As more individuals near retirement age or reach various milestones in life, the need for financial planning services will continue to increase. About 300,000 financial advisors currently work in the U.S., and the Bureau of Labor Statistics expects that number to grow 13 percent by 2032. So, what steps can you take to stand out from all this competition?
You can amass a string of certifications behind your name—but you still need clients to seek your services. If you’re curious about how to find clients as a financial advisor, rest assured: there are many avenues to drum up business. Let’s examine four practical and effective client acquisition strategies you can implement now.
How to Find Clients as a Financial Advisor
To succeed as a financial professional, you must establish a secure client base. This takes time, but your efforts will pan out in the long term. Investors want to work with trusted financial advisors, so be intentional and authentic as you embark on this search. Here’s a rundown of how to find clients as a financial advisor:
1. Build a Relationship Network
You likely have a circle of friends. Whether you meet up for dinner parties, outdoor recreation, or pick-up soccer games, this friend circle is a ready-made pool of potential clients. Of course, you can expand even further and stretch beyond these current relationships.
Connect with other potential clients at networking events, local fundraisers, or financial trade conferences. The more contacts you establish, the more opportunities you’ll have to form solid relationships and nurture those leads into clients.
2. Get Involved in the Community
Do you have a passion for a particular cause or initiative? Are you interested in teaching an art class or coaching a sports team? Can you volunteer with local organizations to share your knowledge and experience? Taking an active role in the community helps others become more familiar with you, which builds trust. It also exposes you to the local demographics, which is valuable information as you interact with potential clients.
You could also offer services to those with less access to financial service firms. While it’s lucrative to reel in the high-net-worth crowd, your main objective is to present yourself as a reliable and trustworthy presence in the community.
3. Use Online Marketing Tools
When thinking about how to find clients, financial advisors have all sorts of digital solutions, resources, and platforms available. Online marketing is an effective way to reach potential clients outside your immediate sphere of influence. The tools and strategies below will make it easier to communicate the services you offer to a large audience:
- Social Media: Post on Facebook, Instagram, and other social networks to drive potential clients to your website and other business-related content.
- Thought Leadership: Maintain an active presence on LinkedIn, where potential clients can interact with you. LinkedIn is also a valuable tool for publishing content or resources that will position you as a credible, authoritative expert in your field.
- Webinars: Share financial advice through webinars and YouTube videos so your target audience will see you as a knowledgeable professional they can trust.
- Paid Advertising: Harness online advertising platforms to direct your message to those you want to attract. This marketing tool is both efficient and cost-effective.
4. Experiment with Old-School Methods
Online marketing allows you to knock on someone’s door in a virtual sense. But that doesn’t mean you can’t knock on actual doors, make phone calls, or invite potential clients to your office for a face-to-face presentation.
It can be difficult for the average-sized firm to gain 100–150 clients—or even 50–75 clients for a small boutique firm. However, intentional, personal actions such as knocking on doors, passing out business cards, or picking up the phone could leave a memorable impression. Even in this digital era, old-school tactics can lead to client acquisition.
Optimize Your New Client Search with Concorde
Concorde Investment Services is a nationally recognized registered investment advisor that can help you learn the ins and outs of finding clients as a financial advisor. Contact us today for more information on how we can empower your business growth.