How Do Financial Advisors Get Clients?

Discover step-by-step methods to help cultivate financial advisor client relationships. Learn the secrets of successful advisors and start growing your business.

by Jon Arancio, Vice President

How Do Financial Advisors Get Clients

Financial advisors help people reach their goals by creating strategies to grow and manage money. It is not easy to become a financial advisor. It takes experience, certification, and discipline.

But becoming a successful advisor requires something else: clients.

Traditional marketing doesn't work as well as it once did. Now, advisors must do more and leverage technology to grow their business.

In this post, we will explore how financial professionals get clients and how you can too. We will outline the most effective marketing strategies you can use to attract more customers.

How Many Clients Do Most Financial Advisors Have?

The size of a financial advisor’s practice is an important factor in providing personalized, high-quality services to their clients. The type of service provided, and the time devoted to each client, plays a key role in determining the size of a practice.

Research suggests that lead advisors typically manage 95-100 clients. This number allows for sufficiently personalized service while still allowing time for non-client facing functions. Boutique practices may opt for even fewer clients, such as 75 or 50, which would come with higher fees per client but more time dedicated to the individual investments and asset management needs.

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No matter what size the practice is, financial advisors should be familiar with portfolio management principles, regulations and industry standards to provide their clients with outstanding service. They should also remain up-to-date with changes in regulations that could shape the industry landscape so they can offer informed advice that best suits their client’s needs.

How Can Financial Advisors Find Their Ideal Clients?

One of the most important considerations for advisors is knowing who their ideal client is. An ideal client should have a need or interest in working with an advisor and a solid understanding of their current financial situation. An ideal client will be willing to make changes to their current strategy and be open to the advisor’s recommendations.

Ideal clients are open to different investment strategies and new tactics for growing their investments and saving money. They should desire to work closely with the advisor to develop the best possible plan for their future.

Advisors must also determine whether a potential client will take risks to reach their goals and how much. Clients should also understand the potential tax implications of investing so they can make informed decisions throughout the process.

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How Financial Advisors Get New Clients

Finding the right prospects is key to success, but traditional methods, such as cold calls and direct mail, are not as effective as they once were. Creative methods that involve storytelling and relationship building are way more powerful.

Here are some of the top strategies successful financial advisors use to get new clients.

Become Involved in the Community

Advisors can get more clients by becoming involved in their community. One way to do this is to join clubs and organizations relative to the financial industry, such as investment clubs. This gives you an opportunity to network with other people in the field, share ideas, and stay up-to-date on local issues.

Another excellent way to become known in the community is to attend events related to finance. Most cities have regular seminars, conferences, and other gatherings where people discuss relevant topics and exchange opinions. Take full advantage of these events by networking with attendees and sharing your expertise when appropriate.

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Besides gaining exposure through other people’s networks, a financial advisor can also create their own presence within the local community. Writing opinion pieces for newspapers, joining public speaking engagements, and volunteering with charities all help build a reputation as an expert financial resource.

Overall, by actively taking part in local financial events and organizations, advisors can expand their circle of influence while easily marketing themselves in their community.

Build Your LinkedIn Network

Building your LinkedIn network allows you to showcase your qualifications, expertise, and experience. Through this platform, you can make more connections and create opportunities for new business.

When building your LinkedIn network, it is important to use keywords that best describe what you do as a financial advisor. When potential clients search on LinkedIn with these keywords, they will find your profile easily and reach out to connect with you if they are interested in your services.

It is also beneficial for to join relevant LinkedIn groups and take part in ongoing conversations about financial topics with other professionals in their field. This can help them build relationships with potential clients, who may choose them over another advisor once they know more about them.

You should also leverage your existing networks by asking for recommendations from satisfied clients you’ve worked with in the past or peers within the industry who have had success working with you. Ask anyone who is familiar with the quality of your work. Recommendations can help potential clients who view your profile evaluate how experienced and knowledgeable you are at providing financial advice.

Finally, complete your profile page by including all relevant information such as certifications, awards, and any special skills which show potential clients why they should work with you. Use photos and videos to give people insight into who you are as an individual, and into what makes your financial services firm unique.

Cold Outreach

Sending out cold emails can be an effective tactic for advisors. But it is important to craft the best messages possible. To do that, make sure all your messages are short, personalized, offer a compelling reason to reach out to you.

By spending a little time each day writing tailored emails, you can make the most of your outreach campaigns. For example, sending out just 5 emails each day creates up to 25 new opportunities each week.

Host Webinars

Webinars are a great way to engage with new clients. Hosting webinars can help establish your business as an expert in the field and give you the opportunity to demonstrate your knowledge. By hosting educational sessions on topics related to finance, prospective customers will get a better idea of what services you offer and how they can benefit from them.

Webinars also offer a unique opportunity to communicate directly with a large number of prospects in your target audience. You can divulge pertinent information related to taxes, investments, or other financial products that would otherwise be hard to impart through printed materials or meetings with individual potential clientele.

