Business Growth Tactics for Financial Advisors

January 3, 2020 - If you're a wealth manager, most of your time is spent researching, meeting with existing or potential clients, and helping clients map out their financial futures. But what about your financial future? Whether you're new to the business or established, it can be easy to lose track of time while bogged down in the day-to-day. Growing a practice takes years, and so does maintenance and continuity of that practice. Consider some of the tips we offer below.

Leverage Technology

Given the pace of our business and the frequency with which technology changes, one of the best uses of your time is investing in, and adopting, current technology. Your clientele demands it. CRM tools, client portals and portfolio management tools are standard, and mobile app technology is imperative.

Use Social Media to Your Advantage

Social media is no longer an option; it is a proven business growth tool. Most advisors surveyed have said that while social media can sometimes be disruptive, it has helped them grow their AUM and improve client relations. Most financial advisors who are approved for social media use LinkedIn. Groups on LinkedIn are one of the myriad ways financial advisors can communicate with potential clients and recruits.

While you must comply with your company's social media policies, don't let them or your inexperience deter you. If you're highly specialized, you still have a great opportunity to differentiate yourself and target the right people. If you have hobbies or interests outside of work, emphasize them in a way that displays your unique personality while remaining consistent with your brand. Authenticity goes a long way. Personalizing messages and reminding people how you met promotes organic growth.

If you aren't comfortable posting, that's ok, too. Social media is a good place to gather information about clients, prospects, your competitors and possible recruits for your firm. Conversations and topics of discussion will naturally arise from things you see on social.

Make Your Website Presentable - and Don't Forget Lead Capture

Driving clients and prospects to your website is a great thing, IF it's a good reflection of you and your business. Ask yourself the following as you seek to determine if your website is helping or hurting you:

  1. Is my site device-agnostic, meaning its accessible via mobile, tablet and desktop platforms?
  2. Is my site aesthetically pleasing and easy to navigate?
  3. Is my contact information front and center, and do I offer visitors a low-commitment way to contact me?

Low clutter and simple messaging will keep bounce rates low, meaning that visitors to your home page will continue perusing your site if it is clean, attractive and easy to navigate. Make sure your contact information is easily accessible, and that you have a visible area on your site for prospective clients to fill out a form if they have questions. Inside of this form, phone number should not be required, as conversion rates tend to be higher. Customers don't always want a pitch call.

Provide Exceptional Client Service

Looking to grow your client base? Pay attention to your existing ones. While prospecting is important, it is exceptional client service that will reap the biggest rewards. Perhaps your client has additional assets you're not managing currently. Focus on the personal relationships and rapport you have with them, and be sure to offer additional services and ask about additional assets when you meet. Additionally, regular client communication and a timely response rate to emails and phone calls lets your client know you care. You'll know you've mastered client service when the phone starts ringing from client referrals.

Start Working with Millennial Clients - and Tailor Client Experience To Them

The impact of millennials on financial markets cannot be ignored as they begin to receive inheritance from baby boomers and generate wealth. As of 2019, millennials occupy the largest percentage of adults in the U.S. While they may not yet have large assets to manage, millennials are earning more than baby boomers did at the same age, plus, they are set to inherit $30 trillion of baby boomers' wealth in what is known as the great wealth transfer.

Don't ignore the power of a multi-generational strategy with your existing client base. The importance of developing a bond with parents and their children could mean the difference in whether you are included in a family's succession plan.

Get Involved in Your Community

Attending events and contributing to non-profits will make you feel good, and you'll also make some great contacts. Charitable events are incredible networking opportunities. Galas, dinners, fundraisers, non-profit participation and charity golf tournaments tend to produce good opportunities to meet potential clients and high net worth individuals.

Attend and Participate in Conferences and Speaking Engagements

Try and carve out time to attend or present at industry events or gatherings. Industry publications like AdvisorHub, On Wall Street, Think Advisor and Financial Advisor Magazine are constantly promoting events. Attend as many as you can that are aligned with your specialty. You may want to also consider your local Chamber of Commerce or other civic organizations for potential opportunities.