How Do Financial Advisors Get New Clients?

02 Jun, 2023 BY Snappy Kraken

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Every day, more and more financial advisors are entering the workforce.

In fact, there are more than 330,000 financial advisors employed in the United States, which is expected to increase with each passing year.

Knowing that you have that much competition can be daunting.

But don’t worry yet, we're sharing 4 steps for finding and keeping clients.

All you need is solid financial advisor marketing and your shining personality.

Read on to learn more about the financial advisor growth strategies we recommend adding to your marketing plan.

How Do Financial Advisors Find New Clients?

To find new clients, you must first figure out your niche.

From there, you will have to spend time building and maintaining relationships with them.

Below are the steps you need to take to build up and maintain your clientele:

1. Find Your Specialty

First figure out what you want your bread and butter to be.

Ask yourself, 'What excites me and makes me feel eager to come to work?' 

The most successful financial advisors know what their speciality is and use that to figure out their niche.

If you enjoy discussing retirement strategies, your niche is going to be an older demographic that is planning for retirement.

If you have a special talent for managing assets for divorcing couples, then that's exactly who you're going to focus your marketing on.

Figure out what you’re interested in, niche down, and figure out where these potential clients are spending their time.

Which brings us to our next step.

2. Networking

Once you decide who your target audience might be, it’s time to start networking.

The thought of networking can make some cringe, but it’s worth the time and effort.

Build those connections, and you will build your client base.

Here are some networking ideas:

  • Connect through referrals and mutual friends

  • Find connections via LinkedIn

  • Connect with former coworkers

  • Create a Facebook group

  • Host a client event

  • Attend and present at conferences

  • Volunteering at community events 


3. Develop a Marketing Strategy

Of course, you have to connect with people 1-on-1 in person and online, but it’s not possible to do that full-time.

It takes a lot of time and can be exhausting.

Developing a marketing strategy will help you get your name out there, and it can even help accelerate your networking efforts.

How Do Financial Advisors Get New Clients Quote #2

When we say marketing strategy, we mean social media posts, a personalized website, a strong SEO presence, text message marketing, and email marketing.

You have to connect with your niche in order to generate new leads that could convert into clients.

But this requires a lot of time and hard work.

You need to figure out what you're going to say, what content you're going to share, how you're going to stand out from your competition, what channels and mediums you're going to use, and how you're going to deploy your marketing strategy once you have it all in place.

Whew! It can be... overwhelming.

That's why Snappy Kraken makes digital marketing for financial advisors easy.

We provide you with a library full of marketing content that will only take one or two hours of your time each month to personalize and launch.

The best part?

All our content is already FINRA-reviewed, so you won’t have to worry about compliance.

4. Maintain Relationships

Your marketing strategy will help you to funnel in leads that can then be converted into clients.

However, once you land those clients, the work isn't over.

You have to keep them.

This means keeping in touch with them to make sure you’re building a strong relationship with them and helping them meet their financial goals.

Clients are also more likely to generate referrals and stay loyal if you're showing your appreciation for them, such as wishing them a happy birthday, hosting a client event, or even sending a gift card.

Your clients want you to see them as more than your source of income.

How Do Financial Advisors Get New Clients Quote #3

Show them they are.

Connect with them outside of finances, finding similar interests or backgrounds.

How Often Should a Financial Advisor Contact Clients?

This depends on the client.

The least you should meet with them is once a year to go over any financial updates they have that they need help with.

Asking your clients how often they would like you to contact them in one of your first meetings with them will help you determine how much to contact them.

This should include meetings, emails, and phone calls.

It’s important to keep in contact with your clients so that they don’t:

  • Think you’re not doing your job.
  • Feel unimportant.
  • Assume you’re avoiding them.

How Many Clients Should a Financial Advisor Have?

Your client load depends on desired workload, goal salary, and work quality.

According to Michael Kitces, you can build a successful financial advisory firm with just 50 great clients.

You can go up to 100, but more than that and you may stretch yourself too thin.

Snappy Kraken: The Source of Creative Marketing Ideas for Financial Advisors

Finding great clients doesn’t have to be so hard.

Let Snappy Kraken help you out.

We focus on great content so you can focus on great financial advising.

Our platform lets you create enticing lead-generation pieces, email campaigns, webpages, and more.

Additionally, our uber-adaptable content changes depending on your target audiences —allowing you to send the right message, to the right people, at the right time.

Ready to stop worrying about marketing to your prospective clients?

Learn more about us by clicking here.

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