6 Effective Strategies To Win New Clients

By Rick Pendykoski

One challenge facing financial advisors is building a business from those who have left their income earning days far behind. With more than 94 million Americans outside the workforce, building a solid book of business from this group can be downright daunting. In order to stay successful in this highly competitive niche, it is important that your client base keeps growing. Make your prospecting easy and effective with these six simple steps and expand your client portfolio for sustainable success.

Leverage LinkedIn for Long-term Growth

Harness the power of this vast network to grow your customer base. When used wisely, LinkedIn offers valuable insights into the pain points of your prospects and the perspectives of your peers, which can be used efficiently to land more leads. Use the platform to share relevant posts, establish your competence, connect with prospects, join meaningful conversations and enhance your visibility in the process. LinkedIn makes an excellent building block for gaining prominence and promoting personal brands.

Capitalize on Community Involvement

Volunteering for a good cause is a cost-effective way to know your prospects better. Whether it is supporting a nonprofit organization at an event or teaching a professional course at a local university, any form of community involvement brings you an opportunity to build connections and know your prospects better. You get to meet like-minded people who may become your clients or refer clients to you. You also could share your expertise by offering valuable advice and financial guidance at seminars and symposiums. A little time and commitment on your end would surely go a long way in building a solid investment practice.

Use the Cyber Space to Communicate Your Ideas

Use the online space to your advantage by using your website to communicate your industry knowledge and expertise. Every financial advisor should be active on professional sites and public forums to help create connections and meet new clients. Social platforms are a perfect tool for gaining prominence and promoting brands in front of a massive user base.

Think Beyond Your Inner Circle

In order to build a growing network, it is important that your professional connections keep growing as well. You can do this either by leveraging your social media profiles or your personal relationships. If you have just started your professional practice, it is essential that you expand your reach to “centers of influence” through social channels. Connecting with human resource managers, lawyers, accountants, business directors and influencers on virtual roundtables, is sure to spur your professional growth.

Make the Most of Online Marketing

Cold calling, door knocking and collecting business cards at trade fairs don’t do much to help financial advisors get loyal clients. Online marketing is the easiest and most effective way to connect with and convince prospects. Online marketing offers unrestricted, easy access to your target audience - unlike print media and radio advertising where there is zero scope of niche marketing. So go beyond brochures and local newspapers to promote your brand on a platform that brings you at par with top players in your niche.

Shift Focus From Cold-Calling To Serving

Those nearing retirement make a great source of clients and their number is expected to double over in the coming few decades. Don’t compete for clients who are being overserved and are already educated about their retirement options. Instead, consider segmenting your target audience based on those who are not educated on retirement planning. Help them make informed decisions about their best investment options.

Concentrate on what you can do best, and hire help for all the remaining work such as planning a content calendar, writing relevant blog posts, sharing financial advice on social media channels and networking with professionals. Keep yourself free for face-to-face meetings, seminars, social gatherings and volunteering. Venture into every possible avenue where you can meet your prospects and build a client base that will grow with you for years to come.

Rick Pendykoski is the owner of Self Directed Retirement Plans, a retirement planning firm based in Goodyear, Ariz. He has more than 30 years of experience working with investments and retirement planning, and over the last 10 years he has turned his focus to self-directed accounts and alternative investments. Rick may be contacted at [email protected].

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