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Top 5 Marketing Ideas Advisors are Using to Grow their Business

02 March 2021

Robert Miller, CFA | Chief Executive Officer 

Client marketing and acquisition is at the core of almost every advisor’s business development and growth strategy. Here are 5 strategies that top advisors use to grow their businesses, that you can implement today.

1. Get involved in the community:

Becoming a positive asset to the community can be a great way to foster relationships with both present and future clients. This personal involvement allows clients to build a deeper connection with you, and connect a face to your brand. Consider volunteering at community events, sponsoring community organizations, or offering your expertise for community projects.  This is also a great way to invite clients to join you in giving back to the local community, and deepen your relationship with them and their entire family.

2. Regular Content Creation: Blogs, Articles & Podcasts

A well written blog or article can help you establish yourself as an expert. This is helpful for both client retention and acquisition. Posting original content on your social media, business website, or for a local magazine, allows you to develop a wide outreach and to share your unique point of view. Your content can reach a vast number of potential clients, and can showcase who you are, and frame you as an expert in your field.

If you don’t love to write, create a podcast instead, and then use the transcripts to help frame your articles. Also, don’t be afraid to ask clients on the topics they are interested in learning more about to help build your content calendar.

Bonus tip: Be sure to showcase your content in a monthly newsletter, and encourage your list to share this content with their friends and colleagues to grow your network.

 

3. Direct Mail:

For most firms, emails have become the sole means of communication for clients, which makes it challenging to cut through the noise of an inbox. Try differentiating yourself by getting back to direct mail. Sending handwritten cards for a client’s milestone, their anniversary of becoming a client, or for a special event can be an easy way to delight your client.

Also consider sending a gift that is targeted to your clients’ favorite hobbies, or interests. Don’t forget when a client is happy, they’re more likely to spread the word about the thoughtful service they received from your firm to their friends and colleagues.

 

4. Listen to and react to feedback:

Receiving and reacting to feedback is one of the best tools you have for client retention and acquisition. Give your clients an opportunity for open communication and evaluation. Surveys produce a great medium for client feedback, and are not expensive or time consuming to produce.

After receiving the results of your survey, make it a point to create changes and address any of the concerns your clients have. The key here is to make sure your clients feel heard, and to take their feedback to provide better service for your current and potential clients. Some great questions to include in a client survey are:

  • How likely is it that you would recommend our firm to a friend or colleague? (0-10 scale)
  • How responsive have we been to your questions or concerns?
  1. Extremely responsive
  2. Very responsive
  3. Somewhat responsive
  4. Not so responsive
  5. Not at all responsive
  • What services do you wish we offered? (open text field)
  • Do you have any other comments, questions, or concerns? (open text field)

 

 

 

 

5. Partner with the right professionals.

Oftentimes clients are looking for an advisor, because they are going through a life transition and have questions and concerns. By partnering with other professionals that they would use during that transition, your chances of getting the right kind of referral goes up. Some examples of professionals that handle transitions are:

  • Divorce attorneys or mediators
  • Life coaches
  • Career counselors
  • Realtors
  • Therapists

The most successful advisors tend to focus on referral sources that service the type of clients they want to be introduced to, can clearly articulate the advisor’s value proposition, and who are actively involved in growing their own businesses.

 


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The survey cited is the Frontier Asset Management “2021 Challenges and Opportunities for Clients” Questionnaire. January 15, 2021. It was administered via Survey Monkey during December 2020 and January 2021. It was sent to a large group of advisors and had 246 respondents. Full details are available upon request.
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