How Financial Advisors Can Grow Their Client Base

 
Last updated on: March 23, 2020

If you are reading this, you are probably trying to figure out how to grow your client base. Successful financial advisors are always looking for a way to grow their client base, regardless of the size of their business. Being in such a crowded field, it can be difficult to differentiate yourself from your competitors. One thing to remember when it comes to marketing yourself does not only use one method of marketing. You want to be maximizing all available options, giving out promotional gift products to your employees, using your brand logo and company logo on those products for marketing purposes of your company. This will allow your business to be flexible in case one channel does not show any promising results and you will be able to adjust your strategy accordingly without any stress. 

1. Define Your Ideal Customer 
You want to define your ideal customer first. By defining your ideal customer, you will be able to get a sense of what they are looking for and how to fulfill those needs. 

2. Find a Niche
Once you define your ideal customer, ask yourself why do they need to come to you? What makes you different from all of the other financial advisors out there? Remember, you can't be everything to everybody.  By finding a niche or specialization, this will make it easier for you to market yourself and it will be easier to find new clients. If you're not sure what to specialize in, read #3. 

3. "Serve the Underserved" 
There are a lot of demographics out there who do not receive the best financial aid support they need. It is because other financial advisors cannot create the right financial plans for them or there are very few financial advisors that specialize in that demographic, but are not very good at it. By penetrating the market for these demographics, you will have a wide client base to start with and grow from there.

4. Use a CRM
What is CRM? CRM stands for Customer Relationship Management. Using a CRM software is extremely useful in the financial industry as it collects, organizes and presents data easily. With this data, you will be able to contact new clients and grow your client base. CRM also goes hand in hand with SEO.

5. Search Engine Optimization
You have probably heard the term SEO everywhere. Search Engine Optimization is a way to increase the quality and quantity of your website traffic. In other words, having your website come up first on search engines like Google or Bing. In order to do this, you first have to include as many keywords into your website as possible. It can be included in a header or sub-category.

6. Upgrade Your Website
Not only do you want your website to include keywords, but you also want to ensure that it looks professional and it is easy to use. One tip when it comes to managing a website is that you want to focus on the conversion, not the number of traffic that visits your website. A website would be inefficient if you are not converting your visitors into prospects. 

7. Write a Blog
An easy way to maximize keywords for SEO is by creating a blog attached to your website. Your blog can cover important financial issues, new changes in the industry or just answer everyday questions. Having a blog shows clients that you are knowledgable and up to date on what happens in the industry. Clients want a financial advisor who has all of the answers so they know who to trust. 

8. Use Social Media
Marketing through social media has grown immensely and can be considered to be one of the most effective marketing strategies. Social media includes platforms such as Instagram, Facebook, and LinkedIn. A lot of financial advisors are not convinced that social media is the most effective way to expand their client base, but social media is now integrated into our daily lives. Most financial advisors are focused on are over 50+ because they are an easy demographic to target. By focusing on that segment alone, they are missing a huge opportunity: Millenials. Millennials are the future. They are going to be in need of an advisor for all sorts of things like tuition payment, saving for a house or a car. The best way to market to millennials would be through social media as they are on all social media platforms 24/7. 

9. Be Involved in the Community
Get your name out there by being involved with your community. Marketing campaigns require a lot of costs, but community involvement only requires your time. This allows clients to get to know you outside of the office. The more they know about you, the more comfortable they will feel about coming to you. Plus, this will people talking about you and marketing by word of mouth has been known to be very effective. 

10. Client Appreciation Events
Show your clients that you genuinely care and appreciate their business. Client appreciation events also attract a lot of attention, getting new prospects intrigued by what you have to offer. Appreciate their work by giving promotional gift items on their good work.

11. Sponsors
Sponsoring youth events or school events are another good way to grow your client base. There is usually a big turn out at these events which allows you to advertise and reach out to a bigger audience.

12. Networking
Networking is a great way to meet people. Not only do you want to network with potential clients, but you also want to network with other influential professionals such as lawyers, HR reps and other advisors to create those partnerships. 

13. Listen!
One of the biggest mistakes that many financial advisors do is not listening to what their clients want and needs during the consultation. The client then leaves frustrated and still lost. Listen carefully to all the details your clients are telling you in order to help them out in the best way possible. 

14. Use Simple Words 
Don't try to impress clients with fancy financial terms, chances are they won't even understand it. Keep it simple. You don't want to scare them off during the consultation. The more the client understands, the better they will feel about coming to you for advice. 

15. Practice Your Elevator Pitch
Elevator pitches aren't used just to introduce yourself to a potential employer, they can be used to gain potential clients as well. You want to practice your elevator pitch so you will be able to present yourself confidently. Just as how you would tailor your elevator pitch to each specific employer, you would want to tailor your pitch to each individual client depending on their needs.