Client Acquisition Strategies for Financial Advisors

avatar
by Anna Munhin Mar 14, 2023 News
Client Acquisition Strategies for Financial Advisors

Client Acquisition Strategies for Financial Advisors

There isn't a single way to approach getting new clients in your advisory business. Cold calling, digital marketing and in-person networking are some of the best client acquisition strategies for financial advisers. It's important to know what to include in your marketing plan if you want to grow your business. If you want to hit your next stage of growth, you can use SmartAsset's SmartAdvisor platform.

5 Effective Client Acquisition Strategies for Financial Advisors

Client Acquisition Strategies for Financial Advisors

Getting new clients isn't rocket science, but it does require a commitment to identify tactics and strategies that will produce results. That can help you avoid a situation where you waste time.

Five client acquisition strategies can help you grow your business.

Use Your Time Wisely

As an advisor, relationships are at the center of what you do and the stronger they are, the better. If you want to get new clients, you need to pay attention to the ones you already have.

Spending more time with your clients can help you understand their needs and goals. If your clients are more likely to refer you to their friends, family and coworkers, you'll get more leads.

You can apply the same strategy to prospects after getting referrals. You might decide to extend the initial consultation to 90 minutes. One to two 30-minute follow-up meetings could be offered.

The more time you have with a prospect, the more opportunities you have to communicate your value. It is possible that you have a better starting point for building trust.

Expand Your Digital Footprint

The internet makes it easy for people to find and compare advisers. If you don't have an online presence, you could miss out on a lot of business.

It's a good idea to have an advisor website that shows off your education and experience. It's important for your website to be easy to navigate and visually appealing because it's the first contact a prospect has with you.

If you just have a website, consider how you can get more people to look at it. Creating email marketing campaigns is one of the things that could be done. You can connect with prospective clients by adding pieces to your digital footprint puzzle.

If you don't have time for that, what are you going to do? While you build out your marketing plan, you can use a digital lead generation service.

Showcase Your Expertise

Financial advisers are sought out by people because of their expertise. It's easy to get lost in the crowd with so many advisers. That's where you can highlight your skills and knowledge.

Content that emphasizes your status as an expert can be created. Depending on what type of prospects you want to attract, the type of content you produce and where you share it can be different.

If you want to acquire high net-worth clients in their 50s or 60s, then you should focus on writing long-form articles, white papers or blog content that speaks to their specific financial planning needs. If you cater to 30-something married couples you could build your content marketing strategy around TikTok.

In order to create valuable content that your ideal prospect might be looking for, you must create it in places where they spend the most time online.

Go In-Depth With Planning

Changing the scope of the advice you give is one way to potentially acquire new clients.

If you are only focused on one or two areas, you may want to rethink your strategy. You could expand your services to include retirement planning or tax planning instead of focusing on portfolio management.

The more comprehensive your advice is, the more people will look to you for their financial needs. Your existing clients may appreciate being able to come to you for in-depth financial planning.

Make Planning a Family Affair

When serving current clients, it's a good idea to think about how you might be able to stay in touch for the long term. You may be able to add them to your client roster if they have children or grandchildren.

Expanding the range of services you offer could be one way to do that. If you're used to focusing on retirement planning for older clients, you might consider offering planning services that address the needs of their older children or Gen Z grandchildren.

Your clients are more likely to work with you if you build trust. If you can do that effectively, that could lead to other family members benefiting from your services.

Bottom Line

Client Acquisition Strategies for Financial Advisors

You would have a steady stream of clients flowing to you all the time, but the reality is that getting new clients takes some work on your part. It's easy to be overwhelmed by the number of client acquisition strategies available. Figuring out what works best for your business can help you generate the most impact for your time and effort.

Tips for Financial Advisor Marketing
  • Let us help you grow your business. If you are looking to grow your financial advisory business, check out SmartAsset's SmartAdvisor platform. We match certified financial advisors with right-fit clients across the U.S.
  • Increase your visibility online. When people need a financial advisor, they typically go to one of two places: friends and family or an online search engine. If you haven't searched for yourself, take time to do so and see what comes up. How easy is it to find your website or social media profiles, for instance? How quickly and clearly does your online presence convey what you're about?

The photo was taken by iStock.com/SDIProduction and iStock.com/Ridofranz.

The post appeared on SmartAsset.

The views and opinions expressed are those of the author and do not represent those of the company.