What Strategies Do Financial Advisors Use to Grow?

19 May, 2023 BY Snappy Kraken

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Getting new clients and keeping existing ones — these are the ingredients for business growth.

But as we all know, this is easier said than done.

In the world of financial advisor marketing, building and maintaining a healthy client base is one of the most challenging parts of the job. 

Plus, there are so many financial advisor growth strategies out there — how do you pick the right one?

Some promise tons of new prospects, but then fall flat when it comes to client retention.

Others are full of possibilities, but the energy they require might be too much for your workload.

And on top of everything else, you must also monitor the advertising regulations of agencies like FINRA and the SEC.

At Snappy Kraken, we understand your frustrations.

The financial advisor landscape is so different from other industries.

We’ve spent a lot of time studying what works and what doesn’t for financial advisor marketing, and we want to share our wisdom with you.

Why Is Being a Financial Advisor So Hard?

Along with researching best practices for financial advisors, you’ll also want to understand common pitfalls of the industry.

These are revealed in surveys like this one by Kitces, which asked clients about the style and frequency of their financial advisor communications. 

Here are some of the insights shared:

  • 64% of clients say that their financial advisor contacts them infrequently.

    Stat Percentages (1)
  • 75% of clients want relevant news articles, statistics, or visuals from their financial advisors.

  • 85% of clients consider their advisor’s style and frequency of communication when considering retaining their services—and 88% would consider the same when recommending their advisor to someone else.

Another report asked why clients might fire their financial advisors—here’s what they found:

  • 32% of the respondents who fired their advisors did so because of the quality of advice and services (goals weren’t achieved, they said)

  • 21% walked because of the relationship quality (e.g., mismatch in values, lack of trust)

  • 17% due to the cost of services

  • 11% because of returns

  • 10% due to confidence in handling financial issues

  • 9% due to communication quality

We see a pattern here.

Yes, offering the best investment advice for maximum returns is important, but it’s not always the key to client retention.

What Strategies Do Financial Advisors Use to Grow? Quote #2

Rita Gunther McGrath, a professor at Columbia Business School, put it best in an interview with Investopedia:

“After years of losses, do you think [my advisor] would call me and have a conversation? No, it was radio silence for years. I decided enough already.”

If her advisor had communicated after those losses, Rita might not have fired them.

She, like so many others, will not stand for poor communication and lack of understanding from an advisor. 

Rightfully so.

Clients deserve transparency, honesty, empathy, and someone who understands their financial situation.

Don’t expect loyalty from a client who never hears from you.

And avoiding these shortcomings is only the beginning.

Now, onto the more exciting stuff—how to grow your client base as a financial advisor while retaining the loyalty of your current clients.


How Can I Grow My Financial Advisory Business?

Our team could write an entire book about strategies for growing your financial advisory business.

Actually, our CEO Robert Sofia already has

But in the sea of strategies out there, we think there are three in particular that deserve your attention. 

1. Find Your Calling

We know your main calling is to advise others on finances, but is there a specific audience you think your skills can cater to better than anyone else? 

Maybe you’ve been through a divorce and have tons of ideas for repairing assets after a major split.

Perhaps you’re a fitness buff and find yourself talking about finances in the gym quite frequently. 

To find your niche market, think about your hobbies, experiences, and interests.

When you’re not working, what are you up to?

And who else is there with you?

Those are potential clients whom you can connect with on a deeper level.

2. Have Consistent and Excellent Communications

Can you remember a sequel you enjoyed as much as the first film?

There are a few we can think of, but most missed the mark.

When the first film wows us, our standards are high.

With sequels, it always feels like the producers are focusing more on profits than creativity and storylines.  

Don’t be like those Hollywood producers.

If your first client encounter is amazing enough to seal the deal, great!

But what about after that?

Are you putting the same energy into retention?

This constant communication can be a bit tiring and time-consuming, which is why a marketing platform like Snappy Kraken can be a huge relief! 

Our platform automates these business communications on a regular schedule through email, text messaging, social media, and more.

And our messaging always feels personalized, creating authentic client connections that will last.

3. Stand Out from the Competition

Everyone wants to stand out from their competitors—that’s a given.

But how do you do this in your marketing?

First, stop relying on curated articles from media outlets or bland content libraries that make you blend in with every other advisor.

In our experience, those won’t get you very far.

You want to stand out and stay front of mind, or as we like to say, “blend out.”

Excellent marketing content is a mix of perfect timing, creativity, and speaking to your client’s main concerns.

What Strategies Do Financial Advisors Use to Grow? Quote #3

Even a simple interactive element or a stunning graphic can be the difference between a prospect who remembers you and one who doesn’t.

And hey, not all of us have that creativity gene.

That’s okay!

Besides, even if you are a creative type, brainstorming new marketing campaigns will take a ton of time you simply don’t have.

Why not rely on a marketing platform you can trust to generate fresh, new content each week?


Snappy Kraken: Amazingly Crafted Content That Actually Works

You know what value you bring to the table, but communicating that to clients takes so much time and energy.

Looking for some proven strategies and creative marketing ideas for financial advisors?

That’s all we do at Snappy Kraken. 

If you’ve tried marketing automation before and haven’t been impressed, we get it.

A lot of what’s out there feels canned, random, and doesn’t work.

We got tired of it all and decided to create a better platform.

With Snappy Kraken, you'll get noticed, earn contacts, build credibility, win clients, and keep those clients over time. 

How do we do this?

By using powerful marketing tools in new ways, like our:

  • Timely Emails that speak to trending topics, cut through the noise, and achieve above-average open rates.

  • Lead Generation Campaigns that automate sending and publishing innovative content over the course of multiple weeks.

  • A Visual Insights Newsletter series that provides entertaining, highly-researched insights on trending topics to engage current clients and wow prospects.

  • Prospect Engagement Campaigns that educate potential clients, allowing you to continue conversations and increase brand awareness.

Each includes vital touch points via email, social media, and landing pages, to name a few.

And as a bonus, we send all our campaigns to FINRA for review, removing one more hassle you have to worry about. 

Intrigued? Check out our demo of the Snappy Kraken platform to see us in action!

Wondering if Snappy Kraken is right for you?

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