Engaging Doctors: The Podcast for Financial Advisors Who Work with Doctor Clients

Red Flags in Prospects: Just Say No

• Dr. Vicki Rackner • Season 1 • Episode 19

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Not every client is the right client—and learning to say “no” can help you create more joy, energy, and satisfaction in your practice. In this episode, Dr. Vicki shares how to spot red flags in prospects and why it’s important to protect your time and energy. 

 Download your free checklist here: https://docsandmoney.com/red-flag-prospects-home

 Watch the full Masterclass here: https://www.academyofphysicianengagement.com/masterclass-Aug-2025

For more tips and strategies to grow your practice by working with more doctor clients:

SPEAKER_00:

The fastest way to destroy your practice is not a market crash. It's saying yes to the wrong clients. One bad fit client can drain your time, damage your reputation, and even drag you into lawsuits. Every time you take one on, you block yourself from saying yes to an ideal doctor client who could help your practice thrive. I learned this lesson the hard way as a young practicing surgeon. One Friday afternoon, I met a patient who told me about his medical condition, but really spent most of the visit listing all the doctors who had let him down. I thought, this poor guy has just had terrible luck. I'll be the one who finally gives him the care he deserves. So I took him on as a patient and operated on him. And you know how I was rewarded for that dedication? sued me. What I didn't understand back then was that his long list of complaints and all of the people who had done him wrong were not just stories. They were red flags that I ignored. At first, I was his knight in shining armor, but in a heartbeat, I became just another villain in his story. If we have not met yet, my name is Dr. Vicki Rackner. I'm a retired surgeon who has spent the past 15 years helping financial advisors accelerate their practice growth by working with more doctor clients. Well, imagine spending every day working with your ideal clients, the ones who bring you joy and energy and satisfaction. Sometimes saying no to the wrong clients is the key to saying yes to the right ones. It's not just about filling your practice. It's about filling your practice with people who bring you genuine satisfaction. Now look, you already know from your experience that there's a high cost to accepting bad fit clients. They often turn into what one of my financial advisor coaching clients described as time-sucking, energy-draining vampires. Worse, they're more likely to file complaints, dispute fees, or even sue. So how do you spot these problem prospects before they become problem clients. Remember that people show you who they are. Their past actions are the best predictor for future behaviors. So here are some red flags to watch out for. One, bad-mouthing others. If a prospect spends more time telling you how everyone else failed them than sharing their actual goals, pay attention. That's not bad luck. That's a pattern and sooner or later you will be added to their list. Now, I have put together a free red flag checklist that you can use during prospect meetings. Grab your copy through the link below. Number two, unrealistic expectations. Be wary of those who expect you to deliver miracles or promise outcomes beyond your control. Number three, disrespectful behavior. If a prospect is rude to you or to your staff during initial interactions, that won't magically improve later. I remember my grandmother used to tell me, don't date anyone who isn't kind to the waitstaff at a restaurant. Number four, chronic complaints. Clients who always find something to complain about will likely focus their negativity on you even Number five, avoiding responsibility. If your clients can't own their mistakes or financial choices, they'll probably blame you for any hiccups. Number six, questioning fees, not value. A prospect who fixates on your fees instead of understanding the value that you provide may not appreciate your expertise. Number seven, 1. Micromanaging Tendencies If your prospects want to control every aspect of the process, they might not trust your advice or your methods. 8. Ignoring the Plan Clients who refuse to stick to an agreed-upon plan will undermine your ability to help them get the results that both of you want. 9. Indecisiveness 10. Bargain Hunters Prospects who try to negotiate discounts or deals often undervalue your services. 11. Boundary Pushers If your prospects and clients don't respect your time, policies, or processes during early interactions, it will most likely just get worse. Number 12, poor communication. Secrets, half-truths, or unclear goals are red flags for a dysfunctional relationship. Number 13, mystery decision maker. When a prospect claims somebody else makes the final decisions, but they can't tell you who this person is or what they want, this is a recipe for confusion. You want to make sure that you are in direct communication with the decision maker. Number 14, market beating mindset. If a prospect is determined to beat the market, they might not understand your holistic approach to financial planning. All right, so here are some ways you can protect your practice and focus on attracting the right clients. First, define your best fit client. Create a clear profile of the type of clients who align with your values, processes, and goals. Number two, identify your red flags. Reflect on past difficult clients and pinpoint the traits or behaviors that caused friction. Number three, audit your current clients. If you already have red flag clients, decide how to handle them, whether it's resetting bound Number four, evaluate new prospects. During meetings with potential clients, ask yourself, do I see any red flags? And number five, lead by example. Conduct yourself as the kind of professional your ideal client would respect and admire. Red flags aren't barriers to business. They're guardrails that keep you safe. Trust your gut. If something feels off, it probably is. Saying low isn't lost revenue. It's an investment in protecting your energy, your reputation, and your future. The lesson here is simple. When you see red flags, don't ignore them. Define your best fit clients. Spot the danger signs early and have the courage to walk away. That's what keeps your practice filled with clients who energize you instead of drain you. If you found value in this content, here's a video that you will love, a masterclass about how to attract, engage, and serve more doctor clients. I'll see you on the other side.