First, if the prospect is a very close family member of the referring client, then help them out. It builds your relationship with your client. After that, you are not the right advisor.

When you discover someone doesn’t fit, tell them that you are not the right advisor for them; that your systems and processes are geared in a different direction. This is where it helps to have an associate (formal or informal) to whom you can refer that business.

As soon as you can, get the referring client on the phone. And, without revealing any proprietary information, let them know that the “timing wasn’t right” for you and their friend.

Later - perhaps when you meet in person again - bring your client up to date with your Ideal Client Profile.

In the meantime, it’s important that you educate all your clients - or at least your ‘A’ clients - as to whom you serve the best. When you get referrals that don’t fit your business, it’s usually because you haven’t taught your clients who fits.

Bill