12 ways to gain new clients as a financial advisor

Acquiring new clients is a challenge that every financial advisor faces at some point in his or her career. While traditional marketing methods still have value, the industry’s shift toward digital tools and relationship-based strategies has opened up new opportunities for growth. For example, using social media, creating engaging content, and optimizing your website for search engines can help you attract potential customers who are actively seeking financial advice. Additionally, investing in your lead generation and buying efforts can help you achieve consistent customer growth.

1. Use referrals through a structured program

Referral programs are one of the best ways to gain new clients as a financial advisor. But instead of relying on passive word-of-mouth, advisors can develop a structured referral program. This includes encouraging satisfied customers to refer friends and family in exchange for a reward such as reduced fees or exclusive services. Structuring this process makes it easier for customers to participate and ensures that the referrals they receive are consistent with your business model.

2. Optimize your website for customer acquisition

Your website is often a potential customer’s first point of contact with your company. By optimizing your website for customer acquisition, you can turn it into a lead generation machine.

Use clear calls to action (CTA) that encourage visitors to book a consultation or sign up for your newsletter. Implementing search engine optimization (SEO) techniques can also help your website rank higher in Google and attract more traffic. Adding informative blog posts, customer testimonials, and an easy-to-use design can further improve your prospects’ experience.

3. Create valuable content through thought leadership

Financial advisors who position themselves as thought leaders in their niche can attract clients seeking expert advice. By creating valuable content – whether in the form of blogs, white papers, webinars or podcasts – advisors can demonstrate their knowledge and build trust with potential clients.

Consistency is key here. Regularly posting content on platforms like LinkedIn or regularly publishing relevant financial publications can significantly increase your visibility and credibility in your industry.

4. Use social media strategically

Social media platforms, especially LinkedIn, are essential for connecting with potential clients in the financial industry. By actively collaborating with professionals and sharing insights, financial advisors can build a strong online presence that attracts customers. In fact, a 2023 survey of over 400 advisors found that four in 10 reported acquiring new clients through social media channels.

Using social media effectively includes participating in conversations, commenting on relevant posts, and providing thoughtful answers to questions from the community. Using targeted social media advertising is also an effective way to reach a specific demographic, such as business owners or retirees, who may be looking for financial advice.

5. Offer free workshops and webinars

A financial advisor talks to potential clients during a retirement planning seminar.

Hosting free webinars or workshops on financial topics that interest you can be an effective way to attract new customers. Topics may include retirement planning, tax strategies or investment advice.

These events allow potential clients to learn about you and your approach to financial planning without making an immediate commitment. Additionally, by offering free education, you position yourself as a trusted advisor and increase the likelihood that participants will consider your services when they need financial advice.

6. Automate lead generation

Investing in automated lead generation by purchasing leads can be an effective way to grow your customer base, but requires careful evaluation. Focus on buying leads from reputable sources that target your ideal demographic. For example, the SmartAsset Advisor Marketing Platform (AMP) is a leading end-to-end marketing solution for fiduciary advisors that offers referrals, automated outreach, and dedicated account management to help attract AUM to your firm.

Once you have acquired leads, follow up with personalized communication immediately to build trust. Tracking the ROI from your prospects’ purchases helps you refine your approach, ensuring your investment delivers profitable results over time.

7. Get into professional networks

Joining professional associations and networking groups is another way to grow your client base. Advisors can connect with other professionals, including accountants, lawyers and real estate agents, who can refer clients to them. By building these mutually beneficial relationships, financial advisors can gain access to a steady flow of referrals from trusted sources. Additionally, being part of these networks may offer opportunities to speak at events or contribute to industry publications, further increasing your exposure.

8. Implement CRM for better customer management

A customer relationship management (CRM) system can play a key role in helping financial advisors manage existing clients while also identifying opportunities to acquire new clients. CRMs allow advisors to track customer interactions, segment their customer base, and implement targeted marketing strategies. For example, financial advisors can use CRM data to send personalized emails based on a prospect’s specific needs or financial goals.

Automating parts of the prospecting process helps advisors maintain consistent follow-up and nurture leads without the risk of missing out on key opportunities.

9. Build relationships with centers of influence (COIs)

Centers of influence such as financial advisors, real estate advisors, and business consultants are excellent sources of new client referrals. Building strong relationships with COIs requires showing genuine interest in their work and finding ways to collaborate. These partnerships can lead to referrals from professionals who already have the trust of the clients you are trying to attract.

To strengthen these relationships, consider hosting regular check-ins, sharing relevant industry information, and even co-hosting events or webinars to showcase both your and their expertise.

10. Get involved in your community

Getting involved in your local community can be another effective way to grow your customer base. By sponsoring or participating in local events, you can raise awareness of your services and show that you are invested in the community. This could include sponsoring a charity event, attending community meetings, or even offering free consultations at fairs. Building a local presence helps build trust and can lead to more personal recommendations from people who have had direct contact with you.

11. Develop a niche market strategy

A financial advisor conducts consultations with potential clients.

Specializing in a niche market can set you apart from other financial advisors and help you attract a specific group of clients. Whether your focus is on high-net-worth individuals, business owners, or people in a specific profession, having a clear niche allows you to tailor your services to the unique needs of this group. This specialization can lead to more referrals because clients in niche markets tend to network within their own circles and may be more likely to recommend an advisor who understands their specific challenges.

12. Use targeted advertising campaigns

Digital advertising platforms such as Google Ads and Facebook Ads enable financial advisors to reach specific audiences with tailored messages. Using data-driven insights, advisors can create advertising campaigns that reach people most likely to need financial services, whether they are approaching retirement, managing significant assets or planning for business succession. The ability to narrow your ad targeting based on factors such as age, income and location ensures your message reaches the right prospects and increases your chances of acquiring a customer.

Bottom line

Financial advisors have many strategies at their disposal to grow their client base. From increasing your online visibility and creating referral programs to offering educational events and creating professional partnerships, there are many ways to connect with potential clients. Developing a niche market, investing in automated lead generation, and leveraging customer relationship management systems can further improve your customer acquisition efforts.

Customer acquisition tips

Measure how many prospects will convert into customers by tracking conversion rates at each stage of the acquisition process – initial outreach, consultation and onboarding. This helps you identify bottlenecks or areas for improvement in your approach, such as improving your offering or customer onboarding process.
The same survey of financial advisors mentioned above found that those with specific marketing plans generated 168% more leads from their websites each month than advisors without specific marketing plans. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service that financial advisors can use for lead generation and programmatic marketing. Sign up for a free demo and learn how SmartAsset AMP can help you expand your practice’s marketing efforts. Get started today.

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