The Elements

By Ironstone   |   November 4, 2014

How To Create An Ideal Client Profile

Categories: Blog, Business Development, Capabilities Presentation, Prospecting

How To Create An Ideal Client Profile

A recent study by the Financial Planning Association examined current and future trends for financial advisors related to growing and managing their practices. One of the focus areas analyzed was the effectiveness of creating ideal client profile definitions.

The study found that firms with a formal ideal client definition have greater success in attracting clients that meet specific criteria and they are less likely to accept clients who are not profitable for the firm. Firms without a clear definition tend to accept clients that don’t meet entry point minimums and, in general, are not suitable for the firm. Knowing the characteristics of the clients you serve best will provide a strategy to:

  • Facilitate improved client segmentation methods
  • Focus time on clients who generate the most revenue for your firm
  • Pinpoint future or additional assets and revenue opportunities
  • Increase cerebral satisfaction
  • Gain appropriate introductions and referrals


Complete this exercise to identify the attributes of your best clients and gain clarity of your ideal client.

  • A broad description of our ideal client is:
  • Tip: Include life stage, age, gender, family status, occupation, and industry.
  • Our ideal clients are located in:
  • Tip: Rather than focusing on large geographic areas, target on a defined radius.
  • The minimum amount of assets required to work with our firm and the minimum fee we will charge is:
  • The specific financial challenges that our firm can effectively provide solutions are:
  • Tip: Be specific. Hone in on definitive challenges facing your clients. You need to move away from providing generic information to clients by showing you are in-tune with their personal trials.   
  • The personality types I best identify with, connect with, and enjoy being around are:
  • Tip: Advisors often overlook the tendencies of clients they enjoy working with most. Honor your unique personality, values, and passions by looking for clients who share commonality with you.
  • The organizations of people I am involved with or would like to be involved with are:
  • Tip: Think about the organizations you are involved with or would like to be involved with. What groups of people participate in events that promote growth and development for your community?
  • The specific strategies and tactics we will use to attract and acquire ideal clients are:
  • Tip: Consider multiple strategies; strategic alliances, client referrals, educational sessions, client events, etc.

Once you have completed the exercise above, you can list the attributes that define your ideal client.

Here is a possible scenario:

  • In their 50’s
  • Professionals approaching retirement, working in the health industry
  • Reside within a 100 mile radius of our firm
  • Shared core values: spiritual, family, exercise
  • Enjoys outdoor activity, traveling; specifically traveling to tropical locations
  • Common pain points are planning for retirement, determining how much money will be enough

Now, highlight the attributes of your ideal client:

  • ___________________________________________________
  • ___________________________________________________
  • ___________________________________________________
  • ___________________________________________________
  • ___________________________________________________


Share this definition with your team, clients, centers of influence, and potential prospects to promote and aid your firm in populating your client base with more clients that you serve best.


The foundation of our Performance Coaching and Consulting Programs are based on Ironstone’s Fundamental 4™which is essential to design, develop, and sustain a successful business. Our ultimate goal is to help you avoid trial and error; shifting your mindset to launch your process of intentional change. [LEARN MORE]

Photo credit: ©iStock/Getty Images/Thinkstock


Practice Management

Ironstone is a learning and development consultancy with business acumen that translates across many industries. Our focus is on practice management strategies in order to enhance and improve both business and personal life. We support professionals who want major and comprehensive improvements that look at all aspects not just an isolated area for change. Ironstone has identified 4 key performance areas known as the Fundamental 4™, which are required to design, develop, and sustain a successful business.

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