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How Financial Advisors Can Build Their Client Base and Keep Them Engaged | Financial Advisors

How Financial Advisors Can Build Their Client Base and Keep Them Engaged | Financial Advisors

In financial services, it’s all about the clients. What your clients need, what they want, where they are, where they’re going and who they can refer along the way. There is no business without clients, and all financial advisors must be experts in the art of finding new clients and engaging existing ones.

“Prospecting is really the lifeblood of an advisory firm,” says John Anderson, managing director of practice management solutions at SEI in Oaks, Pennsylvania. “If you’re not growing, you’re dying, especially if the advisor has an aging book.”

As clients grow older, they shift from accumulation to distribution. “And as an advisor’s (assets under management) decrease, so will their income,” Anderson says.

So how is a financial advisor to keep a book young? By continually bringing new clients into an advisory practice and engaging the ones you already have.

How to Get New Clients as a Financial Advisor

For financial advisors, cold calling and direct marketing are the way of the past. Cold calls are hit-or-miss, and direct marketing is often chucked with the junk mail. There are far better sales strategies. Here are the top financial advisor prospecting ideas successful advisors recommend:

  • Narrow your focus.
  • Define your ideal client.
  • Develop content marketing campaigns.
  • Get social.

“It’s counter-intuitive, but advisors will attract more of the right prospects if they narrow their focus,” says Kevin Darlington, general manager of Broadridge Advisor Solutions in New York. “The advisor who takes the time to narrow the dimensions of their target audience will maximize their investment in time and money and ultimately reel in more of the right clients.”

Instead of targeting anyone with at least $1 million in investable assets, for instance, he suggests narrowing your criteria to prospects with, say, $1 million to $2 million in investable assets, who are

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Get creative about client events in a virtual world

Get creative about client events in a virtual world

As advisers and clients continue to work remotely in many parts of the country, trends that started in March persist. The pandemic is causing a paradigm shift, and advisers who reenvision their practices now can position themselves for future success.

Let’s look at client events as an example. Whether it’s a big holiday party or an intimate dinner, most advisers host some type of gathering throughout the year. Socializing with clients is a proven way to enhance relationships and is often a great source of referrals, particularly when clients bring friends along.

In our new virtual world, few advisers are hosting dinners or wine tastings, and even fewer clients want to attend; instead, advisers are planning unique, scalable events that are deepening relationships in surprising ways — and, most important, getting clients talking about them. Below are a few examples and suggestions to get your creative juices flowing.


One adviser’s friend is a professional chef whose restaurant closed. The adviser developed the idea of a virtual cooking class, which turned into an enormously successful event. He had aprons printed with his logo (and a food quote) and sent them to his guests along with the invitation. He also included a list of ingredients and where to purchase them. Lastly, the adviser told clients he’d be happy to welcome their friends, too. Not only did all invitees attend, five clients asked to have friends involved. Because it was all done via Zoom, it was easy for the adviser to accommodate more guests — at no extra expense. And, as a kicker, clients have asked to do it again!

It’s worth noting that all guests came to the cooking class prepared to be pleased. Everyone knew why they weren’t together in person. They appreciated the cooking class as a welcome

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