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Unique Ways To Attract And Keep Financial Advisory Clients

Unique Ways To Attract And Keep Financial Advisory Clients

All financial advisors want to find new clients.  Not only do they want to find the clients, but they also want them to be their clients for the long term.  Taking the time to do some research, and try some new things may make your heart skip a beat, but that is not a bad thing!  Stepping outside of one’s comfort zone can have a big payoff in the end.

Is it hard to believe that going small can pay off big?  It can.  Read on to understand what that means and how it can help you.  There are also several other ideas to help not only find new clients but also maintain these new financial advisory clients for the long term.


Think Small to Go Big

Sometimes financial advisors think in order to get new clients, they need to expand their knowledge and base.  This is not true.  In order to get new clients, choose targets that fit.  When an advisor hones in on specifics, people who are looking for a particular type of advisor will have success, as opposed to dabbling in many different areas.

Financial advisors can choose specific areas in a variety of areas.  Some may want to focus on people within a certain mileage away from where the advisor is located.  Others may want to focus on those clients who own their own businesses.   Some advisors may want to focus on the age of the clients.  The advantage is that a financial advisor can custom-create their specialty and focus.


Early Risers or Night Owls

A financial advisor can take advantage of using the hours in the day to their advantage.  The regular workday will be filled with meetings, phone calls, and working with clients.  However, a financial advisor can take a small amount of time either first thing in the morning or later in the evening to get a step ahead of other advisors seeking and maintaining new clients.

Creating lists of what needs to be accomplished – by it short or long-term – is something that does not take a lot of time to complete. Creating these lists at night prior to bed is a great use of time.  It is a simple task to accomplish, and it does not take time away from your core work hours during the day.

It does, however, allow an advisor to get things on paper for the day or week ahead.  The same can be done for those who prefer to get up early and take a short amount of time to work on their lists.

Sitting and enjoying a cup of coffee while working on the to-do list for the week ahead is a great use of time and allows an advisor to work on attracting new clients. They can then use that core time during the day to put those plans into place.


Constructive Feedback is Good

That may be a difficult pill to swallow, but it is true.  There are several reasons constructive feedback can actually help grow and maintain a client base.  One of the biggest things with this type of feedback is the ability of a financial advisor to see things from a different perspective.

This may allow you to rework a plan in place for a client or to make long-term improvements that can benefit many other clients.  It is about improvement; as times change, it is important to roll with changes. Adaptability can mean longevity in the financial advisory world.

Feedback can also be a great way to motivate someone.  If a client gives you feedback that a certain task is taking longer than they expected it to be completed, this may result in the advisor getting a motivational boost to get up and going to accomplish the task at hand.

As a possible positive result of this added motivation source, the client can potentially share with other prospective clients how the advisor listened to the concerns, made adjustments, and as a result – felt heard and valued.  Again, constructive feedback can work to your advantage.


Be a Social Butterfly

It is not okay to accept the belief that if someone is really interested in having someone as their advisor, the potential client will always reach out first.  This is why, in order to attract and then keep new clients, a financial advisor must always be visible in a social way.

There are many different methods and mediums to accomplish this.  First, when contacting people, if an advisor does not speak directly with the client, always leave a message.  It helps to convey the importance of the call, and it also tells the client you are focused on them.

Another way to keep the lines of communication open is through the mail.  This does not mean standard mailings and flyers. Get to know the client – their interests, passions, and more – and send them mail that is tailored to their own interests.  Again, this shows the client that you are paying attention to the small details in their lives.

If an advisor can pick up on small, social details, imagine the detail and planning that would be put into financial services through this advisor.  For the ultimate cherry on top, go with a hand-written note or letter to clients.  Yes, it might be easier to type something, print it, and sign it, but when someone makes the effort to handwrite something to a client, nothing can beat that.


Get Out of Your Comfort Zone: Try Something New

Do not be afraid to try something new.  If things were perfect as-is, that would mean you would have a successful, wide-reaching financial advisory with a strong foundation of long-term clients and a steady trail of new clients as well.  However, that is not the case.  Taking the time to step outside of your comfort zone can have a big payoff in the end.

Start simple.  Build on the knowledge of what works and does not work.  Also, do not expect changes overnight.  Be patient.  Know that with the dedication to revised plans and the execution of them, attracting and maintaining new clients is within your reach.

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