7 Ways to Grow Your Business As a New Financial Advisor

business marketing plan

Financial advisors are in high demand, but this industry can be overwhelming if you’re brand new. You’ve already likely asked questions like: how do I build my client list? What should I specialize in to support my clients? How can I plan for my own future development?

Concorde’s 7 Key Tips for New Financial Advisors

If you’re already feeling stressed—don’t worry. Building your business from scratch doesn’t have to be a complicated process, but it does require work. The team at Concorde shares years of expertise and experience, and they put their heads together to share seven tips to help you get started:

1. Create a Financial Advisor Marketing Plan

In order to achieve success, you must plan for it. A financial advisor marketing plan should include the following steps:

  • Define your niche expertise
  • Identify and advertise to your perfect customer
  • Pair your expertise with client solutions
  • Choose the right partner firm to elevate your business
  • Map your pricing structure
  • Develop a referral system for existing clients

Though some of these areas may seem self-explanatory, you’d be surprised how much power there is in writing things down. An outline or roadmap pairs action with intention, helping you maintain your focus as you grow.

2. Pick a Focus Area

Financial advisors must be knowledgeable in different areas, including investment services, asset management, and insurance. While you shouldn’t pick a favorite child, picking your favorite focus area is okay! Clients aren’t always seeking a financial partner that can do it all—they want someone with expertise that matches their specific long-term goals.

3. Target Your Ideal Clients

When you create a financial advisor marking plan that targets a client searching for your skillset, you’re bound to have greater acquisition success.

Let’s reframe the same scenario but use general product marketing. To maximize the chances of a sale,  a chicken wing brand would never target a vegetarian customer. Why? Because they understand that the likelihood of that specific audience choosing to purchase their product is low. Instead, they might target individuals who already own grills or regularly purchase other meat products.

That conscious choice to focus on a specific market is vital to success. Instead of targeting clients you know don’t require your services, identify and connect with the individuals or businesses that need your area of specific expertise.

4. Explain How You Can Help Your Clients

Your financial advisor management plan should clearly communicate how you can help your potential clients. The “how” and “why” are usually the most important questions to answer when speaking with a client.

It’s best to mention specific services over generalities, such as:

  • Diversifying portfolios to mitigate risk
  • Implementing tax planning strategies to lower taxes
  • Planning retirement distributions to provide a stable income

Not sure what to say? Put yourself in the shoes of your client. What do they need to hear to feel confident that you can handle their business? What kind of problems keeps them up at night that you could solve? The more you understand your target client audience, the better you can speak their language.

5. Offer Value Early

Not everyone you meet will become a client, but you can still stand out from the crowd by offering actionable insight. This insight might lead them to come to you in the future for asset management or refer a friend or family member to you. If nothing else, it helps you build a reputation as a financial advisor who is trustworthy and helpful.

At Concorde, we’ve also developed a Client Hub that contains several resources you can share with prospective clients. Sometimes, it’s the little things (like an ebook or article) that become the spark for a long-term relationship!

6. Keep Your Promises

Honesty is good advice to follow in everyday life. When you keep your promises, you show that you’re a person of integrity. Incidentally, keeping your commitment to yourself about creating and following your financial advisor marketing plan also shows integrity—and grit. Under-promise and over-deliver should be one of the mantras you live by.

7. Ask for Customer Referrals

Going above and beyond expectations when you keep your promises will turn existing clients into raving fans. Remember that you never know the network of the person you’re talking to. They may know plenty of people that could use your help; you just have to earn their trust and recommendation.

Execute Your Financial Advisor Marketing Plan

Y financial advisor marketing plan can quickly help you grow your customer base. The only caveat? You need to take action. The best plans are useless if you don’t execute them. Starting out as a new financial advisor isn’t going to be easy, but it’s a worthwhile goal. Now that you have a blueprint and a few helpful tips, what are you waiting for?

Choose the Right Partner

You don’t have to work alone. With Concorde as your partner, you can streamline your business operations, follow your financial advisor marketing plan, and grow your practice. Call us to join the Concorde team or learn more about how we support our advisors.

This is for informational purposes only. Securities offered through Concorde Investment Services, LLC, member FINRA/SIPC. Advisory services offered through Concorde Asset Management, LLC, an SEC-registered investment advisor. Insurance offered through Concorde Insurance Agency, Inc.