Defining the attributes and needs of a top client can help you to develop a focused and efficient practice.

Knowing the qualities of a top client allows you to align your resources with the right people, says George Hartman, president and CEO of Market Logics Inc. in Toronto. These skills also help you recognize and reward your ‘A-level’ clients for their loyalty and ensures that they continue to receive exceptional service from you.

Most advisors focus on revenue or assets under management when defining a top client or implement a client segmentation plan, Hartman says. While those are important points to keep in mind, if the client seems unhappy or complains publically about your service they may not be worth the revenue they generate. Here are a few other attributes that Hartman suggests keeping in mind when looking for a top client:

1. Look for an advocate
Think of a top client as an ambassador for your business.

When defining a top client, or ‘A’ client, says Hartman, look for someone who truly believes that you offer value to your clients and who is willing to tell others about your business.

2. Feel appreciated
A top client should value the advice you provide.

‘A-level’ clients should feel good about the advice you offer, says Hartman, and feel confident that you have always acted in their best interests.

While the clients don’t necessarily have to agree with everything that you suggest, Hartman says, they should at least be open to discussing new ideas and investment strategies.

3. Work with people you like
It’s best for you and your business if you get along with your top clients.

“One of the advantages that advisors have is that, for the most part, they get to choose their clients,” says Hartman. “So, why not choose one that you enjoy spending time with and having conversations with.”

4. Find someone with influence
Search for top clients who can act as a centre of influence.

Even though a client may not have a large account, says Hartman, he or she may be a top client because of who they can introduce you to.

For example, he says, a secretary may have a small account but as your client he or she might introduce you to an executive of the company.

Or, you might have a retired client whose portfolio is shrinking, he says, but he or she can introduce you to children and other family members whose accounts are in a growth phase.

5. Keep the relationships manageable
Make sure that you only have as many ‘A’ clients as you can handle.

“Most advisors cannot manage a large number of intimate relationships with higher value clients, says Hartman.

Instead, you should focus on a small number of clients, about 20, Hartman suggests, whom you can stay in frequent contact with and whom you know are willing to provide referrals.