The Power of Shrinkage: Get comfortable with shrinkage because it can actually help you grow (EP.06)

Shrinkage can be an uncomfortable subject - particularly when it comes to the 'more is better' mentality that prevails in financial services. Many large firms are eager to push their advisors for more, particularly when it comes to more clients. While on the surface this may seem to be a good strategy, in the end the concept is fatally flawed. More clients means more time spent by the advisor, which results in less time to service the clients effectively. In order to grow sometimes it is necessary to shrink. In this episode of the "Financial Advisor's Advisor', Elite Consulting Partners CEO, Frank LaRosa reviews the benefits of doing just that by analyzing how refining your customer base and targeting the right clients from the outset can result in the most sustainable and positive growth model for firms and their advisors.