Trending
Whether financial advisors have been in the field for years or are just starting, client acquisition can hit a slow period. Networking can help them break out of the lull and expand their clientele. However, some approaches are better than others. They should brush up on effective modern strategies to maximize their impact.
1. Refine Your Social Media Strategy
An online presence is essential because people visit platforms like LinkedIn, Facebook and TikTok to gather firsthand details. In the fourth quarter of 2023, around 78% of internet users worldwide said they use social media to research brands and products. Financial advisors don’t have to post often. They can use these sites as information repositories for their services.
That said, content creation can increase brand reach. Providing money-saving tips, discussing budgeting misconceptions or offering sage advice can attract an audience, potentially expanding the poster’s clientele. They can get even more views if they know which platforms to use and when to post to reach their target demographic.
2. Attend Casual Networking Events
There’s no need to attend job fairs or conferences. Although many people believe the misconception that networking requires attending formal events, informal alternatives exist. It involves casually building relationships without specific professional goals. People attend social gatherings, post on social media or go to happy hour meetings.
3. Collaborate With Adjacent Industries
Workers in adjacent industries — people like divorce mediators, estate planners, realtors and life coaches — can help financial advisors expand their clientele. Since these kinds of clients are experiencing significant changes to their budgets or spending habits, they may be more likely to seek out expert advice.
These people could make informal or formal referrals, depending on any relevant disclosure laws and their professional relationship’s strength. The former might involve a casual, well-placed recommendation when the topic arises. The latter is more official. The agreement could outline that they earn a flat fee or a percentage of revenue for every referral.
4. Build a Personal Brand
Consumers are quick to remember jingles, slogans and logos. Given that around 3 in 4 consumers can recognize brands by their logos, branding can be a powerful tool. Thankfully, it isn’t exclusive to corporations — individuals can build a brand, too. They can use their achievements and stories to make themselves recognizable within their market and industry.
Instead of billboards and story-high signage, individuals can use business cards to establish their personal brand. While they are old-school, they have been a staple of networking for ages. In addition to high-quality cardstock, embossed lettering, lamination or glossy coating can make the card stand out.
Those who don’t want to use business cards can use stickers, printed QR codes or keychains instead. Any physical item with their name, contact information and logo gives potential clients something to remember. Even if they place it in their junk drawer for the time being, it creates a connection. They’re more likely to consider that person.
5. Make Hobbies Networking Opportunities
Hobbies can become networking opportunities. Whether a person joins a running club or visits the community center, they meet others they can connect with. During downtime, professionals can casually slip their expertise into conversation.
Say a man complains to his golf partners about taxes hurting him this year or his partner spending an egregious amount on handbags. The financial advisor could chime in with advice, displaying their expertise. From there, they could naturally guide the conversation toward acquisition, revealing they have room for more clients. Throwing in a joke — maybe something about friends and family discounts — can keep things light and informal.
6. Make Yourself Seem Valuable
Robbie Samuels, a networking expert, believes individuals should show their network they’re valuable to receive business opportunities. He says he “gives away knowledge” when he can to be seen as an invaluable part of his network. Samuels also recommends using personal interests to strengthen professional bonds.
One of the worst things someone can do after building their network is only reaching out for favors or client referrals. Instead, they should make a point about being personable. For example, they could send thoughtful cards during birthdays or candy canes with personalized notes attached during the holidays.
7. Host a Local Networking Event
Conferences, seminars and workshops can provide excellent client acquisition opportunities. However, they aren’t always an option, especially in small towns or rural areas. Instead of waiting for someone else to host an event nearby, individuals should consider hosting their own. Even something as simple as gathering at the community center with snacks, refreshments and other industry professionals is a great way to expand clientele.
Using Modern Strategies to Connect With Clients
Attending informal networking events, building a personal brand, posting on social media and collaborating with those in adjacent industries can help financial advisors expand their clientele. While a situation-specific approach is always best, these frameworks can help them refine their current strategies.