Who Are the Best Clients for Financial Advisors?

30 Jun, 2023 BY Snappy Kraken

Who Are the Best Clients for Financial Advisors Blog Header

It may surprise you to know that for a high number of successful financial advisors, a client’s net worth doesn’t necessarily indicate their quality as a client.

Net worth is important, obviously. Without some wealth, there’s no wealth to manage.

But a dollar value can’t possibly account for what kind of experience an advisor might have with certain clients.

So, what else matters?

Like any other collaborative process, you’ll have a better experience and a higher quality relationship with clients who have a personality you connect with.

A prospective client’s motivation and attitude matter.

It’s easier to connect with clients who are good communicators. Those able to openly and honestly discuss their goals, ask questions, and so on.

And this will seem obvious, but clients who are receptive to advice are going to be better additions to your portfolio than know-it-alls or particularly stubborn people.

Once you know your ideal client profile, your financial advisor marketing efforts can be refined to connect with the right clientele at the right time.

Who Are the Best Clients for Financial Advisors Quote #1

What Type of Clients Do Financial Advisors Work With?

Who is an ideal client for a financial advisor?

Usually, it’s a matter of fit.

As you think about the types of clients that best fit your experience, preferences, and advising style, it helps to segment potential clients by target and niche markets.

Let’s take a quick look at prospective types of clients for financial advisors.


What Are Examples of Target Audiences for Financial Advisors?

When it comes to the target audience for financial advisors, there are several different ways to slice it.

By focusing on and specializing your services for specific target audiences, you can take control of the kind of work you’re doing and the relationships you build.

Who Are the Best Clients for Financial Advisors Quote #2

Examples of target markets for financial advisors include the following:

  • Companies or individuals in specific industries (e.g., education, healthcare, real estate, etc.).

  • Families with multiple incomes and specific saving goals (e.g., saving for a house, to have children, etc.), or families with kids (who want to start saving for college).

  • Small business owners, especially those operating their first business and learning financial literacy on the fly.

  • Families or individuals experiencing major financial events (e.g., receiving an inheritance and looking to invest) or life events (e.g., divorce, changing jobs, retirement).

By targeting the right types of audiences, you can build or grow a solid customer base (that you’ll enjoy working with), establish a referral network, and get ahead of the competition, as well as other advantages. 

Within target audiences, then, there may be room for further specialization. Next, let’s take a moment to talk about niches.


What Are Examples of Niche Markets for Financial Advisors?

In a guest post for kitces.com, author Stephen Wershing describes how financial advisors can appeal to niche markets.

He describes six types of niche markets worth considering, and how to build productive relationships within each niche.

  • Affinity: Client relationships built around shared interests, social circles, or networks. “My advisor’s a lot like me,” these clients might say.

  • Educational: Client relationships are built around the advisor taking on a teaching role, helping clients to understand their circumstances and options. “My advisor’s teaching me so much,” these clients could say.

  • Experiential: Client relationships built around an engaging and consultative experience. These clients might say, “I love working with my advisor, and they make it so easy.”

  • Psychosocial: Client relationships built around not just financial advice, but support (on a human/personal level)—clients going through an unfortunate life event or transition, for example. You could often hear these clients say , “I would feel lost without my advisor.” 

  • Technical: Client relationships built around an advisor’s deep, technical knowledge; they’re able (and willing) to get down into the weeds with their clients. “My advisor knows their stuff,” these clients might say.

  • Values: Client relationships built around shared values or philosophies. Those who fall under this niche could be overheard saying, “My advisor gets me.” 

To put this in some context, let’s look at an example of how the concepts of target markets and niches work together.

Let's say your target market is small business owners, and your niche is educational.

You could create a simple marketing message like "I help small business owners understand how to run their business from a financial perspective."

The idea is to position yourself in a way that stands out from other advisors who do not offer the same level of service you’re promising.

Who Are the Best Clients for Financial Advisors Quote #3


How Does a Financial Advisor Build a Client Base?

Especially for advisors who may be relatively new to the game, building a high-quality client base can feel overwhelming.

Some activities that can bring new clients into the fold include the following:

  • Narrow your focus by considering target audiences and niche markets (as described above).

  • Refine your ideal client persona. Who are they, and what are their goals?

  • Develop a plan for social media and content marketing campaigns.

If that last point gives you anxiety, don’t worry.

Snappy Kraken’s here, with a complete digital marketing strategy ready to deploy.

Whatever your ideal client looks like, we’ll help you find them, connect with them, and build great relationships with them.

With sophisticated marketing magic happening behind the scenes, you can take care of all your marketing tasks in as little as a couple of hours a month!


Are You Ready for the Kraken?

Don’t take our word for what we can do for you.

See what our customers are saying about us, and then click the button to watch a demo of Snappy Kraken in action.

Wondering if Snappy Kraken is right for you?

Done-for-you content
Easy Automation
Proven Results
Contact Us Watch Demo