top clients.

Typically, advisors who adopt a duplication strategy “have a high level of self confidence and have found their groove,” says Vas Pachapurkar, vice president of financial services for Ontario with Investors Group Inc. in Toronto.

However, finding the “ideal” client requires some soul searching prior to refining your market niche and repositioning your practice.

1. Make a top-20 list

Make a list of your top 20 clients in order of assets or revenue. Evaluate each client and make a shortlist of those you enjoy working with most. Remember, the range of variables you use to evaluate these clients goes beyond money, advises Julie Littlechild, president of Toronto-based Advisor Impact Inc.

2. Meet with the clients on your shortlist

Let your clients know that you have selected them for a “special” meeting because they fit the profile of clients you want to work with in the future. An informal meeting setting would work best.

Tell each client why you selected them and about your plans to reposition your business by attracting more clients like them. “This would make them feel more involved,” says Pachapurkar.

3. Seek clients’ input

During your client meeting, ask them what they like about their relationship with you. Also ask about your shortcomings and what you could do better and whether you have met their expectations.

Ask about what additional value they would like to see you bring to your practice, suggests Pierre McLean, senior vice president of national sales at Franklin Templeton Investments Corp. in Toronto. “Leverage the expertise of others in your organization if necessary,” he says. So, if you are part of a large company, make use of its resources, products and experts to meet your clients’ needs.

4. Ask for their assistance

Ask your clients about the business networks, social networks or clubs they belong to. What sporting activities do they like? Find out whether they believe you could be of service to clients like themselves through their networks, and what it would take for you to meet some of these prospects.

Essentially, ask for referrals: “Do you know anyone like you whom you believe can benefit from my services?”

Says Pachapurkar: “The more you make it known about what you are looking for, the more likely you would be able to attract more referrals.”

5. Refine your plan

Incorporate relevant ideas and suggestions from your client feedback into your business plan. Ensure that you do not deviate from your preferred top-client criteria.

6. Keep your clients informed

Make your clients aware of how your new “positioning” is progressing. Keep them abreast of developments on their referrals and whether their ideas and suggestions are working.

7. Keep your clients involved

Get your clients involved in committees and conduct surveys on issues relevant to them, Pachapurkar suggests.

For instance, assemble a client advisory board to provide regular feedback on your practice. You could also survey your clients to solicit their views on market events in general and your practice in particular.

Consider sharing CAB decisions and survey results with your clients. “This would make them believe you are listening,” Pachahpurkar says.

8. Say “Thank you”

Throughout the process of repositioning your practice, don’t forget to thank your clients for their contributions. Whether you choose gifts, cards, lunch or a simple telephone call will depend on your relationship with your clients.

IE