The high impact of financial advice on people's lives is often an appealing part of the profession for many advisors who enter the field to help others. Yet, one of the realities of operating a business is that it must be done sustainably. According to Kitces Research and other benchmarking studies, the average annual cost to sustainably serve a client is around $3,000. Most Americans lack the assets or discretionary income to meet those thresholds. This leaves advisors who want to help others in a painful dilemma. On one hand, they may need to say “no” to those who genuinely need help but don't meet the firm's minimums, which can feel deeply unsatisfying – especially in a profession rooted in service. On the other hand, saying yes too often without structure can lead to burnout, unsustainable workloads, and a business model that struggles to thrive.
In this 176th episode of Kitces & Carl, Michael Kitces and client communication expert Carl Richards discuss how advisors can say yes in a way that is sustainable for both their practice and their wellbeing. One powerful framework is the 'barbell model', coined by Morgen Rochard. Rather than building a practice around average clients, this model allocates capacity at both ends of the spectrum: serving a small number of high-revenue, ideal clients while intentionally reserving a limited number of seats for lower-paying (or pro bono) clients. This helps advisors maintain business profitability while still engaging in the kind of high-impact, purpose-driven work that drew many to the profession in the first place. Crucially, the model works only when it is capacity-constrained – advisors must be disciplined about the number of 'low-revenue' clients served to keep the firm in balance.
Another potential approach is structured group education and financial coaching programs, particularly around focused topics or client niches. For instance, advisors can run regular workshops, courses, or group sessions, providing foundational guidance in a time-efficient and replicable way. These models offer high-leverage ways to say yes without ongoing client commitments and allow advisors to amplify their reach – potentially affecting hundreds of people per year, far beyond what's possible in a traditional one-to-one client structure. Moreover, these group offerings can be handed off to junior staff over time, making them more sustainable and potentially contributing to the training and development of newer advisors through valuable client-facing experience.
A third tactic is time-limited hourly advice – such as offering one-hour consults at a nominal fee, which creates clear boundaries while maximizing impact. By capping the time commitment, advisors maintain control over their schedules and avoid scope creep. Some dedicate a set block of time weekly (e.g., two one-hour consults every Friday) to such sessions, creating a consistent, guilt-free way to give back without derailing their core business. Even though the service isn't financially lucrative, it offers a way to help those in need meaningfully and on the advisor's own terms. This approach can also be a valuable source of practice reps, especially for associate advisors still building confidence and communication skills.
Ultimately, the key point is that it's possible to say yes to more people in need without compromising the sustainability of an advisory business, but doing so requires intentional structure and boundaries. By adopting models such as the barbell strategy, group education, and time-bound hourly advice, advisors can align their desire to serve with the economic realities of running a practice. These models allow advisors to give back in an impactful way, making a lasting difference in the lives of others!
