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200 clients the max: Moore

Advisers should regularly prune their client bases and focus on the high value ones.

Thursday, February 20th 2014, 8:11AM 1 Comment

Mike Moore, who runs a business facilitating sales of advisory firms, reckons a good life insurance adviser should have a maximum of 200 clients.

He told the Newpark development day in Auckland yesterday that running a business is a bit like owning a home and doing a refurbishment every now and then.

Advisers should focus on their high value, A clients.

“Your B, C and D clients are someone else’s A,” he said.

Selling these clients makes sense, as they will receive good service from the new adviser.

“Clients will be overwhelmed with the service they receive,” he says. Also the life companies will be happy that these people are being looked after.

And for the adviser selling can help them capitalise on some of the work they have done over the years.

“There is an adviser for every client, and client for every adviser,” he said.

Moore also suggested advisers need to be more collegial in the way they deal with each other.

If an adviser is leaving the industry and selling their business they will want the best price.

However advisers remaining in the business but rationalising their client base will be enhancing others advisers. This, he says, helps enhance the industry and gives colleagues future opportunities.

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Comments from our readers

On 24 February 2014 at 3:13 pm Richard Pykett said:
I agree that quality should be the focus if you are to have a long-term future and that less is more. We went through the ‘great purge of 92’ when I left Tower and went independent, selling down the book from 2500 to just 126. The 126 were hand picked based on the extensive electronic data we had (even in 92 with our DOS forerunner to E-Broker) and because we only had nice folk left, we only got referred nice folk. The client base now stands at around 450 client ‘units’, mum, dad and the kids. In my view the key to being able to offer good service is down to systems and processes. Because we have great data, we can regularly be in touch and not every client needs a sit down review each year – some non-selling emails, a Christmas newsletter and calendar and a non-selling call or two is what we try to provide for our B’s and C’s. Biggest issue for most brokers is that they have rubbish data – sloppy collection processes and no periodic data cleaning. All of which makes it hard to be easily in touch and should compromise the magic multiple when it comes time to talk to Mike.

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