As the owner and operator of a retirement-focused financial planning firm, I’ve had the pleasure of working with some truly incredible people over the years. I’m constantly inspired by the dedication and passion my clients show towards achieving their financial goals. It’s a blessing to serve such an awesome group of people who are genuinely invested in planning for their futures.
However, part of what makes my work so rewarding is the ability to selectively choose who I work with. Over the last few years, I’ve come to understand that not everyone is the right fit for my firm’s services and our expertise. Here are seven types of clients I would never take on—and why.
1. The Ultra-High-Net-Worth Investor
Ultra-high-net-worth investors, what I am defining as those with more than $5 million in investable assets, typically require a level of expertise and service that my firm is not equipped to provide. While working with clients at this level could be incredibly profitable, I believe in staying within my area of expertise to provide the best possible service. For these individuals, it’s crucial to work with advisors who specialize in managing significant wealth and the complexities that come with it.
2. The Active Investor
My firm’s investment philosophy is rooted in the efficient market hypothesis, which leads us to embrace a passive investment approach. We believe in long-term, disciplined investing and don’t engage in frequent buying and selling. Clients who are active investors, who enjoy picking stocks, timing the market, or seeking advice on alternative investments, would likely find our approach frustrating. We’re also not the best fit for those who want to react to market movements or life events by making frequent changes to their portfolio.
3. The Real Estate Investor
Real estate can be a valuable part of a diversified investment portfolio, but for those whose primary focus is real estate investing, my firm may not be the best fit. We specialize in traditional retirement planning and passive investment strategies, and while we recognize the value of real estate, our expertise lies elsewhere. Clients who are heavily involved in real estate—whether it’s buying, selling, or managing properties—may require a different kind of advisor who can offer more specialized guidance in that area.
4. The Client with Unrealistic Expectations
One of my key roles as a financial advisor is to educate clients about what realistic expectations look like when it comes to retirement planning. Most people, when properly informed, develop realistic expectations and a solid understanding of what is achievable. However, I’ve found that clients who enter the planning process with completely unrealistic expectations—and who are unwilling to adjust their outlook—are not a good fit for our firm. Our focus is on helping clients achieve their goals within the realm of possibility, not chasing fantasies.
5. The Apathetic Planner
Retirement planning requires commitment, engagement, and a genuine desire to achieve financial security. I’ve learned over the years that I cannot care more about a client’s retirement than they do. If someone is apathetic towards their retirement planning, it’s a clear signal that we won’t work well together. My best clients are those who are actively involved in the process, eager to learn, and motivated to implement the strategies we develop together.
6. The First-Time Saver
While I have immense respect for anyone just starting their financial journey, my firm’s expertise isn’t geared towards those who are still building their initial nest egg. First-time savers often need to focus on saving into qualified retirement accounts and investing aggressively, which can be effectively managed through target-date funds without the need for professional advice. At this stage, paying a financial advisor may not provide enough value, and I always want to ensure that my clients are getting the best return on their investment in financial advice.
7. The Client Who Doesn’t Value Professional Advice
Finally, one of the most challenging types of clients is the one who doesn’t truly value the professional advice we offer. If someone isn’t willing to take action on our recommendations or is consistently looking for ways to undermine our strategies, it’s a sign that the client-advisor relationship won’t be productive. Financial planning is a collaborative process, and it requires trust and mutual respect. Without that, it’s impossible to deliver the value that my firm prides itself on providing.
A Final Word
At the end of the day, I’m incredibly fortunate to work with a group of clients who are committed, engaged, and appreciative of the value we bring to their lives. By being selective about who we take on, we ensure that our clients receive the best possible service, and that we can continue to enjoy the rewarding relationships we’ve built over the years.
For those who fit the profile I’ve outlined above, I sincerely hope they find the right advisor to help them achieve their financial goals. For everyone else—especially those focused on retirement planning and looking for a trusted partner in the journey—I look forward to the possibility of working together.
This post is for education and entertainment purposes only. Nothing should be construed as investment, tax, or legal advice.