Different Growth Strategies for Financial Advisors

Different Growth Strategies for Financial Advisors

Financial advisers may be busy helping clients achieve their long-term financial goals day to day, but planning for the future is an important way to ensure a firm’s long-term success. Without proper planning, financial advisers can get stuck in the everyday rut that makes it difficult to grow revenue and expand over time. Here are few strategies that would help you to grow your financial advisory firm:

Becoming an expert in a niche market — such as serving retired athletes or the tech community is often a better approach. By developing domain expertise in a small niche, you’re able to differentiate yourself from others, face less competition, command greater loyalty, and potentially justify higher fees.

Referrals from existing clients are one of the best ways for financial advisers to drum up business, but most firms are content delivering standard services and reactively waiting for any referrals. Over time, these behaviors can lead to competition cannibalizing your client base.

By keeping websites, social media profiles, and other digital profiles up-to-date and consistent, clients can be more confident in the financial advisory firm and its employees and partners. Maintaining an informative blog can also help grow an audience and brand awareness over time

By limiting clients and avoiding large and impersonal events, financial advisers can avoid occasions where people feel forced to network. Financial advisers should also be sure that at least a quarter of participants are strong advocates that are likely to talk up the business to prospective clients that have been invited.

Posted by Caroline K. Stone 1/30/15

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