The Problem with Screening on Minimum Account Sizes

Photo by Mark Leishman on Unsplash

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While no advisor wants to take on an unprofitable client, setting a rigid, initial barrier based on minimum account size may not achieve that goal.

Consider my recent experience with creating videos.

I’m putting together six five-minute video teaching modules based on the research in my new book, Ask: How to Relate to Anyone. I’ll be offering it to anyone who wants to boost their sales and improve their relationships.

This is a complex and expensive project involving script writing, retaining a video crew, renting a studio, and sourcing a post-production team capable of inserting sophisticated after-effects.

After I wrote the script, I reached out to some prominent production firms to inquire about their services.

That’s where the trouble started.

My inquiry e-mail

My inquiry e-mail hyperlinked to my website and provided basic information about the project.

Then I got screened.

All the initial questions followed this basic pattern: Intense focus on their “minimum” price and little interest in me or my project.

This was typical: “While we appreciate your inquiry, unless you have a budget of at least $25,000, we will be unable to work with you.”

Just to test the waters, I responded: “Before we discuss price further, I wonder whether you would have an interest in learning more about me or the project.”

I wanted to convey that I could afford their minimum but would like to have a substantive conversation before discussing price further. I was interested in a vendor who was enthused about this project and perhaps had done similar ones in the past.