In addition, webinars provide an ideal forum for networking and brand building by allowing you to interact directly with those interested in learning more about what your company does. Once the session is over, viewers can reach out with questions and potentially convert into paying customers over time.

By hosting engaging webinars geared towards your target market, you can attract more clients who are already familiar with what your financial advisory firm can do. Be sure to set up clear calls-to-actions during each session, so attendees have options on how and when they want to follow-up after attending.

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In addition, webinars provide an ideal forum for networking and brand building by allowing you to interact directly with those interested in learning more about what your company does. Once the session is over, viewers can reach out with questions and potentially convert into paying customers over time.

By hosting engaging webinars geared towards your target market, you can attract more clients who are already familiar with what your financial advisory firm can do. Be sure to set up clear calls-to-actions during each session, so attendees have options on how and when they want to follow-up after attending.

Paid Marketing Campaigns

By investing in targeted paid marketing campaigns, you can tap into specific audiences who are looking for the services that you offer.

You can craft a message to fit the needs of a particular audience with words and visuals that make it more likely that they will click on your ads and consider doing business with you.

Paid marketing campaigns allow you to leverage data to ensure the right people see that your ad. You can monitor activity, such as clicks and conversions, to determine which types of ads are most successful and adjust your strategy accordingly.

Finally, with paid marketing campaigns, you have control over how much money you want to invest so you don’t have to rely solely on organic leads or word-of-mouth referrals. This makes them an incredibly powerful tool in any financial advisor’s arsenal of tactics to get new clients.

Ask Existing Clients for Referrals

Word of mouth is one of the most powerful forms of marketing, and the satisfied customers of your firm can be a substantial source of leads.

By encouraging your current customers to spread the word about your services, you will reach potential leads who are already familiar with you via a trusted source. When potential clients hear about your services from their friends or family members, they are more likely to take the next step and contact you for further information.

It is also important to make sure that you are consistently providing high-quality service to your existing clients. When they feel valued and appreciated, they are far more likely to recommend you and share their positive experiences with others who might be interested in learning more about what your firm offers.

When it comes down to it, referrals can be a great way for you to get more business without spending time and money on traditional advertising.

Strategic Partnerships

Building strategic alliances is an effective way to boost revenues and profits for financial advisors. All it takes is a few key partnerships that align with their niche market and the clients they serve.

By identifying professionals who can provide synergistic services, advisors can better meet the needs of their client base by providing services that exceed what one advisor can deliver.

Choosing the right partners to support your financial advisory service can be a tricky process. Look beyond the professionals you have worked with in the past and explore firms that specialize in your target clientele. Start by creating a shortlist of local attorneys, CPAs, and insurance companies. Consider using online searches, social media profiles on LinkedIn, and any other information that is available to you to find potential partners.

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Once you have your list, it is time to pick the ones you want to contact. Select those who are easy to collaborate with, those who develop good relationships with clients, and who proactively introduce new people rather than waiting for introductions or opportunities. You should also make sure the partner organizations share similar values, business approaches, and get results.

These relationships can become a springboard for your financial advisory business. As a bonus, this collective effort to provide high-quality expertise may lead to more referrals, which could eventually provide you deeper access into other niche markets. This can set you up for exponential growth opportunities down the road.

Online Communities

Advisors can become a member of online communities to build a consistent stream of referrals and leads.

The first step is to join relevant online groups and connect with members who are current or prospective clients. This will allow you to interact directly with them and get an idea of what they need in financial guidance.

Once you have established yourself as knowledgeable and trustworthy among other member of the community, start creating content that resonates with them. Examples are blogs, articles or interesting insights on topics such as taxes, retirement planning, budgeting, and other areas related to personal finance.

Engaging these members by commenting, answering their questions, or providing relevant recommendations can create build more trust and increase the chances of them reaching out to you for help.

Last but not least, promote yourself. Use any available channels within the community platform—such as message boards and forums—to let people know about your services.

Develop an Online Presence

In today’s competitive marketplace, having a digital brand is mandatory for businesses to grow. An online presence starts with a website, blog or other social media outlets like Twitter, Instagram, YouTube, or LinkedIn.

Developing an online presence will make it easier for potential clients to find you and learn more about your services. Be sure to include detailed descriptions of your services and any unique programs or strategies you have available. Adding real client success stories can help build trust.

Creating content that is tailored towards your audience will also help draw in potential clients. Writing blogs on topics related to finance, investing, and retirement planning gives you an opportunity to become an authority on those subjects.

Advisors can also use social media as a marketing tool and a platform for building relationships with potential clients. Sharing relevant updates on Twitter, engaging with target clients’ posts on Instagram, and creating videos on YouTube are all great ways to broaden your reach and establish yourself as an expert.

Google My Business Profile

A Google My Business profile is a key piece of the digital marketing puzzle. This profile gives you an opportunity to give potential clients information about your services, qualifications, and contact information.

When setting up your profile, be sure to add your company’s logo, description, address, and include any keywords related to your services. Provide basic contact details such as business email address and phone number so prospects can easily contact you for more information.

