How advisors can use Financial Planning Awareness Month to win new clients

October is Financial Planning Awareness Month, an opportunity for advisors and wealth planners to engage with existing clients, attract prospects, and underscore the value of thoughtful financial planning. Here are a few ways in which advisors can maximize the impact of this marketing campaign and provide guidance to clients and prospects, according to several advisors.

Financial Planning Awareness Month is a great excuse to bring up financial planning with existing clients who may just have a product with you but haven’t gone through the comprehensive planning process, said Brandon Wellman, a 7-year member of the Million Dollar Round Table. “While it’s always a good thing to discuss, this occasion gives us another reason for that outreach,” he said.

Market to prospective clients

Advisors can also use October to spotlight their planning process and position it as a central offering, Wellman added. Refreshing how services are presented, such as creating a clear menu of options, helps make planning more visible. “This approach opens the door to more conversations with clients about the importance and benefits of a full plan,” he pointed out

In addition, Wellman said, many people in the community may not know what advisors offer or how they can help. The fall season brings many opportunities to attend community events and gatherings. Setting up a booth can be effective, but volunteering at an event often leads to stronger results.

“By taking an active role, conversations naturally build around the work advisors do and how they can help,” Wellman said. “Booths create visibility with many people, while volunteering fosters better quality conversations with fewer people.”

Focus client conversations on conscious spending

The most important financial habit advisors should be focused on right now is conscious spending, said Renee Hanson, a 13-year MDRT member. “Encourage clients to stay aware of their relationship with money and consider the value they receive from their purchasing decisions. This approach can help clients build more intentional spending habits,” she added.

Make risk planning a priority in October

Hanson also said that advisors should help their clients make risk planning a priority. Risk planning, such as insurance, is often postponed in favor of more immediate goals. It is easy for clients to believe “it won’t happen to me” and “I will do that later,” and then later arrives without preparation, she said.

This fall can also be a perfect time to help clients bring their values, goals, and risk tolerance into alignment within the framework of their financial identity to understand the purpose of their money, Hanson added. “Tying the personal and technical sides of money can foster both comfort and confidence,” she said.

Check in on current and potential clients

Another MDRT member, Tim Clairmont, added that while his firm is focused on other initiatives in October, Financial Planning Month creates a great touch point for advisors to check in on current and potential clients.

“This is a time when many clients and prospective clients are more open to reviewing their financial plans. Like an ostrich pulling their head out of a hole in the ground, people are more willing to peer deeper into the truth of their financial status--whether they are in a good place or require further growth to meet their goals. It's up to you as an advisor to take this opportunity to help them find the truth of their financial status and work with you to improve,” added Clairmont, a 15-year MDRT member.

In addition, Clairmont said, advisors can leverage social media to reach both current and potential clients with answers to burning questions such as: "How am I doing when it comes to retirement?" and "What do I need to change to meet my goals?"

“Finally,” Clairmont said, “this month presents the chance to amplify your firm's vision and goals to garner further clients. Let them know what you do and why they would benefit from working with you. Let them know you are looking for new clients; it may seem old school, but picking up the phone to ask for a referral is a proven method to grow your practice.”

More tips for success

Another advisor, David Hood, partner and wealth management advisor with Artistry Wealth Management, Northwestern Mutual, reiterated the fact that Financial Planning Awareness Month is a prime opportunity for financial advisors to educate clients about holistic financial planning, and showcase the value of what a comprehensive financial plan can do for them. He then shared the following strategies designed to help maximize impact during this month:

1. Host educational workshops and webinars. Host free workshops and webinars to help clients understand the principles of financial planning and the benefits of long-term strategies. Cover topics like retirement planning, investment strategies, tax optimization, and estate planning. “These events not only educate clients but also position you as a knowledgeable resource,” Hood pointed out.
2. Offer personalized financial reviews: Advisors can offer complimentary financial reviews to engage both existing and new clients. Analyze each client's financial situation, reassess goals, and make necessary adjustments. “This personalized attention reinforces your commitment to clients' financial well-being and helps build trust with new clients,” said Hood.
3. Communication and content creation: “Maintain regular communication through newsletters, blogs, and social media posts. Share infographics, tips, relevant news, and success stories to demonstrate the tangible benefits of long-term planning,” Hood added. “This content keeps clients informed and engaged, strengthening the advisor-client relationship.”
4. Send out client-education materials: Advisors can also develop or distribute guides, eBooks, or checklists that clients can use to assess their financial health. “Provide templates or tools for budgeting and expense tracking,” he added.
5. Conduct goal-setting sessions: Encourage clients to set or revisit their financial goals, Hood said. “Help them articulate short-term and long-term objectives to ensure their financial plans align with their aspirations. This process clarifies clients' visions and emphasizes the importance of strategic planning.”
6. Hold collaborative events: In addition, advisors can partner with other professionals, such as accountants or estate lawyers, to offer comprehensive sessions covering various aspects of financial planning. They can also host community events to increase local visibility and provide free advice.
7. Organize client-appreciation events: “Organize events to thank clients for their trust and reinforce relationships,” Hood said. “Use these gatherings to discuss the importance of ongoing financial planning.”
8. Conduct surveys: Advisors can also conduct surveys to gather client feedback on financial-planning concerns and preferences and can use this information to tailor future services and educational content.
9. Highlight success stories: In addition, Hood said, advisors can share anonymized client success stories to demonstrate the impact of effective financial planning and can use testimonials to build credibility and trust.

Hood added that by leveraging these strategies, financial advisors can deepen existing client relationships, attract new clients, and emphasize the importance of a comprehensive financial plan during Financial Planning Awareness Month.