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Everyone needs new clients. Even if you are happy with the size and scale of your practice, you lose clients through attrition. Where will your new clients come from in 2025?
Let us mention the obvious source first. Referrals from current clients. You know this already. You have a strategy already in place. Let us look at other sources.
1. Do you advertise? There are many channels to consider in 2025. You might advertise online. You might run print ads. What would it cost for billboard advertising? Lawyers do it. If someone asked you to name three personal injury lawyers, you could do it instantly.
2. Have you considered writing a newspaper column? In our local area, the front page of the business section features a weekly article on some aspect of financial education. Often it explains what industry terms mean. It gets your name out there as a subject matter expert.
3. What will it take to win a “Best of the Region” competition? In our local market, newspapers and organizations run “people’s choice” award competitions. You get yourself nominated in a category, then get the word out people should vote for you. The award comes with bragging rights and theurge to put a huge banner across your front door. People like third party verification. Many want to do business with “the best.”
4. Should you buy another firm? You have heard the expression, “Go big or go home.” Sometimes the best way to expand your clientele is to buy a practice from someone seeking to retire who did not put a succession plan in place. The payment sequence is often tied to client retention, which means the form owner stays in the picture for some time.
5. Can you hire an associate who is really good at prospecting? Years ago, my manager explained; “Do not hire in your own image.” You might not like prospecting for new business. Can you find someone who does? This leads to complimentary skill sets. One person enjoys the hunt, but not the account management afterwards. The other person is you.
6. Should you hire a coach to help you grow your business? The knee jerk reaction might be “What could they possibly teach me?” Olympic athletes have coaches. They might have natural talent, but it needs to be developed. A coach knows what is going on in the industry. They can provide a broader picture. They can hold your feet to the fire, keeping you accountable. After all, you are paying for their expertise.
7. Should you get a buddy? This might be one step below getting a coach. Find someone else in a different office also seeking to grow their practice. Develop a plan together. Hold each other accountable on a regular basis. People show up at the gym when they know their exercise partner is waiting for them.
8. Where does social media fit into the puzzle? Can you find someone in your firm who has had success with social media? Your firm might have a department addressing this topic. Learn best practices. Commit to putting the strategy into place over several months. Dedicate the time, even if you are not seeing immediate results.
9. Should you teach a course? I have come across several financial professionals who also list the title “Adjunct Professor” on their LinkedIn profiles. This gives you exposure and adds an impressive credential. If your students feel you are competent in your profession, they will likely tell others.
10. Can you take Continuing Education on the road? Your firm likely has packed seminar presentations that count for Continuing Education (CE) credits for specific professions. Many professions require licensed practitioners to earn a certain number of CE credits to keep their registration current. You would be presenting to audience members from a different profession. They might have the potential to become clients.
11. Can you develop a TV or radio presence? Have you watched a financial advisor on your local PBS station deliver a short segment, about the length of a commercial? In our area, I remember seeing a guy who answers financial questions sent in by audience members. I have also heard an advisor on a local radio station delivering the closing umbers for the stock market. If your name, firm and contact info is out there, you are getting visibility.
12. Can you join a professional association? We think of these groups as aligned with our own profession. Maybe you group the Chamber of Commerce into this category. There are manufacturer’s associations and groups aligned to specific professions. Not in that field? There are often associate memberships available for people who sell a product or service used by members.
There are “out of the box” methods for finding new clients. You need to start the year hy having a plan for adding new clients.