Another important way to make your Google My Business page stand out is to include reviews from current clients. Reviews not only boost credibility but show people what you are capable of and how others have benefited from working with you.

A Google My Business page increases the chances that you will be found when users search for financial services on Google or other search engines.

Take Up a Hobby

Having a hobby that allows you to network and connect with potential prospects can turn work into fun. Networking at events such as golf tournaments, charity dinners, and other social gatherings can be extremely effective in building high-quality client relationships.

Being able to discuss something you like with others who share a similar interest can open the door to new opportunities.

So, whether it is through sports, trade shows, boating, or other fun activity, cultivating a hobby gives you access to people who could become your next clients. You can use your passion to create quality relationships that last far beyond the first meeting.

Start Next Generation Relationships

It is never too early to foster relationships with your clients’ heirs. Establishing trust now, regardless of their age, helps ensure that when the time comes for them to inherit their parent’s assets, you are their go-to financial advisor.

This provides a unique opportunity for long-term wealth planning and asset retention. You can empower the next generation by setting up meetings to discuss asset management, stewardship over money, and future financial circumstances.

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By sharing your knowledge now, you can create a referral system through continuing generations. If they understand and appreciate your expertise now, they will be far more likely to turn to you when it is time to manage inherited assets.

Investment advisors who start building strong ties with prospects at an early stage can set the stage for a profitable future.

Host Client Events

Planning and hosting events is a great way to build relationships with clients and keep them engaged. With the right event, you will reach a wider audience, from new prospects to spouses, family members, and your current customers’ colleagues.

When choosing an event for clients, look for experiences that are entertaining and memorable. For example, you might consider tickets to a sporting event or arranging a private wine tasting experience. Combining educational content with something extra creates a balanced learning environment that everyone can enjoy.

For successful client events, you must consider what your customers would enjoy doing. Research their industry, interests, and lifestyle preferences so that everything you arrange lines up with what they like and expect from working with you. With careful planning and attention to detail for each event, your guests will appreciate you and introduce you to new connections along the way.

Create Free Content to Educate Potential Clients

By providing high-quality, educational materials such as blog posts, videos, and other digital media, potential clients will find out what it is like to work with an experienced advisor.

Publishing helpful content also builds credibility and expertise within a niche or subspecialty. Not only will this help your potential clients learn more about your services, but they will start to trust you, too.

In addition, if someone finds your content when searching online, they are more likely to remember you when they need a financial advisor. Having great content that ranks on Google searches can increase lead generation and build brand awareness.

When creating content for potential clients, show them examples of how you have helped previous clients with their finances. Use case studies that showcase results to back up any claims or advice in the content you provide so readers can see the value of working with you.

To make the most impact with free content, tailor the material toward various topics and audiences—from new investors who are just starting out to seasoned investors looking for sophisticated strategies. This will allow you to target multiple audience groups and grow your client base organically.

Use a CRM

A Customer Relationship Management (CRM) system is a powerful tool that can help financial advisors create and maintain strong client relationships and turn more leads into new clients. It offers an intuitive user interface, customizable workflows, automated marketing campaigns, and several other features and capabilities. As a result, you can enhance the relationships they have with current clients while acquiring new ones.

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The CRM simplifies processes while boosting productivity by helping make business decisions more efficiently based on real insights instead of guesswork. For example, advisors can collect data on prospects, such as demographics, investing preferences, and contact details. Then, they can create personalized messages tailored to each individual or group. The CRM also provides context-sensitive contact management functions so advisors can track conversations and follow-up activities by topic.

You will also benefit from automated marketing capabilities for generating leads through digital channels, including social media, email campaigns, and more. Customized reporting systems offer insights into analytics, such as cost per lead, customer lifetime value, and conversion rates, while also allowing deeper dives into customer values and demographics.

With a CRM in place, you have access to the data they need to grow assets under management.

What Is a CRM System?

Everything you need to know about CRM systems and how to use them to grow your business.

How Wintec Group Helps Financial Advisors Get More Clients

Experts in the financial services industry know what it takes to get more clients: superior marketing, sales, and service processes. With Wintec Group’s CRM consulting services, advisors can tap into the power of a CRM system to improve their marketing and sales efforts while delivering high-quality service to grow assets under management.

Personalize every investment review meeting. Make every client happy with personalized solutions. Boost profitability without compromising satisfaction. Stay compliant. All of this is possible when you use the perfect customer relationship management tool: Maximizer CRM.

A financial advisor needs help to grow their business—and that is where Wintec Group’s CRM consulting services come in. As a certified elite Maximizer CRM partner, we give advisors access to the data they need, allowing them to focus on profits while providing excellent service and support—all while staying connected and communicating with clients faster than ever before.

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Jon Arancio, Vice President

Jon is the co-founder and Vice-President of Wintec Group Inc., a CRM software reseller and application support specialty firm. He helps clients implement Maximizer CRM, and provides outsourced application knowledge to firms who need the additional skills sets but are not looking to add support staff for this technology.


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