Grow Your Client Base as a Financial Advisor

By Dummies Press, Ivan Illan

Part of Success as a Financial Advisor For Dummies Cheat Sheet

Obviously, your success as a financial advisor hinges on your ability to acquire and retain clients. Client acquisition is particularly important when you’re just getting started and haven’t established yourself as one of the top financial advisors in your area. Following are four ways to build and grow your business:

  • Earn your clients and referrals. By delivering value to clients, you not only retain clients but also grow your client base through referrals.
  • Create a tiered service model. Assign clients to categories, such as Platinum, Gold, Silver, and Bronze, and allocate your time accordingly; otherwise, you won’t have sufficient time to provide quality service to your best clients and engage in other marketing activities.
  • Market your services. The best marketing is an intellectual capital campaign. Sharing your specialized knowledge or perspective should be your crusade. Don’t engage in mundane, dialing for dollars activities. Build a website, maintain a blog, be engaged in relevant community activities, and don’t sell.
  • Team up with colleagues. You’re likely to have a tough time achieving success as a financial advisor if you try to fly solo. At the very least, you should team up with your client’s lawyer and tax advisor to develop a holistic, cohesive financial plan for each client. Beyond that, you can achieve even greater success by teaming up with other financial advisors through joint-work opportunities, especially if you specialize in one area and they specialize in others.