8 Proven Ways Financial Advisors Can Grow Their Business






September 27, 2022

The world of finance is always changing and it does at a pace that makes it stressful and complicated for the average person. Therefore there is a growing demand for dependable financial advisors to help them achieve their long-term financial goals.

Financial advisors have their work cut out for them. As they must prove themselves trustworthy by fulfilling their clients day to day financial goals. Financial advisors mustn’t forget to plan for the future of their own business as well.

So the question is how do you as a financial advisor plan your growth trajectory? These are eight proven ways to successfully build your path from a startup to an established business

Research and Carve out a niche

Like many big financial advisory firms, you might be tempted to present yourself as someone who can offer a different array of services. 

While this might seem effective in terms of gathering prospective clients, it’s not enough to keep them. This is because your clients are smart enough to want solutions tailored specifically for their business. 

In choosing a niche, you need to ask yourself questions like; what problems can you solve, Who are those who will benefit from your solutions, can you get excited about offering these services on a long-term basis

You can become an expert in a specific niche market – like handling medical doctor’s student loans or finances of sports athletes. This helps you differentiate yourself from others in the finance ecosystem and also build trust.

Be Specific about your Offer

After deciding on your niche, it is important to communicate to your prospective clients precisely what you offer and at what cost. 

Put into writing a detailed description of what services you offer, the extent of client participation and information required, and what it will cost them. Make sure your clients are also clear about their objectives.

Ensure that your clients are satisfied with your methods and you all are on the same page before entering into any agreements. Being decisive and upfront with your clients fosters trust and could consequently grow your business.

Marketing Begins at Home 

They say charity begins at home. This is true for marketing as well. Your marketing strategy should cater to specific clients that are most likely to require solutions from the niche you decided on.

Get valuable information- like average age, social media preference, free time, and interest, on your target audience. This will help you decide on how best to make yourself visible and convincing to your prospects.

You could also pick the brains of your existing clients by asking them questions like – how best you can better serve them, what additional services would they love to see from you. 

Marketing your business never ends. Learn from your mistakes and improve on them. Remember to always keep up with the ever-evolving trends on marketing mediums such as TV ads, websites, and social media platforms.

Do Your Best Work Always 

Great marketing will grant you access to your potential clients, but going above and beyond on your quality of service will make them stay. You must make good on your promises and deliverables to the satisfaction of your clients. 

Consistency is key when trying to build a brand for yourself. A bad review or report from the right person can negatively affect your brand’s image astronomically. On the other hand, satisfied clients who rave about your capabilities to others could attract more clientèle to your business.

Prospecting for New Clients

While a business needs to keep their existing clients happy and satisfied. The ability of a company to convert new prospects is the difference between growth and bankruptcy. 

Here are some key ways of finding potential clients:

  • Formulate a list of client prospects 
  • Set achievable prospect goals 
  • Write a script to improve effective communication with prospects 
  • Develop great phone communication skills 

Instead of Referrals Ask for Introductions

Many clients these days do not appreciate being asked for a referral. Oftentimes they would feel uncomfortable and imposed upon when you ask for a referral. However, those same people will gladly simply introduce you to someone they know.

You are probably wondering what the difference is. Introductions simply mean connecting you with another contact of theirs while. Referrals are vouching for and recommending your services.

Unsolicited word-of-mouth referrals are so effective and underrated. So providing great service and making sure your clients are happy with their results can pay off for your business.

Capitalize on Events

Social functions are a good excuse to spend time with your clients and prospects. Casually spending time with your clients can promote goodwill and loyalty. Many of your investors will gladly introduce their associates to their advisors at social events.

You could even take advantage of this by inviting your clients and their associates to your events. Also, you’ll want to make your event is fun, memorable and allows for the following:

  • Facilitating vital relationship 
  • Feel accommodating to your guest 
  • Activities that flow smoothly into the other 

Form Meaningful COI Connections 

Cultivating centers of influence (COI) is a powerful way to grow your practice. This is a long-term system that requires devotion to cultivating beneficial relationships over time. Especially relationships with professionals like attorneys, bankers, and insurance agents.

The key to amassing referrals from your COIs is to be referable and outstanding. The best way to achieve this is to frequently interact with each COIs to learn about their changing business needs and those of their clients too. This enables you to match your skills with gaps in their services.

Growing Your Business Over Time

Growing your business takes time, patience, and dedication. It requires believing in your business so much that you invest all of you into it. Properly combining all of these proven ways will kick start your growth trajectory in the right direction. Remember to be intentional in choosing your niche. Being specific is accountable, and it is brave! 


0/5 (0 Reviews)

Next up

How Blockchain is Affecting Content Creators on Social Media

Next up

How Blockchain is Affecting Content Creators on Social Media

Next up

How Blockchain is Affecting Content Creators on Social Media

Next up

How Blockchain is Affecting Content Creators on Social Media

Next up

How Blockchain is Affecting Content Creators on Social Media

Next up

How Blockchain is Affecting Content Creators on Social Media

What are you waiting for?

Work With Us