Do most of your clients fit your ideal-client profile when it comes to investible assets, income, profession and personality? For most advisors, only 40%-60% of their rosters are made up of preferred clients, says George Hartman, CEO of Market Logics Inc. in Toronto. But your target, he says, should be around 85%.

Here are some steps you can take to increase the proportion of preferred clients in your roster:

> Identify your favourite clients
“The best way to build your ideal-client profile is to base it on the people you most enjoy working with right now,” says Shannon Waller, a coach and program designer with The Strategic Coach Inc. in Toronto.

Look closely at your favourite clients and you’ll be surprised at the similarities they may share, she says. That can even go as deep as the behavior of the clients’ kids.

This exercise is not a popularity contest, Waller warns: “It’s also who appreciates you the most and for whom you can create the most value.”

> Narrow things down — but not too much
“In identifying a target market, make sure it’s identifiable, that you can pick these people out and there’s enough of them around to justify the effort,” says Hartman. “There’s no point in targeting funeral directors if there are only two of them in your town.”

> Take a second look
When creating individual profiles of your top clients, it’s natural to look at their demographic information, such as age, occupation, income, marital status and where they live.

You must also consider psychographic information. Clients’ attitude toward risk, their willingness to take advice and the degree to which they want to be involved in the process all play a critical role in your understanding what it is about these clients that makes you work well with them.

> Understand what you don’t want in a client
Avoid being emotional about those clients who drive you crazy. Simply figure out what it is about them that impedes your relationship and be honest in assessing whether it makes sense to keep them on.

You need to know your deal-breakers almost as much as you need to know what makes your ideal clients tick, Waller says.

> Clone and filter
Once you’ve narrowed your ideal client profile using demographic and psychographic parameters, it’s time to seek out that preferred client.

“Try to clone your ideal clients,” Waller says.

Describe your new business model to your top clients and ask whether they have any friends or family to recommend. Most people are flattered to find that they are well-liked and appreciated.

At the same time, start filtering your client base to reduce the number of “non-preferred” clients. Start with any new clients, Waller suggests, and then work backwards.

“It’s really important that it’s done out of sincerity and appreciation and not out of arrogance,” she says. Offer these clients a referral to another advisor who is better suited to their needs.

IE