How Saying “No” to Your Wealth Management Clients Can Benefit Your Business

saying-no-to-wealth-management-clientsLearn how to improve your independent financial advisor business by saying “no” to clients.

One of the most difficult lessons we learn in business is saying “no” to clients and certain opportunities but the truth is, there are many benefits to this practice. Let’s face it, today’s world is busy. Between work, family, hobbies, exercise, trying to grow our business, building a platform and standing out amongst a lot of noise, it is easy to get caught up in a lifestyle where you say “yes” to everyone and everything. As an independent financial advisor, this can leave you drained, resentful and unable to reach your goals. So how can you learn what to say “yes” and “no” to while building the wealth management practice of your dreams? Let’s take a closer look.

It might seem scary to say “no” to prospective clients who are ready to pay you for a service you could perform, but what if doing just that at times can help you build a stronger business? Think about it this way – for every “yes” you take on in terms of clients, you are taking time away from something else. Only you can decide what you want to exchange for that time.

So how can you stay focused and commit to the right clients and opportunities that can actually help your business. One possibility could be to zero in on a niche market when it comes to your wealth management practice. Perhaps you are an expert in retirement savings plans or helping women with small businesses invest. When you have a particular financial focus as an independent financial advisor, it becomes easier to say “no” to clients or jobs that don’t fit within that spectrum.

Another possibility is learning to only choose clients and/or business growth tools or opportunities that are purposeful, deliberate and strategic. Consider if the client fits in line with your business area and model. Does the growth tool (whether it is a speaking engagement or a new software) have the ability to expand your business and boost your platform? It may actually be more beneficial to shift your focus away from the latest gadgets, softwares, growth tools or clients if they don’t fit your needs or business niche.

Here are a few more business/client areas that can benefit from the act of saying “no”:

  • Toxic Clients – Every wealth management professional has dealt with a toxic client at one time or another, whether they don’t pay on time, continuously ask for one small favor (but don’t expect to pay), and so on. Be sure to clearly state your wealth management’s company policy upfront and set boundaries. If a client continues to be trouble, it is okay to say “no” to continuing the relationship.
  • Late Paying Clients – Clients who consistently pay late or default on payments can cause enormous stress for any business owner. Be sure to clearly state your payment terms in your contract and anywhere on your website that involves the subject. Because it is common for financial advisors to get to know their clients on a deeper level than some other professionals, you may come across clients who will try to pay late or work out some type of “deal” (that doesn’t benefit you). At the end of the day, you are running a business and have the right to cut these types of clients out of your life.
  • Never Taking a Day Off – Saying “yes” to everything and everyone will leave you with little if any personal time. Never having time off will eventually affect your health, relationships, mood, and overall wellbeing. To protect yourself, you have to be okay with saying “no” to certain opportunities and clients. And, for clients who want you to work overtime (which may be necessary at times), you need to justify this burden by charging an increased fee for the inconvenience.

Remember, ways to help your wealth management business include saying “no” to nonessentials and keeping your focus on business growth tools, opportunities, and clients that fit into your business plan. To learn additional ways to manage clients and keep your business in the best state possible, visit


Summit Brokerage Services has been voted the #1 boutique independent broker dealer in the country. Let us show you why! To experience the Summit difference, learn more about our network of independent financial advisors, and begin creating your financial planning documents, visit or call us at (800) 354-5528.


About Summit Brokerage Services, Inc.

Summit Brokerage Services is part of Cetera Financial Group. Summit Brokerage provides a broad range of securities brokerage and investment services to primarily individual investors. Summit Brokerage also sells insurance products, predominantly fixed and variable annuities and life insurance through its subsidiary, SBS Insurance Agency of Florida. Summit Brokerage also provides asset management services through its investment advisor, Summit Financial Group, Inc.


About Cetera Financial Group

Cetera Financial Group® (“Cetera”) is a leading network of independent retail broker-dealers empowering the delivery of objective financial planning advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions.  Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading provider of retail services to the investment programs of banks and credit unions.

Through its multiple distinct firms, Cetera offers independent and institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations.  Independent financial advisor support resources offered through Cetera include award-winning wealth management and financial planning and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology.  For more information, visit

*”Cetera Financial Group” refers to the network of retail independent broker-dealers encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, Girard Securities, and Summit Brokerage Services.


All information herein has been prepared solely for informational purposes, and it is not an offer to buy or sell, or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy.


Content created by Summit Brokerage Services, Inc.

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