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In my previous article, The Importance of Finding Your Ideal Clients, I talked about how important it is to know who you best serve and what types of people and personalities are right for your firm. Then I asked you to write down some details about your ideal client.
With that information in hand, let’s determine how to reach those people and find new clients to grow your financial advisory firm.
Digital versus analog marketing
Much of the marketing advice small business owners get focuses on digital marketing, which can be an effective and valuable way to find clients. By leveraging savvy digital marketing strategies, you can use social media to engage with your local market, search engine optimization (SEO) to attract local people looking for your services, content marketing to showcase your expertise, and digital advertising to target specific audiences that fit your ideal client profile.
But many financial advisors find success with more traditional ways of connecting with prospective clients locally. After all, no matter how much we’ve grown to love and depend on technology, a lot can be said for the way business has been done for generations.
Ideally, your strategic plan to find new clients will incorporate both online and offline marketing methods. In fact, with the right approach, you will find that online marketing can enhance your offline marketing efforts.
Six traditional marketing methods to find new clients
Whether you are new or a veteran financial professional looking to grow your book of business, you will want to consider the best possible approach to finding new clients. Rather than spreading yourself thin with a broad approach, think carefully about which client-attraction methods you enjoy most and get good at one tactic before trying too many others.
1. Ask for referrals
One of the best ways to find new clients is through your existing network. Never hesitate to ask current clients if they know anyone who could benefit from working with you. If they are pleased with your service and you enjoy working with them, more than likely they will be happy to refer their friends who could also be ideal clients for your financial advisor services. People with similar characteristics tend to know one another.
Most financial advisors know that referrals are a great source for new clients, but few put a strategy in place to ask for referrals regularly, repeatedly and often enough. Create a system for yourself, set reminders, automate the process, and make it easy for both you and your clients.
2. In-person networking
We all prefer doing business with people we know and like. Successful financial advisors are strategic about getting out into their local communities and connecting with the right people.
Attend events, volunteer at schools and charities, and become an active member of your Chamber of Commerce, local civic organizations, and business networking groups.
Use your time wisely to meet people with whom you can build valuable relationships. Do your research in advance to determine whether or not your ideal clients are likely to be members or in attendance.
Have business cards available, but get into a habit of asking for the other person’s business card so you can be in charge of following-up afterward. And put a process in place for following up consistently. Scan business cards into a customer relationship management (CRM) system, send a personalized “nice to meet you” email within one business day, and put a date on your calendar to reach out to them with a phone call within a week.
As you know, most people have the best intentions but never follow up, so prompt attention after in-person networking will set you apart from the start.
3. Host open client events
One of the best ways to gain visibility in your community is to host local open-client events. The event should be more than just a social gathering and provide useful information.
Types of client events for promoting financial advisory firms include:
- Client appreciation dinners
- Wine tastings
- Sports clinics (e.g., golf pro or tennis pro)
- Tax or estate planning workshops
- Charity fundraiser
- Cinema screening
As the host, you are positioning yourself as a resource and someone who is well-respected among your professional peers, which elevates you in the eyes of potential clients. You can bring in guest speakers, such as real estate agents, accountants, or attorneys.
Events should be both enjoyable and educational – not a sales pitch – but have your firm’s promotional branded materials placed prominently throughout the room or venue.
Invite your clients and their guests to attend, and encourage your guest speakers to invite their network as well. You can also use organic social media and digital advertising to promote your events to clients and select audiences.
Most importantly, be sure to gather the attendees’ contact information to follow up with them after the event. At a minimum, send an email within one business day, thanking them for attending and get permission to add them to your newsletter whenever possible.
4. Direct mail
Good old-fashioned snail mail is an effective way to advertise your financial advisory firm, particularly if you want to promote your open-client events. Because everyone receives less mail these days – especially from people and businesses we know and recognize – your mailed promotional piece is more likely to stand out and get noticed as it crosses the desk of your clients or someone you’ve met through networking.
While many businesses have abandoned postal mail in favor of “free” or inexpensive email tools, sending direct mail campaigns to new potential clients you are trying to reach may be more economical than you might think. Postcards are inexpensive to print and mail, and using Every Door Direct Mail (EDDM) allows you to reach specific neighborhoods matching your target demographic affordably.
5. Local media
Local reporters and radio and television producers are always on the lookout for expert sources, so you might be surprised by how accessible they are to you as a local go-to expert on topics such as personal finances, retirement, estate planning, education planning, and more.
Reach out to the media to let them know you’re available for interviews and that you are willing to write contributed pieces on topics relevant to your financial services. Also, anytime something newsworthy happens in your firm, such as a promotion or an award, send out a press release; you do not need to hire a PR firm to do this.
Take advantage of every opportunity you have to get media coverage and gain visibility for your firm. Always add the media logos where you have been featured to your website, which lends instant credibility and social proof.
6. Strategic alliances
Remember, you are not the only professional serving your ideal client. Think about who you can build relationships with to gain an introduction and access to their client base. And, of course, the relationship should be mutually beneficial to each of you and should be based on trust and respect.
Identify centers-of-influence (COIs) and partner with related businesses, such as mortgage brokers and insurance agents, to refer clients to one another. This can be done casually or you can arrange a formal referral partnership or co-branding of marketing collateral and events. For example, you might write articles for each other’s newsletters or host joint open client events.
When it comes to finding new clients, play to your strengths by connecting with the people in your community and positioning yourself as a trusted resource. Don’t try to do everything at once. Concentrate on two or three strategies at a time.
Crystal Lee Butler, MBA is a creative marketer and results-oriented business consultant with over a decade of experience collaborating with independent advisers. At Crystal Marketing Solutions, she delivers exceptional insights for financial professionals enabling them to create a consistent marketing presence so they can focus on the things that matter most to them.
Read more articles by Crystal Butler