How Newer Financial Advisors Can Build a Solid Client Base

How to Build a Client Base as a Financial AdvisorThere’s never been a better time to build a financial advisory practice. More people than ever are clamoring for quality, objective financial advice to guide critical life decisions. It’s also a very challenging time for newer financial advisors as the competition for quality prospects is fierce.

However, unlike fledgling financial advisors of yesteryear who worked with little more than a reverse phone directory to find clients, advisors building a practice today have the advantage of years of hindsight along with some cool technology to get them over the proverbial hump.

Rather than applying a dated “all of the above” approach to prospecting that included endless cold calls, direct mail, and even blast emails, newer financial advisors can systematically and incrementally build a solid client base using a proven marketing and sales framework fit for the digital age.

Tap into the 90+ years of experience of Don Connelly & Richard Capalbo through their 4-CD set or 4.5-hour mp3 recording, How to Excel in the Securities Industry, and learn what Elite Advisors do that average Advisors don’t do.

#1. Define your target audience

It seems counterintuitive, but instead of trying to cast as wide a net as possible to gather leads, newer advisors are better served by casting a more narrow and targeted net—the narrower and more focused, the better. Advisors who can narrow the dimensions of their target audience will achieve greater efficiencies and productivity from their investment in time and money, focusing on prospects who match their idea of an ideal client.

In addition, by developing a unique expertise or specialty to burrow deeply into a well-defined niche, advisors can be more effective at differentiating themselves. Advisors who cater to a narrower market or niche can more easily identify concerns, interests, and values shared by a targeted group of clients with similar backgrounds, demographics, or business challenges, making it easier to build trusted relationships.

#2. Define your ideal client

When you narrow your focus, you can more easily define your ideal client—those with whom you most enjoy working and who can benefit the most from your offering. They share specific qualities and traits that make them appealing as clients. They also share many of the same concerns and financial goals, which allows you to focus your messaging and approach around a core group of people.

Successful advisors create a client persona, essentially a fictional character that embodies all the data and insights you have about your ideal client. That includes demographics, financial backgrounds, and your understanding of their goals, preferences, challenges, and motivations.

From that, you can create a value proposition that speaks directly to the prospects you want to attract.

#3. Create relevant and meaningful content

The most effective way to gain the attention of and engage with prospects is by encouraging them to consume relevant and meaningful content you create, whether through emails, blog posts, webinars, or presentations. By capturing your target niche in a client persona, you will have a deeper understanding of their challenges and interests, allowing you to create content that resonates with and engages them at a higher level.

The most effective ways to get your content out there are through email marketing, blog posts, and social media. Email marketing is a crucial pillar of a top-of-mind awareness strategy. Using email automation tools like MailChimp, you can effortlessly create campaigns targeting different segments based on their personas. Your email content should be relevant and add value. In addition to a monthly email, you can send out educational audio or video clips of you discussing a timely topic. That will position you as an authority and a resource that can be trusted and make you more memorable.

Posting your content to a blog can enhance your visibility and authority within your target market. You can attract followers to your blog by referencing specific blog posts in email newsletters and on your social media. By targeting your content to your target market, you can position yourself as the go-to resource.

Listen to the 2-CD set or mp3, Say It So It Makes a Difference, to simplify your message and better communicate with prospects and clients in a straight-forward and understandable way.

#4. Get socially active

Leveraging social media is a highly effective way to connect with your target market and engage your ideal client. Social media sites such as Facebook, LinkedIn, and YouTube allow you to get ultra-specific with your targeting while creating valuable social capital.

The key is to treat social media as a means to increase brand visibility in your target market rather than as an “end” to generate new sales. It’s an unparalleled opportunity to build trust and demonstrate your value as a member of the community. In doing so, you increase your visibility and generate traffic to your website and blog, where they can learn more about you.

Social media is used as part of your prospecting strategy to move more contacts into your funnel so they can be cultivated into leads. Through your social media efforts, you build your social capital, increase your influence, and build relationships, leading your contacts to trust you and feel more comfortable interacting with you.

#5. Provide exceptional service

Even if you have only a handful of clients, the key to building your client base is consistently offering a memorable client experience. Clients today expect much more than a satisfactory experience from their advisors. At a minimum, they expect excellence. But, in today’s highly competitive environment, you gain no real advantage or differentiation by being excellent because that’s now the minimum standard by which all advisors are measured.

The only way to stand out and win more clients is by being exceptional, offering unsurpassed service and communications, personalizing each client’s experience, taking a personal interest in your clients’ lives, and anticipating their needs.

That also makes you highly referrable, which works to your advantage when you work in a tight niche among people who like to share their exceptional experiences with others.

Building a client base takes time and effort. Stay focused, consistently provide value, and deliver exceptional service to differentiate yourself as an advisor people want to get to know.

Watch this 3-minute video to learn how our 24-step training program can help you develop and hone the soft skills needed to succeed in our business.

See program details and enroll today!

Available as a self-paced program (always open) or as a 12-week coaching program (open only a couple of times a year), this training will change the way you view your practice and will give you an enormous advantage over your competition. Select your format and enroll now!


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